González-P ida, Vicen e e al.
A icle
Explo ing he e ec s o inancial knowledge on be e
decision-making in SMEs
Adminis a i e Sciences
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Sugges ed Ci a ion: González-P ida, Vicen e e al. (2025) : Explo ing he e ec s o inancial knowledge
on be e decision-making in SMEs, Adminis a i e Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15,
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Ci a ion: González-P ida, V.,
Pa iona-Amaya, D., Sánchez-So o, J.
M., Ba zola-Inga, S. L.,
Aguado-Ri e os, U.,
Mo eno-Menéndez, F. M., &
Villa -A anda, M. D. (2025). Explo ing
he E ec s o Financial Knowledge on
Be e Decision-Making in SMEs.
Adminis a i e Sciences,15(1), 24.
h ps://doi.o g/10.3390/
admsci15010024
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A icle
Explo ing he E ec s o Financial Knowledge on Be e
Decision-Making in SMEs
Vicen e González-P ida 1,* , Diana Pa iona-Amaya 2, Juan Manuel Sánchez-So o 2, Sonia Luz Ba zola-Inga 2,
Ulda ico Aguado-Ri e os 2, Fab icio Miguel Mo eno-Menéndez 2and Ma k Da id Villa -A anda 2
1Depa men o Indus ial Managemen I, Uni e si y o Se ille, 41092 Se ille, Spain
2Facul y o Adminis a i e and Accoun ing Sciences, Pe u ian Uni e si y o Los Andes, Huancayo 12000,
Pe u; [email p o ec ed] (D.P.-A.); [email p o ec ed] (J.M.S.-S.);
[email p o ec ed] (S.L.B.-I.); [email p o ec ed] (U.A.-R.);
[email p o ec ed] (F.M.M.-M.); [email p o ec ed] (M.D.V.-A.)
*Co espondence: [email p o ec ed]
Abs ac : The knowledge on inancial managemen highly ma e s as i assis s he mic o-
en ep eneu s in he making o igh and sus ainable business decisions. This esea ch
seeks o examine he e ec s o inancial li e acy on mic oen e p ise decision-making in
o de o imp o e a ional decision-making in inancial managemen . A s uc u ed ques-
ionnai e wi h Like -scaled op ions was used o measu e mic o-en ep eneu s’ inancial
decision-making capaci y in e ms o in o ma ion p ocessing and decision-making. They
demons a e a a o able ela ionship be ween inancial educa ion and a ionali y, which
e e s o mic o-en ep eneu s’ capaci y o selec om a ange o accep able op ions. Based
on he indings p esen ed in his esea ch, i is sugges ed ha g ea e e o s should be
paid o he in eg a ion o inancial li e acy wi hin any o m o en ep eneu ial aining
a ge ing imp o emen in sus ainabili y dimensions and quali ies o decisions made by
mic o-en ep eneu s. Th ough inc eased inancial knowledge, mic o-en ep eneu s can
manage inancial p oblems e ec i ely and he eby suppo he g ow h o sus ainable mi-
c oen e p ises. Mo eo e , such obse a ions sugges ha all u u e policies mus ocus on
and inco po a e inancial li e acy as he de ining s a egy owa ds he imp o emen o he
mic oen e p ise sec o and, he e o e, economic g ow h.
Keywo ds: decision making; inancial educa ion; mic o-en ep eneu s; a ional decisions;
small and medium en e p ises (SME); sus ainabili y; sus ainable de elopmen
1. In oduc ion
People a e usually amilia wi h he concep o pu chasing powe because i is a
undamen al aspec o li e and in luences nume ous economic choices on a daily basis.
Howe e , p epa a ion o making app op ia e inancial decisions emains insu icien .
Knowledge and aining ha e become essen ial o aising li ing s anda ds, c ea ing g ow h
oppo uni ies, and o ming sound inancial p ac ices ha enable wise choices o be made
a e e y s age o li e, all o which suppo a s onge economy. This scena io equi es
making asse i e inancial decisions o bo h an indi idual and a businesspe son so ha
i may p o ide he indica ed and sa is y he objec i e o enhancing he s anda d o li ing
and na owing he gap o economic inequali y be ween coun ies. I is ca ied ou by he
p o ision o inancial li e acy, which leads o social inclusion and educ ion in he a e o
o e -indeb edness. Financial educa ion p omo es changes in knowledge, beha io , and
a i udes, wi hou socioeconomic o cul u al disc imina ion, bene i ing bo h indi iduals
Adm. Sci. 2025,15, 24 h ps://doi.o g/10.3390/admsci15010024
Adm. Sci. 2025,15, 24 2 o 25
and ins i u ions. This means buying inancial p oduc s and se ices in a easoned and
sensible way, ollowing he buye ’s skills depending on he income le el, and leaning on
he suppo o egula ing agencies o he p o ec ion o he consume ’s in e es s.
The analysis p esen ed add esses he inno a i e s a egies adop ed by mic o-
en ep eneu s in esponse o he COVID-19 pandemic, highligh ing he impo ance o
inancial educa ion in a ional decision-making. I is no ed ha a la ge amoun o mic oen-
e p ises had o enego ia e hei con ac s wi h supplie s o go in o amily deb s, while
he medium and la ge en e p ises had o bo ow om banks. Rega ding hese decisions,
women had e y ac i e pa icipa ion. Measu es aken because o he pandemic included
discoun s, home deli e y, and he widening o p oduc s and se ices. In addi ion, he
apid adap a ion o mic o-en ep eneu s o digi al media is no ewo hy, which was long
o e due. Ne e heless, people’s insu icien inancial li e acy has esul ed in he g ow h o
delinquency and migh pose u he h ea s o he inancial sphe e and he economy o he
coun y. This esea ch also poin s ou ha in o mali y in mic o and small businesses has
g own signi ican ly in he con ex o he s udy, a ec ing employmen and business closu es.
The lack o su icien s a e p og ams o SMEs and he necessi y o inancial li e acy a e
he key p oblems. Many p oblems o an economic na u e ha e o be add essed o he
quali y o li e o be imp o ed, and inancial educa ion has no been gi en he dese ed
place in cu icula. The s udy es ablishes ha mic oen e p ises con ibu e a la ge amoun o
employmen and GDP income in Pe u, hough hey a e aced wi h challenges esul ing om
inadequa e inancial li e acy. La e paymen s and lack o liquidi y a e ecu ing p oblems,
exace ba ed by he g an ing o long- e m loans, which a e no adequa e o he needs o
mic oen e p ises. I is concluded ha i is u gen o implemen adequa e inancial educa ion
o imp o e he sus ainabili y o en e p ises and he coun y’s economy (INEI,2022).
This s udy has been conduc ed wi hin a ime ame o Decembe 2022 o Oc obe
2023, and he indings ha e been a ec ed by his ime ho izon. The s udy ocuses on
mic o-en ep eneu s, who cons i u e he social g oup o in e es , and is ca ied ou in
a speci ic geog aphical a ea, speci ically in he Ma ke ing and Licensing Di ision o a
municipali y in Pe u. F om a social pe spec i e, his esea ch has he po en ial o bene i
mic o-en ep eneu s in he comme cial sec o , especially in egions o he Sel a Cen al.
He e, inancial li e acy is in oduced as an essen ial componen ha is discussed as he main
ac o o all businessmen and businesswomen. Thus, i helps o c ea e amily budge s,
s a sa ing p ac ices, and make easonable decisions on c edi s and insu ance so ha
we can suppo he longe i y o p ope inancial managemen . This esea ch ocuses
on analyzing he ela ionship be ween inancial educa ion and decision-making o mic o-
en ep eneu s, wi h a pa icula ocus on how hese a iables in e ac in he con ex o small
and medium-sized en e p ises, which is a c i ical aspec o hei sus ainable de elopmen .
Speci ic issues a e b oken down in o se e al key a eas: he ela ionship be ween he
amily budge and decision-making, he impac o sa ings on business decisions, he
in luence o c edi s on business managemen , and he ole o insu ance in decision-making.
These aspec s a e undamen al o unde s anding how mic o-en ep eneu s can imp o e
hei inancial managemen and, he e o e, hei long- e m sus ainabili y. In o he wo ds,
he esea ch gap add essed by his esea ch is o a end o he ac ha he e is no a
deep li e a u e ega ding unde s anding he impac o inancial li e acy on he decision-
making o mic o-en ep eneu s in implemen ing hei businesses, especially in coun ies
wi h ad e se economic en i onmen s such as Pe u, whe e mic oen e p ises s uggle o
mee cash and wo king capi al needs o hei businesses. The gene al objec i e o he
esea ch is o es ablish he ela ionship be ween inancial educa ion and decision-making
o mic o-en ep eneu s, p o iding a amewo k o imp o e he e ec i eness o leade ship
and managemen in he sus ainable de elopmen o small and medium-sized en e p ises.
Adm. Sci. 2025,15, 24 3 o 25
Speci ic objec i es include iden i ying he ela ionships be ween amily budge , sa ings,
c edi , and insu ance wi h business o inancial decision-making. The e o e, he ollowing
esea ch ques ions can be s a ed:
RQ1.
How does inancial educa ion in luence mic o-en ep eneu s’ decision-making?
RQ2.
Wha is he impac o inancial educa ion on he long- e m sus ainabili y o mic oen-
e p ises?
RQ3. How do elemen s o inancial educa ion, such as household budge ing, sa ings, c edi ,
and insu ance, in e ac in he business managemen o mic oen e p ises?
The s uc u e o he esea ch is designed o add ess he objec i es in a sys ema ic
manne . I s a s wi h he p oblem s a emen , which comp ises he goals, he easoning, he
o mula ion, he delimi a ion, and he desc ip ion o he p oblema ic eali y. The heo e ical
amewo k ocuses on concep ualizing he own backg ound in Pe u and in e na ionally,
he heo e ical and scien i ic bases, and he concep ual amewo k o he a iables and
dimensions. In he esea ch hypo hesis, he e a e he gene al and speci ic hypo heses wi h
concep ual and ope a ional de ini ions o he a iables. Finally, he me hodology co e s
he esea ch me hod, he ype, le el, and design o he esea ch, as well as he popula ion,
sample, da a collec ion echniques, da a p ocessing and analysis, and he e hical aspec s
o he esea ch. This comp ehensi e app oach no only seeks o con ibu e o academic
knowledge bu also o o e p ac ical ools o imp o e he managemen and sus ainabili y
o mic oen e p ises in a con ex o inc easing economic complexi y.
2. Theo e ical F amewo k
Financial educa ion is based on ou pilla s: sa ings, amily budge , c edi s, and
insu ance. These elemen s a e essen ial o inancial managemen in households and o
e alua ing he inancial beha io o he popula ion. Public and p i a e ins i u ions and non-
p o i o ganiza ions ha e exp essed hei conce n abou he impac o inancial educa ion
on indi idual and na ional income. Ul ima ely, inc easing inancial knowledge is i al o
de eloping skills and compe encies ha allow in o med and a ional decisions o be made,
hus maximizing economic well-being (Munga ay e al.,2021). In his con ex , he p esen
esea ch was de eloped wi h he aim o de e mining he ela ionship be ween inancial
educa ion and decision-making by mic o-en ep eneu s. The me hodology used was he
scien i ic me hod, speci ically he hypo he ical-deduc i e me hod, wi h a non-expe imen al
co ela ional desc ip i e design. The esea ch, a a ela ional le el, adop ed a quan i a i e
app oach on a popula ion o 361 owne s, wi h a sample o 186 mic o-en ep eneu s. The
echnique used was a su ey, and he ins umen , a Like scale ques ionnai e. The economic
si ua ion in Pe u e lec s a wo ying end in he La in Ame ican egion; acco ding o he
epo by S&P Global Ra ings, banks a e acing a decline in capi aliza ion and asse quali y
indica o s. In Pe u, he e a e si ua ions wi h liquidi y and p o i abili y p oblems, d i en by
ac o s such as in la ion, ising in e es a es, poli ical unce ain y, and unemploymen . In
a simila con ex , Mexico has implemen ed inancial educa ion cou ses in i s educa ional
cu iculum om ea ly childhood educa ion, wi h he suppo o he public and p i a e
sec o s. I aims o aise he awa eness and ad ancemen o such a goal o concep commonly
e e ed o as inancial heal h o he s a e o being inancially inclusi e. Once he popula ion
eaches an adequa e le el o inancial educa ion, he go e nmen p omo es indi idual
economic p og ess h ough access o inancial p oduc s and se ices, such as sa ings,
c edi , insu ance, and e i emen plans. The p ocess en ails making a ional decisions in
si ua ions, especially whe e sho - e m nega i e impac s may a ec pe sonal and business
inances (Wo ld Bank,2022). F om a mac oeconomic pe spec i e, accu a e decision-making
in he inancial sec o is c ucial in he igh agains po e y indices wi hin an indi idual
and a na ion. Speci ically, inancial educa ion and acili ies o he o mal FS ha e nume ous
Adm. Sci. 2025,15, 24 4 o 25
ad an ages, especially o SPMs. Such ad an ages include he se ing o plans o handling
economic exigencies and le e aging chance du ing an e ec i e p oduc ion phase. In
Mexico hese s a egies ha e helped in enhancing social need ul illmen and economic
en anchisemen o he inhabi an s, especially he women.
Business inance has been conside ed an impo an aspec o knowledge in he ield o
indus ial o ganiza ion and business managemen wi h special e e ence o SMEs. In his
ega d, and om a Pe u ian poin o iew, we ind s udies such as he ollowing: Rengi o
Tues a and Sil a Cayao (2022) conduc ed a s udy in he ha dwa e sec o o Ta apo o,
whe e a mode a e posi i e ela ionship was de e mined be ween inancial educa ion and
decision-making, wi h a co ela ion coe icien o 0.942. This means ha inancial educa ion
has a di ec con ol o e 89 pe cen o decisions made in his sec o . F om a heo e ical
poin o iew, he s udy is based on undamen al wo ks such as he “Mas e Book o
Financial Educa ion” (BAC-C edoma ic Financial Ne wo k,2009) and “Adminis a ion”
(Robbins & Coul e ,2018), which add ess he a iables o inancial educa ion and inancial
decision-making, espec i ely. The p esen s udy o e s an app oach o p oblem sol ing
and a p esen a ion o solu ions o he speci ic p oblems and needs o he analyzed con ex ;
a he same ime, hey o m a basis o u u e esea ch. Me hodologically, al hough no
explici jus i ica ion is p esen ed, he s udy adap s ins umen s om p e ious esea ch, such
as e . (Rojas,2020), which explo es he imp o emen o mic o-en ep eneu s’ decision-
making h ough inancial educa ion. This me hodological adap a ion p o ides a measu e
o speci ici y o he a iables a issue consis en wi h he agenda o sus ainabili y and
sound empi ical g ow h o SMEs discussed in he li e a u e on leade ship and e icien
managemen p ac ices in he sus ainable de elopmen o SMEs.
On he o he hand, Pé ez e al. (2021) in es iga ed he ela ionship be ween inancial
educa ion and pe sonal inances o small and mic o-en ep eneu s in Moyobamba. Using
a quan i a i e app oach and a non-expe imen al c oss-sec ional design, i was concluded
ha he e is a mode a e posi i e ela ionship be ween bo h a iables, which highligh s he
impo ance o inancial educa ion in pe sonal inancial managemen . Simila ly, Pé ez e al.
(2021) in es iga ed he signi ican link be ween inancial li e acy and e icien managemen
o use s o banking ins i u ions in he p o ince o San Ma ín. Using a non-expe imen al
c oss-sec ional design wi h a co ela ional scope, i was ound ha g ea e inancial educa-
ion ansla es in o be e skills o manage pe sonal inances, which unde lines he impo -
ance o inancial educa ion in e ec i e inancial managemen . A esea ch s udy ocused
on he inancial educa ion o membe s o a sa ings and c edi coope a i e (Ca hua ilca &
Zega a,2021), o simple desc ip i e design, e ealed ha he e is a medium-le el ela ion-
ship be ween inancial educa ion and membe s’ inancial managemen . The de elopmen
o inancial educa ion plans was ecommended o imp o e us and esponsibili y be ween
membe s and he coope a i e. Finally, e . (Ahmed & Zul iqa ,2023), (Se aj e al.,2022), and
(Kula hunga e al.,2020) examined how he s udy o inancial epo s in luences decision-
making. Th ough a quan i a i e app oach and a co ela ional design, i was concluded ha ,
al hough manage s conside he analysis o inancial epo s, hese a e no decisi e in all
decisions, especially when i comes o liquidi y and deb indica o s. Financial li e acy is
c i ical as a componen o good leade ship and sound managemen wi hin SMEs equi ed
o sus ainable de elopmen aspi a ions and good business managemen .
F om an in e na ional pe spec i e, inancial educa ion has become an essen ial com-
ponen o he sus ainable de elopmen o small and medium-sized en e p ises (SMEs)
and o imp o ing pe sonal and o ganiza ional inancial managemen . In his u n, López
e al. (2022) ocused on he e ec i eness o inancial educa ion p og ams in La in Ame ica
and poin ed ou ha hese p og ams we e meaning ul o enhance he inancial li e acy
and capaci y o he en ep eneu s. Bu when de ining he ype o hese p og ams, hey
Adm. Sci. 2025,15, 24 5 o 25
no ed ha he s uc u e o hese p og ams is mos ly p esc ip i e, which does no con ibu e
o he p ac ical o ma ion o inancial li e acy, especially in condi ions o exclusion and
po e y. A edesign o hese p og ams wi h go e nmen suppo is sugges ed o add ess
hese issues. In a ela ed s udy (Fe ada e al.,2018), au ho s analyzed he p esence o
inancial educa ion ac i i ies in p ima y school ex books in Chile. They concluded ha
inancial educa ion om an ea ly age is c ucial o os e ing a inancial cul u e ha imp o es
pe sonal and amily inancial heal h, hus con ibu ing o social well-being.
Re . (Gab iel e al.,2020) explo ed inancial educa ion in women in Medellin, inding
ha hose wi h highe academic aining and highe incomes demons a ed be e inan-
cial con ol and a endency o sa e, highligh ing he impo ance o inancial educa ion
in making in o med decisions. Re . (Joia & Co dei o,2021) p oposed he c ea ion o a
in ech o inancial educa ion o child en, wi h he aim o p o iding hem wi h ools o
esponsible managemen o money and inancial isks. This ini ia i e seeks o p omo e i-
nancial inclusion and con ibu e o se e al sus ainable de elopmen goals, such as educing
inequali y and po e y. In his sense, e . (Rome o & Ramí ez,2018) examined he ela-
ionship be ween inancial decision-making and inancial knowledge in SMEs, concluding
ha manage s wi h mo e educa ion and aining in inance use inancial and echnological
ools mo e, which has a posi i e impac on business managemen . These s udies highligh
he impo ance o inancial educa ion as a pilla o e ec i e leade ship and sus ainable
managemen in SMEs, aligning wi h sus ainable de elopmen goals and e ec i e business
managemen . Acco ding o he wo ks o (Lomba di e al.,2016) inancial educa ion is
cha ac e ized as a sys em o knowledge and ins umen s ha help assess inancial po en ial
and use esou ces and money in he bes possible manne . Decision-making is a basic ac
in any human ac i i y, as i implies he one’s o mo e indi idual’s cons an and ocused
hinking, which in ol es disciplines such as philosophy o knowledge, science, logic, and
c ea i i y (Amaya,2015). In he inancial wo ld and h oughou he p esen con ibu ion,
concep s like c edi , c edi his o y, c edi o , as well as capi al, en ep eneu , o in la ion a e
basic o he SMEs. This is due o he ac ha he unde s anding o inancial educa ion
and in o med decision-making leads o be e business managemen and leade ship in
suppo o he sus ainable de elopmen goals and e icien o ganiza ional a angemen s
(BAC-C edoma ic Financial Ne wo k,2009).
O e he pas decade, inancial managemen and inancial li e acy in s a egy o -
mula ion and sus ainable ope a ions ha e ecei ed inc easing in e es among schola s.
Ca ying ou a p e ious and ex ensi e s udy on he inancial adminis a ion and plan-
ning o he SMEs o Que edo, Sil a e al. (2023) ound ha decen inancial managemen
p ac ices co ela ed well wi h success ul decision-making. This s udy he e o e highligh s
he need o long- e m de elopmen al e o ms in ela ion o iable a ainmen o sound
business pe o mance ac oss local business en i onmen s. In line wi h his, Abdelka eem
and Augus yn (2023) s udy he ole o knowledge isualiza ion in Egyp ian SMEs’ s a egic
decision-making, poin ing o he enhancemen s in decision-making quali y and commi -
men as a esul o he use o knowledge isualiza ion. They used global a iables o
show ha knowledge isualiza ion can imp o e s a egic decision-making and he e o e
decision-making esul s. In he con ex o ag ibusiness in Nige ia, Obi-Anike e al. (2023)
showed ha he e is a posi i e e ec o inancial in o ma ion li e acy on s a egic decision-
making and sus ainable pe o mance. I is impo an o unde s and ha he ques ion o he
inancial li e acy o indi iduals in he managemen o hei o ganiza ions and a ainmen
o p o i able economic goals is he key concep s essed in his s udy. In ac , L. Guo e al.
(2022) o e ed a e ices-connec ed mac oscopic pic u e o he inancial decision-making
ield by conduc ing a scien ome ic and bibliome ic analysis and poin ed ou ho opics
and eme ging ends such as in e g oup di e ences in inancial decision-making. In so
Adm. Sci. 2025,15, 24 6 o 25
doing, his analysis p o ides a quan i a i e app oach o he eme gen end o he inancial
decision-making esea ch. In addi ion, A maning um e al. (2021) in es iga ed he de e mi-
nan s o in es men , which included inancial li e acy, income, and sel -discipline. He and
his colleagues’ s udy expands on he in luence o inancial beha io and inancial a i udes
in de e mining he con lic o no con lic in in es men . Bo h Bu chi e al. (2021) and Ye and
Kula hunga (2019) ocused on he ole o inancial li e acy in sus ainable en ep eneu ship.
Bu chi e al. used a c oss-sec ional su ey and con i med a posi i e co ela ion o inancial
li e acy on sus ainable en e p ises in Cen al Eu ope; he au ho s encou aged ex acu icu-
la ini ia i es in enhancing en ep eneu ial compe encies. Likewise, Ye and Kula hunga
also s essed he ac ha imp o emen o he le el o inancial li e acy, accessibili y o
inancing, and an app ecia ion o isk p o iles can enhance SME sus ainabili y in he S i
Lankan con ex , he eby highligh ing he cogs in he wheel o he abo e-laid co ela ion
in he con ex o de eloping economies. O e all, hese s udies spu , in unison, he mul i-
unc ional app oaches o asse ing inancial li e acy and managemen o he imp o emen
o s a egic decision-making and p omo ing sus ainable business models wi hin di e en
se ings. Below is a synop ic able wi h he main e e ences analyzed, including hei
ad an ages and disad an ages, as well as he esea ch gap le unadd essed (Table 1).
Table 1. Summa y o he main e e ences analyzed.
Re e ence P os Cons Resea ch Gap
(Munga ay e al.,2021)
Comp ehensi e explo a ion o
inancial educa ion’s impac
on mic o-en ep eneu s.
Limi ed ocus on
mac oeconomic
implica ions.
Lack o longi udinal da a o
analyze long- e m e ec s o
inancial educa ion.
(Sil a e al.,2023)
Highligh s he ole o inancial
managemen p ac ices in
SMEs o s a egic
op imiza ion.
Focused only on Que edo
SMEs, limi ing
gene alizabili y.
Excludes compa a i e
analysis wi h SMEs om
o he geog aphic o
economic con ex s.
(Pé ez e al.,2021)
Demons a es a s ong
co ela ion be ween inancial
educa ion and pe sonal
inance skills.
Lacks a deepe look in o
ex e nal in luencing
a iables, such as
economic policy.
No discussion on he
scalabili y o indings o la ge
businesses o o he egions.
(L. Guo e al.,2022)
P o ides a mac oscopic iew
o ends and ho spo s in
inancial decision-making
esea ch.
Lacks case-speci ic insigh s;
da a in e p e a ion is hea ily
dependen on
s a is ical models.
Does no explo e p ac ical
implemen a ion o
decision-making a
o ganiza ional le els.
(Obi-Anike e al.,2023)
S ong ocus on he in e play
be ween inancial li e acy and
ag ibusiness pe o mance.
Limi ed o ag ibusiness;
does no conside o he
SME sec o s.
Minimal a en ion o
c oss-indus y applica ions o
policy implica ions.
(Bu chi e al.,2021)
Links inancial li e acy wi h
en ep eneu ship and
sus ainable de elopmen .
Limi ed o Cen al Eu ope,
wi hou accoun ing o
global o di e se
economic condi ions.
O e looks speci ic
mechanisms ha enhance
inancial li e acy’s impac in
esou ce-cons ained con ex s.
(Ye & Kula hunga,2019)
Discusses inancial li e acy
and accessibili y o inance in
de eloping coun ies.
Focuses na owly on S i
Lanka, educing
applicabili y o o he
de eloping economies.
Lack o explo a ion o digi al
inancial educa ion ools and
hei ole in SME g ow h.
The p esen esea ch a ends o se e al esea ch gaps iden i ied in he li e a u e. I is
pe o med by analyzing Pe u ian mic o-en ep eneu s and hei inancial educa ion in he
scope o c edi and deb decision-making and unde sco ing he impo ance o inancial
li e acy owa ds imp o ing mic oen e p ise e iciency and ulne abili y o isks.
Adm. Sci. 2025,15, 24 7 o 25
3. Ma e ials and Me hods
3.1. Knowledge o Finance
3.1.1. Bene i s o Financial Educa ion
Financial educa ion is a undamen al pilla in he economy o indi iduals, locali ies,
and na ions, di ec ly in luencing business liquidi y and inancial inclusion. Acco ding
o Ramos e al. (2017), inancial li e acy a ec s decisions by he dimensions such as
pe cep ion, knowledge, abili y, u iliza ion, and implemen a ion. In addi ion, hey iden i y
essen ial c i e ia o e alua ing inancial educa ion, such as e i emen planning, in la ion,
a i hme ic, insu ance, c edi , sa ings, in es men , and isk di e si ica ion. They a e needed
o de elop he economic wellness and enhance he s anda d o li ing o people h ough
sound inancial unc ioning. In e . (Fab is & Lubu ic,2016), au ho s s ess ha he main
objec i e o inancial educa ion is o inc ease he compe i i eness o public and p i a e
companies h ough a ional inancial decisions.
This can be well illus a ed gi en he ise in o e -indeb edness a ios due o poo
handling o pe sonal asse s. Financial li e acy, young people, and child en’s inancial
li e acy in pa icula a e s ill poo globally, so i is necessa y o aise i o sus ainable
de elopmen . Analyzing he esul s o he s udy o Widyas u i e al. (2020), i can be
de ined ha he in en ions o eache s in Indonesia ega ding inancial educa ion and
inancial beha io a e posi i ely co ela ed. This esul ein o ces he need o inco po a ing
inancial li e acy in o eache educa ion o he enhancemen o he inancial beha io o
he nex gene a ion. Acco ding o he OECD (2008), inancial educa ion is an o ganized
and con inuous p ocess h ough which ci izens ob ain knowledge o enable hem o make
sound decisions conce ning inancial se ices and p oduc s. I is necessa y o making isk
e alua ions, o de eloping backup s a egies, and o aking p o i om inancial openings
ha enhance business and pe sonal wel a e.
3.1.2. Theo ies o Financial Educa ion
On he same no e, while discussing inancial educa ion o inancial li e acy, i is
impo an o be able o cap u e he ex en o i s impac on he educa ion sec o and, mo e
o he poin , how o o e come ba ie s o d awing a ional conclusions on he inancial
decisions o be made. Re . (Hus on,2010) p oposes ha inancial educa ion should include
knowledge o concep s, heo ies, and ools, ollowed by a SWOT analysis o iden i y
limi a ions and de elop ins umen s wi h s anda dized indica o s applicable o all sec o s,
wi hou disc imina ion o age, sex, social, economic, and cul u al condi ions. Financial
educa ion is a pending subjec , since inancial decisions ha e sho -, medium-, and long-
e m consequences (Ba ba a & Eugene,2021). Nume ous opics a e s udied in schools;
howe e , inancing issues a e usually excluded, and his ask is assigned o pa en s, who
do no always ha e p ope educa ion. This can lead o w ong decisions ha impac one’s
decisions on pe sonal and business li e. The au ho s sugges ha inancial decision-making
should be easonable and in o med.
In addi ion, hey ecommend implemen ing p og ams, aining, and wo kshops ha
p omo e con inuous lea ning o inno a i e knowledge in inancial educa ion. Acco ding o
BAC-C edoma ic Financial Ne wo k (2009), inancial educa ion is a ool ha con ibu es
o he comp ehensi e aining o people, imp o ing hei pe sonal, amily, social, and
en ep eneu ial inancial managemen . This is achie ed h ough he de elopmen o ca-
paci ies, compe encies, a i udes, alues, and posi i e habi s, essen ial o a success ul
inancial cul u e and asse i e decision-making. BAC-C edoma ic Financial Ne wo k’s
(2009) “Mas e Book o Financial Educa ion—A Sys em o Li ing Be e ” no ed a no-
iceable lack o inco po a ion o inancial managemen in educa ion cu icula. The basic
a eas include, bu a e no limi ed o, sa ings, in es men , c edi , insu ance, axa ion, and
Adm. Sci. 2025,15, 24 8 o 25
p o ec ion in inancial endea o s, which u ns his book in o a eliable manual on inancial
li e acy. I is, he e o e, signi ican o mic o-en ep eneu s o be in o med in o de o ac
a ionally and no o become a a ge o inancial aud. Thus, inancial educa ion adds o
he low o knowledge and imp o emen s o alues as well as skills ha a e equi ed in
managing inancial esou ces, con olling and dis ibu ing expenses, in es ing in educa ion,
pu chasing goods and se ices, and p o iding o one’s needs a e hey e i e.
3.1.3. Dimensions o Financial Educa ion
In he con ex o his esea ch, ou undamen al dimensions ha e been iden i ied ha
unde lie inancial educa ion and i s impac on pe sonal and amily inancial managemen
as ollows:
•
The i s dimension, he amily budge , e e s o he inancial beha io o indi iduals,
who o en lack he habi o planning hei expenses based on hei income and needs.
This de iciency is a ibu ed o he lack o adequa e inancial educa ion in o mal
educa ional sys ems, which is agg a a ed in a consume socie y ha igno es inancial
p oblems. The p epa a ion o a pe sonal budge is essen ial o con ol inances, allow-
ing a conscious dis ibu ion o esou ces be ween ixed and a iable expenses, such
as ood, deb , ec ea ion, and heal h, which is c ucial o achie ing inancial eedom
(BAC-C edoma ic Financial Ne wo k,2009, pp. 169–178).
•
The second dimension, sa ings, is closely linked o in es men , as i ep esen s he
conse a ion o cu en esou ces wi h a iew o he u u e. This concep e e s, among
o he s, o sa ings, s ocks, and bonds: inancial choices a e capable o in luencing
people’s quali y o li e on a la ge scale (Hus on,2010) as ci ed in (Ramos e al.,2017).
•
The hi d dimension, c edi , in ol es he use o u u e esou ces in he p esen h ough
inancial p oduc s such as c edi ca ds and loans. S ill, i is equi ed o ha e e ec i e
inancial educa ion aimed a dec easing he linked cos s o c edi money, helping
people make p ope decisions acco ding o he EU inancial ma ke en i onmen
(Hus on,2010) as ci ed in (Ramos e al.,2017).
•
Finally, he ou h dimension, insu ance, ocuses on he p o ec ion o esou ces and isk
managemen h ough speci ic inancial p oduc s. To emphasize, ecognizing hese ideas
is c ucial o ha ing su icien insu ance p o ec ion in case o some hing o main ain
indi idual and amily inance secu i y (Hus on,2010) as ci ed in (Ramos e al.,2017).
These dimensions a e impo an o he acquisi ion o inancial beha io s ha os e
e ec i e and sus ainable economic managemen in line wi h he sus ainable de elopmen
goals o SMEs.
3.2. Making Financial Decisions
3.2.1. On Financial Decision-Making
Decisions on u iliza ion o inancial esou ces a e no cen alized bu in ol e almos
all he membe s o he amily, including he pa en s, spouses, and e en child en, in man-
aging he gene al inances o he household. Re . (Kim e al.,2017) we e conce ned wi h
he ways o in oducing educa ion and ad ice ela ed o inancial managemen in o he
amily, p oposing ha such an app oach may con ibu e o con inuous and sys ema ic
imp o emen in he assessmen o po en ial gains, as well as losses in pe sonal, amilial,
and business pe spec i es. In his ega d, Re . (Dua e e al.,2020) emphasizes he necessi y
o wo k owa ds a s eng hening o he skills in he economic and inancial educa ion
o he eache s as well as he s uden s so as o os e change agen s o adop a ional
decisions. Howe e , hei esea ch e ealed a signi ican lack o skills and capabili ies in
his a ea, which led o he p oposal o an a icula ion be ween inancial educa ion and
in o med decision-making, suppo ed by aining p og ams o eache s in public and
Adm. Sci. 2025,15, 24 15 o 25
a di ec co ela ion wi h he lack o knowledge in pe sonal and business inances. This
si ua ion is agg a a ed when en ep eneu s base hei decisions on pe sonal expe iences
and belie s, a he han on objec i e and analyzed in o ma ion, which limi s hei abili y o
make e ec i e a ional decisions. Howe e , e en wi h due p o ision o hese esou ces
and p og ams launched by di e en ins i u ions, he men ioned endency o igno e hese
sugges ions a he momen o he decision-making p ocess emains. This pu s mo e empha-
sis on leade ship and managemen changes o sus aining business de elopmen hence
unde lining he signi icance o educa ion in e e y economic ac i i y by s essing on he
inancial knowledge as he key ounda ion o gene a ing sound and pe inen decisions.
Table 10. Dimension 1—Va iable 2—Ra ional Financial Decisions.
Le el In e al Coun Pe cen age
De icien 7 o 16 94 50.54%
Regula 17 o 26 78 41.94%
Op imum 27 o 35 14 7.53%
To al 186 100.00%
Table 11. Dimension 2—Va iable 2—Limi ed Ra ional Financial Decisions.
Le el In e al Coun Pe cen age
De icien 4 o 9 96 51.61%
Regula 10 o 15 74 39.78%
Op imum 16 o 20 16 8.60%
To al 186 100.00%
4.2. No mali y Tes —In e en ial S a is ics
In e en ial s a is ical analysis pe o med using he no mali y es (Table 12), he
Kolmogo o –Smi no es e eals ha he da a collec ed on he a iables o inancial
educa ion and decision-making do no ollow a no mal dis ibu ion, wi h a p- alue less
han 0.05. This jus i ies he use o non-pa ame ic es s, accep ing he al e na i e hypo hesis
and ejec ing he null hypo hesis.
Table 12. No mali y Tes —In e en ial S a is ics.
Shapi o–Wilk
S a is ical gL Nex .
Financial Educa ion 0.236 186 0.000
Financial Decision-Making 0.223 186 0.000
In he hypo hesis es ing (Table 13), he Spea man Rho co ela ion coe icien was used,
sui able o co ela ional s udies wi h o dinal measu emen scales (He nández & Mendoza,
2018).
Tes ing he gene al hypo hesis (Table 14, Figu e 1) shows a s ong posi i e co ela ion
be ween inancial educa ion and decision-making, wi h a co ela ion coe icien o 0.786
and a p- alue o 0.000, leading o he ejec ion o he null hypo hesis. Simila ly, speci ic
hypo hesis 1 (Table 15, Figu e 2), which examines he ela ionship be ween household
budge and decision-making, also shows a s ong posi i e co ela ion ( = 0.789, p= 0.000),
con i ming he al e na i e hypo hesis.
Adm. Sci. 2025,15, 24 16 o 25
Table 13. Co ela ion coe icien .
Rela ionship Type ( ) Range Rela ionship Signi icance
is 1 di ec ela ionship
(posi i e)
(+0.10 o +0.24) Ve y weak posi i e co ela ion
Signi ican (p alue < 0.0)
Highly signi ican
(p alue < 0.01)
No signi ican
(p alue > 0.05)
(+0.25 o +0.49) Weak posi i e co ela ion
(+0.50 o +0.74) A e age posi i e co ela ion
(+0.75 o +0.89) S ong posi i e co ela ion
(+0.90 o +0.99) Ve y s ong posi i e co ela ion
(+1) Pe ec posi i e co ela ion
is 1 in e se ela ionship
(nega i e)
(−0.10 o −0.24) Ve y weak nega i e co ela ion
(−0.25 o −0.49) Weak nega i e co ela ion
(−0.50 o −0.74) A e age nega i e co ela ion
(−0.75 o −0.89) S ong nega i e co ela ion
(−0.90 o −0.99) Ve y s ong nega i e co ela ion
(−1) Pe ec nega i e co ela ion
No e: The able shows he co ela ion indices and he signi icance le el o he esul s. Sou ce: Own elabo a ion,
based on (He nández & Mendoza,2018, p. 346).
Table 14. Co ela ion be ween inancial educa ion and decision-making.
Co ela ions
inancial educa ion decision-making
Spea man’s
Rho
inancial
educa ion
Co ela ion coe icien 1.000 0.786 **
Nex (bila e al) 0.000
N 186 186
decision-
making
Co ela ion coe icien 0.786 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Adm. Sci. 2025, 15, x FOR PEER REVIEW 17 o 25
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 1. Sca e diag am be ween inancial educa ion and decision-making.
Table 15. Co ela ion be ween amily budge and decision-making.
Co ela ions
amily budge decision-making
Spea man’s Rho
amily budge
Co ela ion coe icien 1.000 0.798 **
Nex (bila e al) 0.000
N 186 186
decision-making
Co ela ion coe icien 0.798 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 2. Sca e diag am be ween amily budge and decision-making.
Rega ding speci ic hypo hesis 2 (Table 16, Figu e 3), a s ong posi i e co ela ion is
obse ed be ween sa ings and decision-making, wi h a coefficien o 0.797 and a p- alue
Figu e 1. Sca e diag am be ween inancial educa ion and decision-making.
Adm. Sci. 2025,15, 24 17 o 25
Table 15. Co ela ion be ween amily budge and decision-making.
Co ela ions
amily budge decision-making
Spea man’s
Rho
amily
budge
Co ela ion coe icien 1.000 0.798 **
Nex (bila e al) 0.000
N 186 186
decision-
making
Co ela ion coe icien 0.798 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Adm. Sci. 2025, 15, x FOR PEER REVIEW 17 o 25
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 1. Sca e diag am be ween inancial educa ion and decision-making.
Table 15. Co ela ion be ween amily budge and decision-making.
Co ela ions
amily budge decision-making
Spea man’s Rho
amily budge
Co ela ion coe icien 1.000 0.798 **
Nex (bila e al) 0.000
N 186 186
decision-making
Co ela ion coe icien 0.798 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 2. Sca e diag am be ween amily budge and decision-making.
Rega ding speci ic hypo hesis 2 (Table 16, Figu e 3), a s ong posi i e co ela ion is
obse ed be ween sa ings and decision-making, wi h a coefficien o 0.797 and a p- alue
Figu e 2. Sca e diag am be ween amily budge and decision-making.
Rega ding speci ic hypo hesis 2 (Table 16, Figu e 3), a s ong posi i e co ela ion
is obse ed be ween sa ings and decision-making, wi h a coe icien o 0.797 and a p-
alue o 0.000, which again suppo s he accep ance o he al e na i e hypo hesis. Speci ic
hypo hesis 3 (Table 17, Figu e 4), which analyzes he ela ionship be ween c edi s and
decision-making, shows a co ela ion coe icien o 0.790, wi h a p- alue o 0.000, con i ming
he s ong posi i e co ela ion.
Table 16. Co ela ion be ween sa ings and decision-making.
Co ela ions
sa ing decision-making
Spea man’s
Rho
sa ing
Co ela ion coe icien 1.000 0.797 **
Nex (bila e al) 0.000
N 186 186
decision-
making
Co ela ion coe icien 0.797 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Adm. Sci. 2025,15, 24 18 o 25
Adm. Sci. 2025, 15, x FOR PEER REVIEW 18 o 25
o 0.000, which again suppo s he accep ance o he al e na i e hypo hesis. Speci ic hy-
po hesis 3 (Table 17, Figu e 4), which analyzes he ela ionship be ween c edi s and deci-
sion-making, shows a co ela ion coefficien o 0.790, wi h a p- alue o 0.000, con i ming
he s ong posi i e co ela ion.
Table 16. Co ela ion be ween sa ings and decision-making.
Co ela ions
sa ing decision-making
Spea man’s
Rho
sa ing
Co ela ion coe icien 1.000 0.797 **
Nex (bila e al) 0.000
N 186 186
decision-making
Co ela ion coe icien 0.797 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 3. Sca e diag am be ween sa ings and decision-making.
Table 17. Co ela ion be ween c edi and decision-making.
Co ela ions
c edi s decision-making
Spea man’s Rho
c edi s
Co ela ion coe icien 1.000 0.790 **
Nex (bila e al) 0.000
N 186 186
decision-making
Co ela ion coe icien 0.790 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 3. Sca e diag am be ween sa ings and decision-making.
Table 17. Co ela ion be ween c edi and decision-making.
Co ela ions
c edi s decision-making
Spea man’s
Rho
c edi s
Co ela ion coe icien 1.000 0.790 **
Nex (bila e al) 0.000
N 186 186
decision-
making
Co ela ion coe icien 0.790 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Adm. Sci. 2025, 15, x FOR PEER REVIEW 19 o 25
Figu e 4. Sca e diag am be ween c edi s and decision-making.
Finally, speci ic hypo hesis 4 (Table 18, Figu e 5), which assesses he ela ionship be-
ween insu ance and decision-making, also indica es a s ong posi i e co ela ion ( =
0.719, p = 0.000), leading o accep ing he al e na i e hypo hesis. Thus, hese esul s e eal
he signi icance o inancial li e acy enhancemen as a necessa y p econdi ion allowing
offe ing ele an inancial diagnoses and effec i e solu ions, as well as con ibu ing o he
u he de elopmen o SMEs.
Table 18. Co ela ion be ween insu ance and decision-making.
Co ela ions
insu ance decision-making
Spea man’s Rho
insu ance
Co ela ion coe icien 1.000 0.789 **
Nex (bila e al) 0.000
N 186 186
decision-
making
Co ela ion coe icien 0.789 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 4. Sca e diag am be ween c edi s and decision-making.
Finally, speci ic hypo hesis 4 (Table 18, Figu e 5), which assesses he ela ionship be-
ween insu ance and decision-making, also indica es a s ong posi i e co ela ion ( = 0.719,
p= 0.000), leading o accep ing he al e na i e hypo hesis. Thus, hese esul s e eal he
Adm. Sci. 2025,15, 24 19 o 25
signi icance o inancial li e acy enhancemen as a necessa y p econdi ion allowing o e ing
ele an inancial diagnoses and e ec i e solu ions, as well as con ibu ing o he u he
de elopmen o SMEs.
Table 18. Co ela ion be ween insu ance and decision-making.
Co ela ions
insu ance
decision-making
Spea man’s
Rho
insu ance
Co ela ion coe icien 1.000 0.789 **
Nex (bila e al) 0.000
N 186 186
decision-
making
Co ela ion coe icien 0.789 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Adm. Sci. 2025, 15, x FOR PEER REVIEW 19 o 25
Figu e 4. Sca e diag am be ween c edi s and decision-making.
Finally, speci ic hypo hesis 4 (Table 18, Figu e 5), which assesses he ela ionship be-
ween insu ance and decision-making, also indica es a s ong posi i e co ela ion ( =
0.719, p = 0.000), leading o accep ing he al e na i e hypo hesis. Thus, hese esul s e eal
he signi icance o inancial li e acy enhancemen as a necessa y p econdi ion allowing
offe ing ele an inancial diagnoses and effec i e solu ions, as well as con ibu ing o he
u he de elopmen o SMEs.
Table 18. Co ela ion be ween insu ance and decision-making.
Co ela ions
insu ance decision-making
Spea man’s Rho
insu ance
Co ela ion coe icien 1.000 0.789 **
Nex (bila e al) 0.000
N 186 186
decision-
making
Co ela ion coe icien 0.789 ** 1.000
Nex (bila e al) 0.000
N 186 186
** The co ela ion is signi ican a he 0.01 le el ( wo- ailed).
Figu e 5. Sca e diag am be ween insu ance and decision-making.
In o he wo ds, he gene al null hypo hesis (H0) and al e na i e hypo hesis (H1) o
he s udy a e as ollows:
-
Gene al Null Hypo hesis (H0). Financial educa ion and decision-making among
mic o-en ep eneu s in he P o ince o Chanchamayo we e conduc ed, and no eal
ela ionship was ound.
-
Gene al Al e na i e Hypo hesis (H1). This s udy con i ms he exis ence o a di ec
co ela ion be ween pe cei ed inancial li e acy and ac ual inancial beha io among
mic oen e p ises in he P o ince o Chanchamayo.
Speci ic hypo heses ela ed o di e en dimensions o inancial educa ion include:
1.
Speci ic Null Hypo hesis o Budge ing (H0). Family budge ing and mic o-
en ep eneu ’s decision-making is no ela ed a all.
Speci ic Al e na i e Hypo hesis o Budge ing (H1). This s udy shows ha amily bud-
ge ing and decision-making play an impo an ole in he li e o mic o-en ep eneu s.
2.
Speci ic Null Hypo hesis o Sa ings (H0). No co ela ion exis s be ween sa ings
and decision-making when i comes o mic o-en ep eneu s.
Adm. Sci. 2025,15, 24 20 o 25
Speci ic Al e na i e Hypo hesis o Sa ings (H1). In his s udy, ca ied ou
wi h mic o-en ep eneu s, he e was an es ablished ela ionship be ween sa ings
and decision-making.
3.
Speci ic Null Hypo hesis o C edi Managemen (H0). The e is no co ela ion be-
ween he c edi managemen and he decision-making o he mic o-en ep eneu s.
Speci ic Al e na i e Hypo hesis o C edi Managemen (H1). On balance, he e-
o e, he e is a ela ionship be ween c edi managemen and decision-making
among mic o-en ep eneu s.
4.
Speci ic Null Hypo hesis o Insu ance (H0). Insu ance has no co ela ion wi h
decision-making among mic o-en ep eneu s.
Speci ic Al e na i e Hypo hesis o Insu ance (H1). A clea co ela ion exis s be-
ween insu ance and decision-making o all he mic o-en ep eneu s.
5. Discussion
This esea ch examines he ela ionship be ween inancial educa ion and decision-
making in mic o-en ep eneu s, e ealing a s ong posi i e co ela ion, wi h Spea man’s
Rho co ela ion coe icien o 0.786 and a p- alue o 0.000. These indings suppo he
accep ance o he al e na i e hypo hesis, highligh ing he impo ance o inancial educa-
ion in business managemen . Au ho s in e . (Pé ez e al.,2021) conclude ha inancial
educa ion is c ucial o he e icien use o inancial esou ces, in es men decision-making,
p o i abili y, and sa ings, he eby educing excessi e deb . Financial li e acy, which en-
compasses unde s anding o in e es a es and inancing cos s, is essen ial o a ional
inancial decisions, such as choosing app op ia e c edi ca ds. Re . (López e al.,2022)
s a es ha he e is a need o inco po a e inancial li e acy in educa ion igh om childhood
and ha he absence o such a ool educes he abili y o ci izens o make app op ia e
decisions on issues o do wi h inance. In e . (Fe ada e al.,2018), au ho s suppo he
inco po a ion o inancial li e acy as pa o basic educa ion whe eby nume acy subjec s
shall be used in impa ing subs an ial, impo an , and unc ional inancial skills. Impo an
playe s a e iden i ied as Junio Achie emen , an NGO ha has been implemen ed as an
example o inancial educa ion om childhood. Re . (Joia & Co dei o,2021) highligh s
ha inancial educa ion is o en he esponsibili y o public and p i a e o ganiza ions and
p oposes a in ech p ojec o child en, wi h ec ea ional modules ha p omo e esponsible
money managemen and a cul u e o sa ings. This app oach seeks o es ablish alliances
wi h inancial ins i u ions o gene a e us and aise awa eness abou he impo ance
o inancial educa ion. In his esea ch, au ho s ha e selec ed a s a is ical analysis ha ,
despi e he ac ha his has a low le el o complexi y, i is conside ed enough o achie e
he es ablished goals. This cha ac e is ic o he da a se and he o mula ed hypo heses
en ail he applica ion o basic s a is ical p ocedu es o look o signi ican associa ions o
he a iables o in e es . This is su icien o each use ul and ealis ic conclusions ega ding
he impac o inancial educa ion on he mic o-en ep eneu s’ decision-making wi hou
he need o employ o he complex p ocedu es ha may no yield added ad an age in his
pa icula scena io. In o he wo ds, wi h ega d o he s a is ical solu ions employed in he
s udy, i is unde s andable ha while he cu en s a egies employed do o e subs an ial
signi icance in looking in o he connec ion o inancial li e acy wi h decision-making among
he mic o-en ep eneu s, he e exis s u he po en ial o he esea ch. Fu u e esea ch
could be use ul o sol e mo e de ailed p oblems and analyze he connec ion be ween wo
a iables by using mo e complex s a is ical me hods. This could, o ins ance, in ol e he
use o mul i a ia e analysis o S uc u al Equa ion Modeling in o de o measu e addi ional
e ec s ha may exis be ween bo h a iables. Such de elopmen s would supplemen he
Adm. Sci. 2025,15, 24 21 o 25
cu en esea ch and enhance he knowledge base abou he in luence o inancial li e acy
on mic o-en ep eneu ial choices.
As e . (Rome o & Ramí ez,2018) no es, mic oen e p ises’ ou comes depend on
manage s’ decision-making, which also depends on mic o inance inancial li e acy. This
knowledge is c ucial in academia as well as in p ac ical aining o he con inua ion
o di e en companies o e hei li e cycle. Fu he mo e, conce ning he accoun ing
documen a ion, he au ho sugges s he use o accoun ing in o ma ion sys ems, including
ee so wa e o Mic oso Excel, o enhance he aceabili y.
Findings o he s udy e-a i m he signi icance o inancial li e acy as a means o
s eng hening he mic o-en ep eneu s’ decision-making, a guing o i s signi icance in
handling money and a ious inancial concep s as well as boos ing en ep eneu s’ business
pe o mance. This is especially impo an o such indi iduals, mos o whom in es hei
money in isky business en u es wi h li le capi al in es men . The s udy also holds
ha e e y wo king inancial li e acy model mus in e -connec he household/budge
and business inance. Ne e heless, some limi a ions o he esea ch a e wo h no ing.
I a ge s only he P o ince o Chanchamayo, and so he cu en s udy esul s may no
be ex ended o o he egions o coun ies. Mo eo e , his s udy is c oss-sec ional, which
inhibi s d awing causal ela ionships; also, he da a we e sel - epo ed. Howe e , he e
is a equi emen o an ex ended heo e ical model ha in ol ed pe sonal inancing and
business inancing o suppo he economic g ow h issues abo e. F om a p ac ical poin o
iew, he s udy ecommends he necessi y o designing in e en ion p og ams o imp o e
he inancial li e acy o mic o-en ep eneu s, which should in ol e coope a ion be ween
uni e si ies, go e nmen al agencies, and businesses ocused on he imp o emen o he
li e acy le el o he popula ion and on he mic o-en ep eneu s le el in pa icula . In o he
wo ds, his esea ch explo es he ela ionship be ween a ious inancial dimensions and
decision-making in mic o-en ep eneu s, e ealing a signi ican posi i e co ela ion in
se e al key aspec s. Fi s , a s ong co ela ion was iden i ied be ween he amily budge
and decision-making, wi h Spea man’s Rho co ela ion index o 0.798 and a p- alue o 0.000,
suppo ing he accep ance o he al e na i e hypo hesis. Such indings co espond wi h he
esea ch (Gab iel e al.,2020), who poin o he signi icance o p ope inancial decisions
o dealing wi h daily issues by s essing he amily backg ound and cul u e as he aspec s
in luencing inancial li e acy. Likewise, a posi i e co ela ion was ound be ween sa ings
and decision-making, wi h an index o 0.797 and a p- alue o 0.000. Acco ding o e .
(Ru kauskas & S asy y
˙
e,2022), he manage s should assess he inancial oppo uni ies and
design he sa ing and in es men po olio, which may be necessa y in some sec o s like
ha dwa e. As o he c edi indica o , he co ela ion coe icien is equal o 0.790, which
ag ees wi h (Abdul ka eem e al.,2023) and (Du & Shen,2024) on he ma e o he ole
o managing c edi s in business p o i abili y. Financial li e acy ha add esses in es men
and c edi his o ies and o he a eas impo an o sa ing and p ope decision-making is
ele an . Finally, a posi i e co ela ion was obse ed be ween insu ance and decision-
making, wi h an index o 0.789. Re . (Ca hua ilca & Zega a,2021) highligh s he need o
in o med inancial decisions in he daily ope a ions o mic o-en ep eneu s, emphasizing
he impo ance o inancial skills o manage isks p uden ly (Figu e 6).
In his ega d, i is necessa y o con ibu e owa ds aising awa eness o inancial
esou ces and hei se ices, pa icula ly o s a egically insecu e mic o-en ep eneu s. I
is sugges ed ha minis ies o economy, inance, educa ion, and social inclusion ex end
inancial li e acy by using any media, he eby p omo ing he e ec i e inancial li e acy.
Adm. Sci. 2025,15, 24 22 o 25
Adm. Sci. 2025, 15, x FOR PEER REVIEW 22 o 25
oppo uni ies and design he sa ing and in es men po olio, which may be necessa y in
some sec o s like ha dwa e. As o he c edi indica o , he co ela ion coefficien is equal
o 0.790, which ag ees wi h (Ka eeme al., 2024) and (Du & Shen, 2024) on he ma e o
he ole o managing c edi s in business p o i abili y. Financial li e acy ha add esses in-
es men and c edi his o ies and o he a eas impo an o sa ing and p ope decision-
making is ele an . Finally, a posi i e co ela ion was obse ed be ween insu ance and
decision-making, wi h an index o 0.789. Re . (Ca hua ilca & Zega a, 2021) highligh s he
need o in o med inancial decisions in he daily ope a ions o mic o-en ep eneu s, em-
phasizing he impo ance o inancial skills o manage isks p uden ly (Figu e 6).
Figu e 6. Co ela ion be ween dimensions and decision-making.
In his ega d, i is necessa y o con ibu e owa ds aising awa eness o inancial
esou ces and hei se ices, pa icula ly o s a egically insecu e mic o-en ep eneu s. I
is sugges ed ha minis ies o economy, inance, educa ion, and social inclusion ex end
inancial li e acy by using any media, he eby p omo ing he effec i e inancial li e acy.
6. Conclusions
This esea ch has es ablished a signi ican ela ionship be ween inancial educa ion
and decision-making in mic o-en ep eneu s, e idencing a s ong posi i e co ela ion.
The analysis, based on Spea man’s Rho co ela ion index, e eals ha inancial educa ion
is closely linked o he abili y o mic o-en ep eneu s o make in o med decisions, wi h a
co ela ion coefficien o 0.786 and a p- alue o 0.000, which leads o ejec ing he null
hypo hesis and accep ing he al e na i e hypo hesis. This esul highligh s he need o
inancial li e acy as one o he key aspec s o SMEs sus ainable de elopmen , wi h a ocus
on a ional inancing and isk managemen . Fu he mo e, a posi i e co ela ion has been
iden i ied be ween he amily budge and decision-making, wi h a coefficien o 0.798,
highligh ing he ele ance o adequa e inancial planning a he amily le el o business
success. The sa ings dimension also shows a signi ican posi i e co ela ion ( = 0.797),
sugges ing ha os e ing a sa ings cul u e is c ucial o he inancial s abili y o mic o-
en ep eneu s. Rega ding c edi s, he esea ch e eals a posi i e co ela ion o 0.790, in-
dica ing ha adequa e c edi managemen is essen ial o imp o e p o i abili y and a oid
o e -indeb edness. Finally, he ela ionship be ween insu ance and decision-making,
wi h a coefficien o 0.789, highligh s he impo ance o insu ance as a ool o mi iga e isks
and ensu e business con inui y.
Despi e he use ulness o his esea ch, i is, howe e , no wi hou limi a ions. The
esea ch ocuses only on he P o ince o Chanchamayo, which migh es ic he ans e -
abili y o he ob ained esul s o o he p o inces o o he coun ies. Fu he , he s udy is
Figu e 6. Co ela ion be ween dimensions and decision-making.
6. Conclusions
This esea ch has es ablished a signi ican ela ionship be ween inancial educa ion
and decision-making in mic o-en ep eneu s, e idencing a s ong posi i e co ela ion. The
analysis, based on Spea man’s Rho co ela ion index, e eals ha inancial educa ion is
closely linked o he abili y o mic o-en ep eneu s o make in o med decisions, wi h a
co ela ion coe icien o 0.786 and a p- alue o 0.000, which leads o ejec ing he null
hypo hesis and accep ing he al e na i e hypo hesis. This esul highligh s he need o
inancial li e acy as one o he key aspec s o SMEs sus ainable de elopmen , wi h a
ocus on a ional inancing and isk managemen . Fu he mo e, a posi i e co ela ion
has been iden i ied be ween he amily budge and decision-making, wi h a coe icien
o 0.798, highligh ing he ele ance o adequa e inancial planning a he amily le el o
business success. The sa ings dimension also shows a signi ican posi i e co ela ion
( = 0.797), sugges ing ha os e ing a sa ings cul u e is c ucial o he inancial s abili y o
mic o-en ep eneu s. Rega ding c edi s, he esea ch e eals a posi i e co ela ion o 0.790,
indica ing ha adequa e c edi managemen is essen ial o imp o e p o i abili y and a oid
o e -indeb edness. Finally, he ela ionship be ween insu ance and decision-making, wi h
a coe icien o 0.789, highligh s he impo ance o insu ance as a ool o mi iga e isks and
ensu e business con inui y.
Despi e he use ulness o his esea ch, i is, howe e , no wi hou limi a ions. The
esea ch ocuses only on he P o ince o Chanchamayo, which migh es ic he ans e -
abili y o he ob ained esul s o o he p o inces o o he coun ies. Fu he , he s udy is
based on a c oss-sec ional su ey, and he da a a e sel - epo ed, and hus, he esul s can
be in luenced by di e en ypes o biases. The implica ions o he heo e ical backg ound
equi e he c ea ion o an ex ended heo e ical model ha would ocus on he in eg a ion o
inancial li e acy o he pu pose o pe sonal and business inancing, as well as he con ibu-
ion o inancial li e acy o economic g ow h. In p ac ice, he esul s conce n he necessi y
o de eloping conc e e inancial li e acy in e en ion p og ams o mic o-en ep eneu s,
which may include coope a ion be ween schools, he Minis y o Educa ion, o he go -
e nmen agencies, and inancial companies o imp o e his speci ic popula ion g oup’s
li e acy le el. The guidelines gene a ed om his esea ch indica e he c i ical impo ance
o enhancing inancial li e acy among mic o-en ep eneu s and he ac i e in ol emen
o he public and p i a e sec o s in he o ganiza ion o con en ions such as wo kshops
and semina s. The u gency o inco po a ing inancial li e acy as pa o lea ning cu icula
so ha young people o m posi i e habi s o pe sonal inance is emphasized. The e o e,
he e is a need o mic o-en ep eneu s o be equipped wi h inancial managemen skills
ha co e aspec s o amily budge ing, sa ings, he igh c edi choice, and app ecia ion
Adm. Sci. 2025,15, 24 23 o 25
o he posi i e impac s o insu ance ha a e impo an when wo king on he g ow h and
sus enance o he business. These ac ions will os e no only hei economic de elopmen
bu also ensu e he enhancemen o business and economic s uc u e a he na ional le el,
making a s onge en i onmen o pe o m well in he u u e challenges.
Au ho Con ibu ions: Concep ualiza ion, D.P.-A. and J.M.S.-S.; me hodology, J.M.S.-S. and S.L.B.-I.;
alida ion, S.L.B.-I. and U.A.-R.; o mal analysis, D.P.-A. and M.D.V.-A.; in es iga ion, M.D.V.-A.
and J.M.S.-S.; esou ces, S.L.B.-I.; da a cu a ion, U.A.-R.; w i ing—o iginal d a p epa a ion, F.M.M.-
M.; w i ing— e iew and edi ing, V.G.-P.; isualiza ion, V.G.-P.; supe ision, V.G.-P. and F.M.M.-M.;
p ojec adminis a ion, F.M.M.-M. All au ho s ha e ead and ag eed o he published e sion o
he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : Da a a e con ained wi hin he a icle.
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
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