Financial Literacy and Business Record Keeping Among Women Entrepreneurs: A Survey of Women Micro Entrepreneurs in District Chitral

Abstract

The present study explores the current level of financial literacy and financial record keeping practices of micro women entrepreneurs in District Chitral. A remote region of the country where structural and socio cultural barriers restricts business opportunities for women The study used cross sectional survey design. Using purposive sampling primary data was collected through survey questionnaire from eighteen women entrepreneurs. Data was analyzed using descriptive and inferential statistics. Cross tabulation is used to further identify the relationship between various variables. The finding depicts low level of financial literacy and limited record keeping practices. Financial planning and awareness of investment options and credit sources also found limited. The results also revealed a significant relationship between financial literacy and financial record keeping. This finding reflects the nexus of financial literacy and record keeping in enhancing business efficiency. Training programs together with awareness campaigns and female specific products could enhance financial literacy, record keeping practices and financial inclusion. The study provides insight to practitioners, policy makers and financial institutions who are struggling to boost women economic empowerment.