Effects of Financial Literacy on Sustainable Entrepreneurship among the Youths in Bomet County, Kenya
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Date
2024-01-30
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Abstract
There is growing unemployment in Kenya and the youths are bearing the blunt of this worrying
trend, despite the numerous interventions by both state and non-state actors in encouraging the
youths to venture into entrepreneurship. This study sought to establish the role of Financial Literacy
on the development of sustainable business ideas and innovations. The study was conceptualized
with the intention of investigating the role that financial literacy plays in influencing sustainable
entrepreneurship among the youthful entrepreneurs. The population of interests was the business
enterprises run by youthful entrepreneurs across various sectors of business in Bomet Municipality
located in Bomet County; Kenya. The study used primary data with a sample size of 473
respondents which achieved 100% response rate, with male response of 53% and 47% female. The
measures of central tendency, measures of dispersion and Regression model were used to find out
the relationship and correlation of the variables. The study established that there was a significant
relationship between gender and sustainable entrepreneurship, further found, that financial literacyhad weak a positive significant relationship with business sustainability. The study recommends that
emphasis should be placed on financial literacy as a significant determinant of sustainable
businesses among the youth entrepreneurs and that training as tool to provide more knowledge on
entrepreneurial skills to be factored in the trade policy