The Nexus between Financial Education and Entrepreneurship Development in Osun State
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Date
2017-07-07
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4th International Conference on Entrepreneurship and Entrepreneurship Education Institute For Entrepreneurship and Development Studies (IFEDS) Obafemi Awolowo University, Ile-Ife, Nigeria 11th October
Abstract
The study was conducted to examine the nexus between financial education and entrepreneurship development with the aim of evaluating how knowledgeable entrepreneurs are about managing their business finances in an efficient manner. Primary data was generated from the use of questionnaire. The survey covered educated entrepreneurs in Osun state with a minimum of O’levels. A total sample size of 385 respondents was randomly selected from an infinite population. The study employed a binary logit regression model for the analysis with the help of STATA (14) because the dependent variable is coordinated in a binary form and the model of the study is ordered in the context of multivariate latent structural model. The result with Prob> chi2= 0.0000 showed that financial education influences the growth and development of businesses in Osun state. Hence, we conclude that the encouragement of financial education for Nigerian entrepreneurs in order to encourage financial literacy, financial inclusion and financial behaviour of entrepreneurs for effective and efficient management of businesses will have direct effect on entrepreneurship growth and development in the economy. The study identified areas of inadequacies and proposed recommendations to improve the financial literacy level; encourage prudency in financial behavior; and ensure the availability of financial services for entrepreneurship purposes.