Financial Literacy Beyond Numbers: Human Capital Intervention for Micro-enterprise Sustainability

Human capital (HC) plays a crucial role in financial literacy by influencing individuals’ ability to make informed financial decisions. However, the phrase “Beyond Numbers” suggests that the focus of the study goes beyond mere financial figures or traditional accounting metrics. It implies a deeper exploration into how human capital intervention contribute to the sustainability of micro-enterprises in ways that are not captured by numbers alone. Financial literacy encompasses the understanding of financial principles such as budgeting, investing, and risk management, while accounting literacy involves knowledge of financial reporting, bookkeeping, and compliance. However, achieving long-term sustainability involves more than just managing finances effectively. Thus, this study aims to propose a comprehensive framework that delineates how human capital contributes to the overall resilience of micro-enterprises. We conducted a systematic review approach based on at least 49 articles to synthesise existing literatures and provide a comprehensive understanding on the roles of HC in shaping the financial literacy of individuals. Based on the analysis findings, hundred and nine (109) codes were generated out of which eight (8) main themes which are then aggregated into four (4) higher level themes Behavioral factors, Economic factors, Cognitive factors and Social factors.