The role of higher education in the development of financial literacy skills of small business owners in South Africa

South Africa faces a critically high unemployment rate due to poor educational attainments and socio-economic disadvantages. The critical need for job creation demands a renewed look at entrepreneurial endeavours. Higher education institutions (HEIs) are critical in producing knowledge for society. Innovative ways of supporting entrepreneurial learning are required to bridge the financial knowledge gap of educationally marginalised socio-economic groups, such as small business owners from impoverished communities. The study aimed to gain insights into the perceptions of small business owners and ascertain the role of HEIs in developing financial literacy skills of small businesses. Data was collected from twelve small business owners who participated in a two-day financial literacy workshop. A phenomenological and mixed-method approach was applied to gather quantitative and qualitative data through questionnaires. Challenges faced by small business owners and the dire need for financial literacy were identified, suggesting an urgent role for HEIs to equip small business owners with the tools necessary to run their businesses effectively. Immense value was derived from the financial literacy workshop, which suggests that HEIs have a role in providing appropriate but tailored training to participants who often do not have an educational background.