The Impact Of Financial Literacy On The Success And Performance Of Small And Medium Enterprises: Evidence From New Soweto Market

The general objective of this research was to investigate the impact of financial literacy on the performance and success of Small and Medium enterprises. The study aimed to investigate the impact of financial knowledge on the performance and success of Small and Medium enterprises at New Soweto market, to investigate the impact of financial behavior on the performance and success of Small and Medium enterprises at New Soweto market and to investigate the impact of financial attitude on the performance and success of Small and Medium enterprises at New Soweto market. Descriptive research method was employed for the research; the researcher collected primary data through questionnaires to a sample size of 98 respondents to answer research questions. This research design helped in observing the effects of financial knowledge, financial behavior and financial attitude on the performance of small and medium enterprises at Soweto market. The study involved samples drawn from SMEs at Soweto. Non Probability sampling was used to purposely and conveniently select respondents to collect data. In order to analyze the impact of financial literacy on the performance of SMEs the researcher employed descriptive and inferential statistics techniques. The findings were analyzed by employing correlation, linear regression analysis of variance, cross tabulations and frequency distribution.