Financial Literacy in SME Business Activity in Poland

Monika Szafrańska , Renata Matysik-Pejas


Globalisation, dynamic development of financial markets and modern financial products caused that SME firms have at their disposal a wide array of financial instruments. New financial services create wider possibilities but at the same time lead to a necessity of upgrading financial knowledge of SME owners or staff responsible for financial management of the enterprise. The article aims at determining financial literacy of the persons responsible for the realization of financial policy in firms of the SME sector, but also an identification of factors determining and diversifying this level. The main source of data used for the analysis and inference was information elicited through the Author’s own investigations conducted in 2011 on a group of 150 enterprises from the SME sector. Summary statistical measures and nonparametric (χ2) test were used to realize the work objection. As results from conducted investigations, the level of knowledge and financial skills of SME employees depends on the gender, age and education but also on the period of employment/conducting economic activity. Men, aged under 34 years of age, possessing higher education and employees with the longest employment period revealed a higher level of financial literacy. It has been noticed that firms managed by persons revealing a higher level of financial literacy more often use the innovative financial services, e.g. leasing or factoring.
Author Monika Szafrańska (FoAaE / IoEEaM )
Monika Szafrańska,,
- Institute of Enterprises Economics and Management
, Renata Matysik-Pejas (FoAaE / IoEEaM )
Renata Matysik-Pejas,,
- Institute of Enterprises Economics and Management
Publication size in sheets3.35
Book Illés Csaba Bálint (eds.): SMEs' management in the 21st century : challenges and solutions, Prace Wydziału Zarządzania Politechniki Częstochowskiej. Monographs, 2012, Częstochowa : Sekcja Wydawnictw Wydziału Zarządzania Politechniki Częstochowskiej, ISBN 978-83-63500-16-0, 424 p., DOI:10.18515/dBEM.M2012.n01
Keywords in Englishfinancial knowledge, SME, financial services
Languageen angielski
Score (nominal)5
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