Exploring the impact of digital financial literacy to effective financial planning and control: Perspectives on competitiveness of Thai micropreneurs
Micropreneurs, predominantly active in the informal sector, make significant contributions to both local and national economies. Despite their importance, there is a notable dearth of empirical research identifying the key factors that influence their business success. To address this gap, this stud...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2025-01-01
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| Series: | Social Sciences and Humanities Open |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2590291125000348 |
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| Summary: | Micropreneurs, predominantly active in the informal sector, make significant contributions to both local and national economies. Despite their importance, there is a notable dearth of empirical research identifying the key factors that influence their business success. To address this gap, this study aimed to investigate the impact of financial literacy, digital financial literacy, and effective financial planning and control on the success of Thai micropreneurs. This quantitative research design involved collecting data from 145 small business owners across various regions of Thailand using a carefully designed questionnaire. The questionnaire, developed from previous research and a preliminary pilot study, assessed the financial literacy, digital financial literacy, and financial planning and control capabilities of the participants. Data analysis was performed using descriptive and inferential statistics, alongside Partial Least Squares Structural Equation Modeling (PLS-SEM) to evaluate the measurement and structural models. The findings revealed statistically significant influences among financial literacy, digital financial literacy, and effective financial planning and control. These results provide a deeper understanding of the interplay between these variables in the micro-entrepreneurial setting, offering valuable perspectives for academics, economists, policymakers, and financial institutions. The study underscores the critical need to enhance both traditional and digital financial literacy to support the sustainable management of microenterprises within the economic framework of Thailand. |
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| ISSN: | 2590-2911 |