Spearheading sustainable youth entrepreneurship through financial literacy training - A case of one TVET institution in Zimbabwe
DOI:
https://doi.org/10.63569/ajopac/07/01/07Keywords:
Financial literacy, sustainable youth entrepreneurship, financial skills, financial capabilityAbstract
Financial literacy is essential for sustainable entrepreneurship of youths. The main objective of the study was to examine the effects of financial literacy on sustainable youth entrepreneurship at one TVET institution, establish socio-economic factors that influence sustainable youth entrepreneurship, to ascertain the relationship between financial literacy and sustainable youth entrepreneurship, and suggest strategies to enhance the levels of financial literacy of youths towards sustainable youth entrepreneurship. The study adopted a case study research design. The population consisted of 500 youths in the division, and a sample of 218 was used. Factor analysis was used for data analysis, and it was concluded that financial literacy had an effect on sustainable youth entrepreneurship at the TVET institution implying that as levels of financial literacy increased, so does the chances of increased sustainable youth entrepreneurship. It was also found out that economic variables do affect sustainable youth entrepreneurship, whilst some social factors also affect sustainable youth entrepreneurship. It was recommended that the institution should improve the financial literacy levels of their youths through training, short courses or seminars, and infusing financial literacy aspects in entrepreneurship skills development to ensure that their youths are equipped for sustainable youth entrepreneurship. Youths were advised to partake in financial literacy seminars which would be organized by the institution so as to broaden the need for youths to personally invest in training programs and also attend courses to improve their financial literacy.
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