Exploring the financial literacy practices among selected youth entrepreneurs in Lusaka district, Zambia: a phenomenological perspective.
Date
2025
Authors
Kasonde, Agatha
Journal Title
Journal ISSN
Volume Title
Publisher
The University of Zambia
Abstract
This study aimed to explore the financial literacy practices among selected youth entrepreneurs in Lusaka District, Zambia, from a phenomenological perspective. The objectives that guided the study were to: (1) establish the financial literacy practices among selected youth entrepreneurs in
Lusaka District, (2) identify factors affecting financial literacy practices among selected youth entrepreneurs in Lusaka District, (3) ascertain the opportunities of financial literacy practices among selected youth entrepreneurs in Lusaka District, and (4) establish the constraints encountered by youth entrepreneurs in financial literacy practices in Lusaka District. A qualitative research approach was adopted and used in which a total sample size of 30 participants, including youth entrepreneurs and officers from the Ministry of Small and Medium Enterprises, were purposively selected from Lusaka District. Data was collected through face-to-face interviews and non-participant observations. An interpretive phenomenological research design was used to explore and analyse the experiences and perspectives of participants in depth. The study found that youth entrepreneurs in Lusaka engage in several key financial literacy practices, which included; budgeting, separating needs from wants, saving for emergencies, setting financial goals, and planning for the future. Furthermore, they recognize the importance of protecting themselves through life insurance and investing in education. Among the factors affecting financial literacy practices included gender, socio-economic status, access to education, professional financial role models, availability of financial training, financial attitude, and psychosocial experiences based on age. The study also established several opportunities associated with financial literacy practices among youth entrepreneurs and these were not limited to; the development of saving habits, access to accurate financial information, financial independence, and the ability to identify financial scams. However, youth entrepreneurs faced various constraints that hinder their financial literacy skills, such as lack of financial accountability, transparency, financial ethics, inadequate capital,
policy inconsistencies, limited financial networks, and the absence of financial education. Based on these findings, the study recommends that the government increase the number of financial literacy programmes and target more youth beneficiaries to encourage participation. NGOs should
improve the reach and appeal of their programmes to ensure higher youth involvement. Moreover, the government should foster greater collaboration with financial literacy role models and organizations to help youth entrepreneurs grow in their ventures. Youth entrepreneurs themselves are advised to actively engage in financial literacy programmes, seek mentorship from experienced financial professionals, and embrace sound financial management practices to enhance their business sustainability and growth.
Keywords: Youth; Entrepreneurs; Financial Literacy; Practices; Phenomenology.
Description
Thesis of Doctor of Philosophy in Adult Education.