Financial education for MSMEs: entrepreneur’s perceptions and behaviors in bogotá

Abstract

The purpose of the present work was to identify the perceptions and behaviors related to the economic and financial education in Micro, Small and Medium-sized Enterprises (MSMEs). Cross-sectional and mixed research were conducted within a group of MSME administrators from Bogotá, Colombia. For that purpose, a semi-structured interview was conducted with each participant. The results show a perception of a lack of knowledge about economic and financial education. More than fifty percent of the administrators have not received any type of economic or financial education. Nevertheless, some of the administrators seem to have good financial management. Regarding the sources of financing for MSMEs, most participants identify banks as the only external source of financing, despite identifying them as an expensive and high-risk option. More actions are required in favor of the economic and financial education directed to MSMEs to guarantee their permanence in the market in the long term.