Financial Literacy and Business Record Keeping Among Women Entrepreneurs: A Survey of Women Micro Entrepreneurs in District Chitral

Abstract

This study explores the financial literacy and record-keeping practices of women entrepreneurs in District Chitral, a region that grapples with socio-economic challenges and limited financial access and inclusion. Through a cross-sectional survey involving 18 women entrepreneurs, the research highlights significant gaps in their financial knowledge, record-keeping abilities, and access to financial services. The findings indicate that while most participants engage in basic financial activities like saving and record-keeping, they often lack skills in budgeting, structured financial planning, and maintaining detailed business records. Additionally, their limited awareness of credit options and formal financial services further hampers their ability to grow and sustain their businesses. The study underscores the crucial link between financial literacy and effective record-keeping in achieving entrepreneurial success and stresses the urgent need for targeted interventions. Key recommendations include developing tailored financial literacy programs, providing training on comprehensive record-keeping practices, and enhancing access to financial services through partnerships with financial institutions. This research contributes valuable insights to the discussion on women’s economic empowerment, shedding light on the challenges and opportunities faced by women entrepreneurs in under-resourced regions. These findings offer a roadmap for policymakers and development organizations to create holistic support mechanisms that encourage financial resilience and sustainable business growth.