Финансовая грамотность: ключ к устойчивому развитию малого бизнеса в Южной Африке

Overall, participants reported gaining a better understanding of accounting concepts, record-keeping, taxation and business controls. One said: “Yes, I find it very interesting. I have learnt a lot, like when you are running a business, you must have records of your documents, like receipts and books, where you record everything that is going on in your business.”  Importantly, they view financial literacy as a practical tool that could help them run more effective businesses. One of them explained that financial literacy could help “educate the small business owners to record all the transactions for the cash flow of the business. To see if their business is running at a profit or a loss”, while another emphasised that “you must work hard and make sure everything is in order. You cannot create a business without training and skills”.  This highlights why financial literacy matters. For small business owners, it supports record-keeping, budgeting, tax compliance and performance evaluation, helping entrepreneurs move beyond intuition and rely on financial information.  Although many entrepreneurs recognise the value of financial knowledge and want opportunities to acquire it, access to relevant training remains limited, especially for business owners without formal tertiary qualifications or prior exposure to business education. This is where higher education institutions can make a meaningful contribution. Universities are often associated with teaching students enrolled in formal qualifications but their mandate extends beyond the classroom. Higher education institutions are expected to contribute to societal development and community engagement. Through their expertise, resources and networks, universities are well-positioned to support small business owners who may otherwise have limited access to financial education. The workshop also reinforced the importance of tailoring educational offerings to participants’ needs. Several small business owners noted that traditional academic terminology can be difficult to understand and suggested that training should be practical, accessible and focused on real-world business challenges. They also expressed interest in further workshops on budgeting, saving, bookkeeping, business registration, tax compliance and leadership development with. As one owner stated: “Most of us, as small business owners, don't know how to save or budget money.”  Perhaps the most encouraging finding was that every participant believed similar workshops should continue. Their comments reflected a willingness to learn and an awareness of the knowledge gaps within many communities. According to a participant: “There are many small business owners who don't run their business in a good structure because of a lack of knowledge. It should be extended because it is helpful to others.”  International Literacy Day on 8 September is an opportunity for us to also reflect on the importance of financial literacy for small business owners. For them, financial literacy is not simply about numbers. It is about empowerment, informed decision-making and creating sustainable businesses that can contribute to economic growth and job creation. South Africa's universities have an important role to play in this regard. By sharing knowledge beyond traditional student cohorts and extending educational opportunities into communities, higher education institutions can help bridge critical skills gaps and support entrepreneurship where it is needed most. Our experience suggests that when financial education is relevant, practical and accessible, it can equip small business owners with the confidence and tools needed to run their businesses more effectively, benefiting not only individual entrepreneurs but also the communities and economy they serve. Sher-Lee Fourie and Regan Everts are lecturers at the School of Accountancy at Stellenbosch University. This article is based on their paper “The role of higher education in the development of financial literacy skills of small business owners in South Africa”, published in Perspectives in Education (2025).