Work

Empowering SMEs through Digital Financial Literacy: Enhancing Resilience, Innovation, and Inclusivity in Malaysia

Year: 2024

Type: article

Abstract: Digital financial literacy has emerged as a critical factor for the success and sustainability of small and medium-sized enterprises (SMEs) in an increasingly digital economy. The objective of the research is to examine how digital financial literacy impacts technological adoption, gender inclusivity, and resilience in SME operations. Using a synthesis of recent literature and secondary data, the study highlights the positive correlation between digital financial literacy and business performance, particularly in fostering innovation, resilience during economic disruptions, and financial inclusion among women entrepreneurs. Despite governmental initiatives like the SME Digitalization Grant, gaps in digital literacy persist, especially in rural areas. The study recommends future research to address these disparities through longitudinal studies, sector-specific analyses, and the integration of emerging technologies such as artificial intelligence and blockchain into SME operations. These findings aim to inform policymakers, educators, and industry stakeholders to create an inclusive and robust digital ecosystem for SMEs.

Source: International Journal of Academic Research in Accounting Finance and Management Sciences

DOI: 10.6007/ijarafms/v14-i4/23884

Authors: Supawi Pawenang, Samer Ali Al-shami, Anita Wijaya

Language: English

Topic: Financial Literacy and Behavior

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDGs: Decent work and economic growth, Industry, innovation and infrastructure, Reduced inequalities

Open Access status: diamond

Funder: Universiti Teknikal Malaysia Melaka

OpenAlex ID: W4405002887