Learn about the main conclusions of the study presented by AECA on financial culture in SMEs.
Here are some tips to improve the financial culture of SMEs.
Financial education plays a crucial role in the development and success of SMEs in Spain. The study presented by AECA entitled “Financial culture in SMEs” highlights czechia email list the importance of improving the level of financial knowledge of the owners and managers of these companies.
and provides a greater capacity to face financial challenges , which can hinder the long-term growth and survival of our SMEs.
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Main conclusions of the study on financial culture in SMEs
The Spanish Association of Accounting and Business Administration (AECA) presented the study entitled "Financial culture in SMEs", which analyses the level of financial culture of the owners or managers of a total of 318 Spanish SMEs. The following conclusions can be drawn from this study:
Level of financial education
Financial education plays a critical role in the development and success of SMEs. This study reveals that a significant percentage of SME owners or managers in Spain have a low level of financial literacy .
This lack of knowledge can lead to poor financial management, difficulties in accessing financing and inappropriate decision-making regarding investment and growth.
Degree of financial knowledge of SMEs
Financial decisions
SMEs with a higher financial literacy are more likely to make sound decisions regarding the management of their financial resources. These companies tend to be more efficient in planning and controlling their expenses , as well as in evaluating investment opportunities.
Financial risks
A strong financial culture enables small and medium-sized enterprises to anticipate and mitigate financial risks, contributing to greater business stability and sustainability. However, SMEs with a higher financial culture are more likely to take financial risks.
Innovation
SMEs that present greater innovation in products, services and processes and those that are more respectful of the environment generally present a greater financial culture.
Degree of financial knowledge of SMEs
Family businesses
Experience in financial planning is greater in non-family businesses compared to family businesses. Family businesses are more in favour of borrowing from credit institutions and other companies than non-family businesses.
Other conclusions drawn from the study
Training in financial matters
SME managers report having taken a moderate number of financial subjects in their respective studies and express their interest in receiving training in financial matters . However, this is not perceived as a need with great importance, since a high percentage considers themselves to have a high level of financial knowledge.
