Enhancing Financial Resilience of MSMEs: The Role of Financial Literacy, Financial Inclusion, and Financial Behavior
DOI:
https://doi.org/10.70214/wyfavx20Keywords:
Financial Inclusion, Financial Literacy, Financial Behavior, Financial Resilience, MSMEsAbstract
Introduction: Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in Indonesia's economy, contributing significantly to GDP and employment. However, financial resilience remains a major challenge due to low financial literacy, limited financial inclusion, and ineffective financial behavior. Addressing these issues is essential to ensuring MSME sustainability.
Objectives: This study aims to analyze the impact of financial literacy, financial inclusion, and financial behavior on the financial resilience of MSMEs in Batu City, East Java.
Methods: A quantitative approach was employed using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method. The study involved 40 MSME owners engaged in fruit and vegetable chips production, selected through purposive sampling. Data collection was conducted through surveys using Likert-scale questionnaires.
Results: The findings indicate that financial literacy has a significant positive impact on financial resilience, as a higher understanding of financial management enables MSME owners to make informed financial decisions. Financial inclusion also contributes to resilience by providing access to financial services such as credit and savings. Additionally, responsible financial behavior, including effective financial management and saving habits, strengthens MSMEs' ability to withstand financial challenges.
Conclusions: Enhancing financial literacy, expanding access to financial services, and promoting responsible financial behavior are key to improving MSME financial resilience. These efforts can help MSMEs adapt to economic uncertainties, sustain business operations, and support regional economic growth.
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