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Financial education in small ethnic minority businesses in the UK

Financial education in small ethnic minority businesses in the UK Purpose – The purpose of this paper is to set out to evaluate the financial education needs of ethnic minority SMEs in the West Midlands region of the United Kingdom. Design/methodology/approach – A postal survey was used to investigate the financial needs of owner/managers in 64 ethnic minority SMEs and a control sample of 23 non‐ethnic SMEs. Findings – The results show that owner/managers of micro‐businesses have lower educational achievements as well as higher financial education needs than their counterparts in small and medium‐sized firms. In contrast, owner/managers in small and medium‐sized businesses have relatively higher educational achievements and a better appreciation of the role of financial education. Similar trends were observed in non‐ethnic SMEs in the control sample. Originality/value – This article makes an empirically rigorous contribution to a relatively under researched aspect of SME research. The authors recommend that government agencies collaborate with leaders of ethnic minority communities to raise awareness of the benefits of education in general and financial education in particular. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Education + Training Emerald Publishing

Financial education in small ethnic minority businesses in the UK

Education + Training , Volume 50 (8/9): 11 – Nov 21, 2008

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Publisher
Emerald Publishing
Copyright
Copyright © 2008 Emerald Group Publishing Limited. All rights reserved.
ISSN
0040-0912
DOI
10.1108/00400910810917109
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to set out to evaluate the financial education needs of ethnic minority SMEs in the West Midlands region of the United Kingdom. Design/methodology/approach – A postal survey was used to investigate the financial needs of owner/managers in 64 ethnic minority SMEs and a control sample of 23 non‐ethnic SMEs. Findings – The results show that owner/managers of micro‐businesses have lower educational achievements as well as higher financial education needs than their counterparts in small and medium‐sized firms. In contrast, owner/managers in small and medium‐sized businesses have relatively higher educational achievements and a better appreciation of the role of financial education. Similar trends were observed in non‐ethnic SMEs in the control sample. Originality/value – This article makes an empirically rigorous contribution to a relatively under researched aspect of SME research. The authors recommend that government agencies collaborate with leaders of ethnic minority communities to raise awareness of the benefits of education in general and financial education in particular.

Journal

Education + TrainingEmerald Publishing

Published: Nov 21, 2008

Keywords: Ethnic minorities; Owner‐managers; Financial information; Knowledge management; Small to medium‐sized enterprises; United Kingdom

References