To Access the Effectiveness of Financial Literacy in Wealth Creation among Zambian SMEs in the Manufacturing Sector: A Case Study of UNIFI in Lusaka

This study aimed at accessing the effectiveness of financial literacy in wealth creation among SMEs in the manufacturing industry. Financial literacy plays a crucial role in wealth creation among Small and Medium Sized Enterprises (SMEs) in the manufacturing industry, particularly in Zambia. SMEs are a vital part of Zambia’s economy, contributing significantly to employment, innovation, and economic growth. However, many SMEs in Zambia face challenges in accessing finance, managing cash flows, and making informed financial decisions, which can hinder their ability to create wealth and achieve long term sustainability. As the industry focus on economic development, the common response has been the ignorance in the financial literacy among SMEs. The study made use of a primary data research approach through the use of quantitative and qualitative data that was collected using a structured questionnaire.

These businesses generated substantial gross income and employed at least one other person. These findings support including micro businesses in a comprehensive economic development plan.