Background of the Study
Financial literacy is critical for the sustainability of small businesses, especially in the fashion industry, which faces unique challenges such as fluctuating demand, competition, and limited access to capital. Entrepreneurs with a solid understanding of financial management are better equipped to make informed decisions, manage cash flow, and ensure long-term growth (Ahmed & Sule, 2024).
In Kaduna State, many fashion entrepreneurs struggle with financial sustainability due to inadequate financial literacy. This study explores how improving financial literacy can enhance the sustainability of these businesses, contributing to economic development (Adebayo et al., 2023).
Statement of the Problem
Small businesses in the fashion industry often fail due to poor financial management practices. In Kaduna State, limited access to financial education has left many entrepreneurs unable to manage resources effectively, leading to high business failure rates. Despite the critical role of financial literacy, there is limited research on its impact on the sustainability of fashion businesses in this region (Okonkwo & Ibrahim, 2023).
Objectives of the Study
Research Questions
Research Hypotheses
Scope and Limitations of the Study
This study focuses on fashion entrepreneurs in Kaduna State, analyzing the relationship between financial literacy and business sustainability. Limitations include potential respondent bias and variations in access to financial resources.
Definitions of Terms