Beyond Access to Finance: Financial Literacy and Managerial Effectiveness among MSMEs in Bantul Regency
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Abstract
Micro, Small, and Medium Enterprises (MSMEs) play a vital role in Indonesia’s economic development, particularly in Bantul Regency, Yogyakarta, which hosts one of the highest concentrations of MSMEs in the region. Despite their significant contribution, many MSMEs continue to face limited access to formal financial services, often attributed to inadequate financial literacy and weak managerial practices. This study aims to assess the level of financial literacy among MSME owners in Bantul Regency, examine their financial management behavior, and identify factors influencing financial effectiveness. Employing a mixed-method approach, primary data were collected through structured questionnaires and semi-structured interviews with 31 MSME owners selected using purposive sampling. Financial literacy was measured across three dimensions: financial management literacy, saving literacy, and debt literacy. The findings reveal that MSME financial literacy remains fragmented and uneven across dimensions. While respondents demonstrate relatively adequate understanding of saving and debt-related concepts, financial management practices—particularly bookkeeping and the separation of personal and business finances—are notably weak. Many MSME owners perceive formal financial recording as unnecessary or overly complex due to small business scale and fluctuating income. These results indicate that financial knowledge alone does not automatically translate into effective financial behavior without practical skills, behavioral discipline, and access to supportive financial systems. This study contributes to the literature by providing localized empirical evidence on MSME financial literacy patterns in a developing economy context and underscores the importance of behavior-oriented financial education and institutional support to enhance MSME sustainability and financial inclusion.
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