Financial Planning, Financial Experience, and Entrepreneurial Risk Attitudes among Small and Medium Enterprises (SMEs) in Ekiti State

Introduction

Managing one’s own financial experiences is essential since people deal with money at practically every stage of their lives. Financial experience is necessary to manage one’s financial circumstances, and as a result, some behaviors about the risks associated with the financial decision or scenario in question are influenced by this information[15, 35]. This demonstrates how financial experience is drawn from financial risk behavior, which affects financial decisions. Even those who are knowledgeable about the financial system find it difficult to make decisions when confronted with the complexity of the financial market[19, 51]. To make sure that their decisions have a positive impact on their future, people need to empower themselves with financial planning and experience, given the complexity and variety of financial products accessible today[54]. However, People should arm themselves with financial education, financial management, retirement, investments, savings, wills, insurance, and loans in addition to basic personal financial experience [26]. With this personal experience, consumers might be able to comprehend the risk and make better financial decisions, preventing future financial problems. Most people experience their first financial difficulties when they start college or university since they must learn how to manage their money on their own [23, 44]. This then demonstrates the importance of focusing on financial literacy, particularly among young people, to ensure that a country can produce many financially literate citizens. Therefore, to improve their financial well-being, they must possess the skills and information necessary to handle their own personal money [16, 28].

However, managing one’s own financial circumstances is essential since finance permeates all aspects of a person’s social life. Planning financial activities and actions is so crucial. Most people, however, do not think financial planning is important because they do not see the need to manage their finances or create budgets before spending, which leads them to continue spending until they discover they are nearly out of money [33, 45]. Financial planning increases one’s confidence in their attitude toward risk by making it easier to manage financial risk. Although these earlier empirical studies are available in the literature, many of them concentrate on the global environment, with very little attention paid to Nigeria’s local milieu.  In the small and medium-sized business community in Ekiti State, not many of the few studies that examined the Nigerian setting linked financial literacy to the risk-taking behaviour of individual entrepreneurs. This study seeks to examine the influence of financial capabilities on the entrepreneurial risk perceptions of particular small and medium-sized enterprises in Ekiti State, Nigeria. The objectives are to evaluate the impact of financial experience on the entrepreneurial risk disposition among a cohort of small and medium-sized enterprises in Ekiti State and to investigate the influence of financial planning on this disposition.

2. Literature review

Financial Planning

Financial planning involves assessing how a corporation can finance the attainment of its strategic goals and objectives. Personal financial planning is the management of finances to attain individual financial objectives. Personal money management, also known as individual financial planning, is a systematic procedure that leads to both financial and personal happiness [8, 42].  People can control their financial situation through this planning approach. Priorities must first be established to do this. The fulfillment of financial objectives and requirements depends on a strategy for spending, saving, and investing. Thorough financial planning that includes budgeting, tax management, obligation oversight, purchasing decisions, insurance management, investment strategies, retirement planning, and estate planning is essential to attain those objectives [36]. 

A financial plan serves as a road map for reaching one’s financial objectives. The process of creating plans to handle one’s finances to accumulate wealth, enjoy life, and attain financial security is known as financial planning [6].  As a continual process, it must be followed throughout various periods of an individual’s life cycle. According to [31], there are six fundamental steps in financial planning: (1) establishing short-, medium-, and long-term financial objectives; (2) taking into account one’s current financial situation, including savings, investments, and net worth; (3) identifying and assessing alternative plans that could help one reach those goals; (4) choosing and putting into action the best plan for doing so; and (5) assessing the results of implementation. Studies (such as [12, 29]) affirmed that budgeting, spending planning, liquidity planning, and personal financing or debt (liability) planning (personal loans and housing loans) are important aspects of financial planning. (5) Planning investments; (6) Planning for retirement; (7) Planning for insurance (life, property, liability, health, etc.) to safeguard assets and income; (8) Planning for estates; and (9) Planning for taxes.

Financial Experience

People’s experiences with conventional and alternative borrowing as well as investment activities are referred to as their financial experience [41]. According to [49]   and [43], Financial expertise denotes the capacity to make informed decisions regarding investment considerations, as well as to engage in investment planning and management, so ensuring the efficacy of current and future financial management. Individuals can acquire the skills to navigate financial challenges and make informed decisions in the future through their financial experiences. According to some earlier studies, financial conduct is significantly influenced by prior financial experience [50]. The ability to decide on investment planning and management and assess the value of financial management for the present and the future is known as financial experience. However, to improve family financial management and provide wealth to the family, financial decisions are required to raise revenue, control spending, and pay taxes [5, 23]. Alongside financial education, the experience of possessing a financial product or engaging in shared ownership experiences with others further augments financial literacy [48].

According to [18], financial experience exerts a positive and substantial causal influence on financial literacy. Nonetheless, a robust financial comprehension is an outcome of possessing substantial financial experience. Nonetheless, methodological issues in the existing literature preclude the establishment of a causal association between financial experience and financial literacy, or the reverse. Financially literate people have experience bridging the gap between knowledge and skills, according to [32], who also found that knowledge is useless without applied experience. [48] discovered that financial behaviour, financial experience, and financial comprehension are interconnected. An individual’s financial literacy and competence are shaped by their financial experiences and activities.

Entrepreneurship Education and Entrepreneurial Risk Attitudes

Entrepreneurship education commenced in 1938 at Kobe University in Japan, initiated by Shigeru Fiji [11]. In light of the recognised significance of entrepreneurship, numerous studies (including [25, 40, 47]) have been undertaken to ascertain the significance of entrepreneurship education for national growth. In this regard, gender is a crucial issue in the socio-economic progress of any nation and is vital for promoting entrepreneurial development. Moreover, risk mindset is essential to the discussion of human factors. An individual’s disposition is crucial to the range of situational contexts.

Risk attitude denotes an individual’s awareness and inclination towards recognising or pursuing risk when making decisions in situations characterised by uncertain outcomes [20]. [21] asserted that individuals’ expressions of risk attitude influence all aspects of entrepreneurial endeavours, even when they feign ignorance of this fact. Research (e.g., [17, 24]) has confirmed that an individual’s or organization’s risk attitude is influenced by their utilisation of risk management tools, such as insurance. Risk attitude reflects an organization’s long-term perspective on risk. Nonetheless, a positive risk attitude authentically exhibited in entrepreneurial endeavours facilitates the attainment of organisational objectives, as it enhances entrepreneurs’ abilities to develop sustainable risk management strategies [3].

Theoretical Review

Theory of Planned Behaviour

The concept of planned behaviour was introduced to elucidate social ideals, attitudes, and the regulated conduct of individuals in business-related activities [31]. The theory of planned behaviour emerged from the theory of reasoned action in the 1980s to predict individuals’ intentions to participate in behavioural activities at a specific time and place. This is a carefully constructed evaluation of risk attitude toward a certain behaviour, perceived behavioural intention, control, and subjective values. Previous research (e.g., Carr & Kautonen, Van Gelderen, & Tornikoski, 2013) has shown that the theory of planned behaviour (TPB) has notably progressed the domain of entrepreneurial studies. This theory is seen as characteristic of entrepreneurial endeavours, even if the new venture may emerge suddenly due to an unforeseen opportunity.

By placing a strong emphasis on individual attitudes and beliefs, TPB makes it possible to investigate the variables that affect students’ choices [14]. Perceived behavioral control (PBC), subjective norms (SN) of perceived social pressure, and attitude (ATT) toward a behavior are the three components that determine intentions. A person’s assessment of a behavior, which may be positive or negative, makes up their attitude toward that behavior [14]. While entrepreneurial intention refers to the desire to start a firm as impacted by attitudes toward entrepreneurial behavior [37], intention refers to the motivation of an individual for certain behaviors [4].

The Theory of Planned activity (TPB) identifies two primary sources of intent: the urge to engage in a certain activity and the feasibility of that behaviour [22]. TPB asserts that intent is a direct precursor to behavioural performance. The Theory of Planned Behaviour asserts that a more positive attitude and subjective norm, along with more perceived behavioural control, augment an individual’s intention to participate in entrepreneurial activities.

Empirical Review  

[39] assessed the nexus between financial literacy, risk-seeking behavior, and attitudinal trends among university students in South Africa. The study employed a questionnaire to conduct numerous price list experiments and administered a financial literacy assessment. The research utilized a maximum probability joint measure on an expected utility exponential function concerning both similar and distinct student preferences. The research demonstrated that financial literacy substantially influenced the risk and time preferences of university students with limited financial resources. The research indicated that enhanced financial skills correlate with risk choices and attitudes of patients among university students.

[2] assessed the relationship between financial literacy and entrepreneurial risk-taking among company startup students in Nigeria. The study aimed to examine financial knowledge and financial behavior as factors influencing business risk-taking among chosen students at the University of Lagos, Nigeria. While a random sampling technique was adopted, the structured questionnaire was utilised to gather information from 145 final-year students. In data analysis, the regression technique was employed with findings, which proved that females are becoming more financially literate, with continuous development, for suitable pecuniary decision-making in business risk-taking and enterprise creation.

[24] evaluated the nexus between financial literacy and entrepreneurial risk disposition among selected SMEs in Ekiti State, Nigeria. The research adopted a knowledge-centric approach to this connection. The study employed a survey research design alongside a multistage sampling technique. The study collected data from 154 owners and operators of SMEs in Ado-Ekiti, the capital of Ekiti State. This study utilized a regression analysis, revealing that financial attitude, knowledge, and behavior positively influence the risk aversion of SMEs in Ekiti State, Nigeria. The study shown that extensive knowledge of financial management significantly enhances the entrepreneurial risk-taking behaviors of emerging business owners and operators.

[38] investigated essential elements including innovativeness and financial literacy in agriculture and forest economics, particularly with market and weather-related hazards. This study involved 371 German farmers and 215 foresters online in 2022. The research revealed that both groups exhibited financial literacy, maintained a neutral generalized risk attitude, and shown risk aversion in their specific domains. This study, statistically, showed differences in both generalised and contextualised risk attitude. While the farmers showed statistically significant differences in their generalised and contextualised innovativeness, it was so far from the foresters.

[52] assessed the interactions of financial risk attitude, financial literacy, financial behaviour, financial inclusion, and MSMEs’ performance in Jember, Indonesia. This study focused on the enhanced intensity of competitive impact on business efficacies when implementing digital transformation. This study accentuated the possibility and systematic validity of creating a well-crafted strategy for the digital transformation of industrial businesses as objects of economic and managerial study.

3. Research Methods

A descriptive survey design was employed to achieve the aims of this study. The motivation for adopting this strategy stems from its capacity to collect data from several cases, thereby observing occurrences related to sample variables without any intention of manipulation or control over them [13,53]. The study’s population comprised the total number of instances or individuals inside the universe. According to the Ekiti State Ministry of Commerce and Industries (2017) as referenced in [1], the estimated total of Small and Medium Enterprises in Ekiti State was 928. The research employed single-stage cluster sampling and convenience sampling methods. The rationale for picking the single-stage cluster sampling method was its ability to enable researchers to divide the population into manageable groups by randomly choosing the requisite number of clusters as sample variables and analysing all individuals inside each randomly selected cluster.

For the convenience sampling technique, data were further generated among SME operators on their availability and readiness.

The target population included all registered SMEs in the Ado-Ekiti metropolis, and the overall sample size for the study was statistically calculated using Taro Yamane’s (1967) formula, as referenced in [3] as:

To secure the data gathering errors and non-response of information, 30 percent was added to the 280 generated from the formula, making it 364 anticipated participants.  In the end, 287 participants were considered as useful for data analysis. Data collection was conducted by fieldwork among selected small and medium-sized organisations engaged in commerce, education, food processing, retail services, manufacturing, and other activities in Ado-Ekiti. Utilising a questionnaire. The selection of respondents was motivated by their vital role in the nation’s economic sustainability. The utilisation of a questionnaire as a data collection tool was predicated on its appropriateness for the research design, given its cost-effectiveness, broader reach, and enhanced sample representation [30].

The survey instrument’s accuracy was assessed using congruent, logical, and criterion-related validity categories. The congruent (construct) validity was assessed using variables derived from previous literature, while the logical (content) validity was established through the administration and distribution of the selected survey instrument to my supervisors and experts in financial management and entrepreneurship. Experts meticulously analysed the questionnaire and provided logical and rational recommendations, so offering guidance that facilitated the creation of a questionnaire that precisely assessed the variables.

Measuring financial capability is important for the success of any stakeholder in terms of meeting goals. Different methods by researchers have been employed to achieve these goals. This study utilised Multinomial Logistic Regression (MLR) for analysis.
The model’s equation is articulated in terms of the logit of the outcome, representing a comparison between a specific category and the reference category, both indicated as π_j in this context.

                                                                                                   (1)

Therefore, the operationalisation of variables and model specification for the study objectives is depicted below:

Model 1: Model elucidating the correlation between risk attitude dimensions and financial planning

Model 2: Model elucidating the correlation between risk attitude dimensions and financial experience

                                                                                     (5)

4. Results and Discussion     

Descriptive Analysis of Primary Source of Information 

The analysis of Table 2 reveals that the 287 SME operators sampled comprised 214 (72.5 percent) males and 73 (27.5 percent) females. This demonstrated diversified responses across genders. However, many of the respondents (78.7 percent) were less than 50 years of age formed 40 but less than 50 years. This is an indication that the perceptions of this age group largely influenced the opinions expressed in this study. Most of the respondents (71.8 percent) were married, and their opinions formed the basis of financial capabilities and entrepreneurial risk attitudes. All the respondents were educated, with 72.5 percent having a minimum of a Higher National Diploma. This is suggestive of the fact that they are capable of understanding the questions being asked. Almost 77 percent earned less than five hundred thousand annually, which indicates that many SME operators have a low financial base, which may affect their effective demand for motor insurance.

Table 3 presents an analysis of the respondents’ financial planning behaviors, assessed using four items utilizing a five-point Likert scale. Results demonstrate that participants typically oversee their expenditures for significant financial decisions (mean = 3.63, SD = 1.001) and participate in thorough contemplation prior to financial choices (mean = 3.66, SD = 1.015), indicating a moderate to high level of involvement in proactive financial planning. Conversely, interaction with financial products was diminished, evidenced by a mean score of 2.98 (SD = 1.267) among those who had never acquired financial items, signifying diversity in actual financial experience. Correspondingly, perceptions on the absence of a formal financial risk management plan yielded a moderate mean of 3.28 (SD = 1.133), indicating that although some respondents acknowledge the significance of risk management, a considerable number lack systematic methodologies. The results indicate that participants demonstrate moderate financial planning behaviors, especially in tracking expenses and decision-making, while their interaction with financial products and systematic risk management is relatively constrained, exhibiting moderate variability among respondents.

Table 4 evaluates the respondents’ financial experience using four items on a five-point Likert scale. Findings reveal modest levels of anxiety and ambiguity in financial decision-making. Participants expressed a moderate apprehension over financial decision-making, evidenced by a mean score of 3.04 and a standard deviation of 1.115, as well as uncertainty in managing finances for the acquisition of financial products, reflected by a mean of 3.02 and a standard deviation of 1.100. Although possessing the requisite knowledge for financial decision-making, many individuals nevertheless exhibited a deficiency in confidence (mean = 3.04, SD = 1.195). Conversely, a marginally greater inclination was noted towards collaborating with experts instead of autonomously managing prospective financial losses (mean = 3.24, SD = 1.159). These data indicate that respondents have intermediate financial experience, marked by caution, limited confidence, and dependence on professional advice, with substantial diversity among participants.

In Table 5, the participants’ entrepreneurial risk attitudes were evaluated using twelve items on a five-point Likert scale, indicating a balanced profile of prudence and selective risk-taking. Participants predominantly regarded themselves as prudent, exhibiting strong consensus over their carefulness (mean = 4.04, SD = 0.974) and a preference for safer investing alternatives despite potentially lower returns (mean = 4.02, SD = 0.944; mean = 4.03, SD = 0.929). Concurrently, a moderate receptiveness to risk manifested, evidenced by the perception of risk as an opportunity (mean = 3.83, SD = 1.200), the readiness to undertake financial risks for significant returns (mean = 3.81, SD = 1.188), and the contemplation of considerable investment growth despite possible losses (mean = 3.74, SD = 1.212). Participants exhibited a notable hesitance to engage in independent investment, favoring bank deposits (mean = 3.50, SD = 1.411) and demonstrating limited investment experience (mean = 3.65, SD = 1.311). Additionally, behaviors such as prolonged deliberation on financial decisions (mean = 3.82, SD = 1.111) and anxiety regarding risky assets (mean = 3.73, SD = 1.015) underscored their cautious disposition. The statistics indicate a moderate-to-high level of caution alongside selective risk-taking, with standard deviations between 0.929 and 1.411 reflecting significant diversity across respondents.

Hypotheses Testing

To provide answers to research objectives 1 to 2, a multinomial logistic regression model of the measurements of financial capabilities and entrepreneurial risk attitudes was conducted. The model’s output was used to test the relationship between financial capabilities dimensions (financial knowledge and financial planning) and entrepreneurial risk attitudes.

Hypothesis 1:

The R-squared statistic (Cox & Snell, Nagelkerke, and McFadden R-Square) indicates that around 1.9% to 3.6% of the total variation in entrepreneurial risk attitude is accounted for by changes in financial planning. Concerning the variables in the parameter estimate, a substantial value enhances the model and signifies a favourable influence. The results indicate that financial planning had an insignificant predictive value for risk aversion (= -0.357, SE = 0.423, p > 0.05) but a substantial predictive value for risk-seeking behaviour (= 0.517, SE = 0.207, p < 0.05). The likelihood ratio tests of the multinomial regression demonstrate a significant correlation between the predictor variable (financial planning) and the response variable (risk attitude) (χ^2 (2)=6.152, p<0.05). Consequently, it may be inferred that financial planning substantially influences entrepreneurial risk attitudes in Lagos, Nigeria.

Hypothesis 2:

The R-squared statistic (Cox & Snell, Nagelkerke, and McFadden R-Square) indicates that changes in financial experience account for around 1.8% to 3.5% of the total variation in entrepreneurial risk attitude. The presence of a substantial value in the parameter estimate enhances the model and signifies a beneficial effect. The results indicate that financial experience did not substantially predict risk aversion (= -0.469, SE = 0.311, p > 0.05) and also did not significantly predict risk seeking (= 0.249, SE = 0.158, p > 0.05). The likelihood ratio tests of the multinomial regression demonstrate a significant correlation between the predictor variable (financial experience) and the response variable (entrepreneurial risk attitudes) (χ^2 (2)=7.867, p<0.05). Consequently, it may be inferred that financial experience significantly influences entrepreneurial risk attitudes in Lagos, Nigeria.

Discussion of Findings

Null hypothesis one is invalidated by the results, which likewise show a significant but negative link between financial planning and entrepreneurial risk attitudes among SMEs in Nigeria. The outcome further supports the link between financial planning and Nigerian SMEs’ propensity for taking risks. This finding explains why SMEs in Nigeria are less confident and distrustful of proper financial planning as a financial tool; thus, their low level of insurance confidence has an inverse link with their risk-averse attitude. However, the outcome differs from earlier research by Adewunmi (2022), Isimoya & Oluwaleye (2023), and Santos & Tavares (2020). According to Azizah et al. (2024), having a plan for investing, saving, and spending money affects how well financial needs are met.

The result shows that financial experience has a significant and positive relationship with the entrepreneurial risk attitudes of SMEs in Nigeria, thereby invalidating the null hypothesis and validating the alternative hypothesis. The result suggests that the way financial experiences are being handled by the SMEs affects their entrepreneurial risk attitudes. In light of this, a previous study by Rahayu et al. (2024) proposed that financial experiences serve as a learning process for people to manage their finances and make decisions in the future. According to certain earlier studies, people’s financial conduct is significantly influenced by their financial experience [32,41,49].

5. Conclusion and Recommendations

The study’s findings clearly demonstrate the importance of financial education and financial planning on the entrepreneurial risk attitudes of SMEs. The study’s conclusions, if implemented, will facilitate advanced planning and expertise in financial products such as loans, derivatives, and insurance, thereby fostering appropriate risk attitudes among SME operators. The results confirmed that financial preparation and financial experience were crucial in influencing the entrepreneurial risk attitudes of SME owners. Consequently, the study’s findings may be deemed beneficial by policymakers, regulators, and business operators in facilitating simplicity in financial transactions, which could influence the decision-making of SME operators, contingent upon their degree of risk aversion. To enhance financial returns on their investments, it is recommended that SME operators augment their comprehension of business financial processes. To enhance precision, SMEs’ operators should persist in refining their financial planning skills.

6. Acknowledgement

Financial assistance for this study came from the Tertiary Education Trust Fund (TETFund), located in Nigeria.

References

1. Adeduro, A. O., & Omolere, A.S. (2023). Effects of financial incentives on employee morale and motivation of small and medium scale enterprise in Ekiti State. American   Journal of Industrial and Business Management,13(6), 465-484.
2. Adewunmi, S. (2022). Financial literacy and business risk-taking among business start-up students in Nigeria. Problems and Perspectives in Management,20(2), 575-587.   
3. Ajemunigbohun, S.S., Isimoya, O.A., & Elegunde, A.F. (2020). Risk attitude, insurance patronage,             and SMEs performance: Empirical evidence from Lagos, Nigeria. Annals of ‘Dunarea de Jos’ university of Galati,26(2), 70-78.
4. Alshebami, A. S., Al-Jubari, I., Alyoussef, I. Y., & Raza, M. (2020). Entrepreneurial education as             a predicator of community college of Abqaiq students’ entrepreneurial intention. Management Science Letters, 10(15), 3605–3612.
5. Awais, M., Laber, M.F., Rasheed, N., & Khursheed, A. (2016). Impact of financial literacy and             investment experience on risk tolerance and investment decisions: Empirical evidence from Pakistan. International Journal of Economics and Financial Issues,6(1), 73-79.
6. Aziza, E.N., Insani, H., Amelia, D.A., Ammani, F.M., & Astungkara, A. (2022). Improving planning and financial management literacy for housewives. Journal of Economcs,5(2), 515-539.
7. Azizah, A.N., Susilaningsih, L., & Novrani, L. (2024). The impact of financial knowledge on college students’ financial behaviour: A systematic literature review. Asian Journal of Management Analytics,3(4), 1085-1102.
8. Bai, R. (2023). Impact of financial literacy, mental budgeting, and self-control on financial wellbeing: Mediating impact of investment decision making. Plos One,18(11), 1-18. 
9. Barber, J.S. (2011). The theory of planned behaviour: considering drive, proximity, and dynamics. Vienna Vearb Population Research,9, 31-35.
10. Barbera, F.L., & Ajzen, I. (2021). Moderating role of perceived behavioural control in the theory   of planned behaviour: A preregistered study. Journal of Theoretical Social            Psychology,5(2), 11-20.
11. Bayero, S.A. (2020). Influence of entrepreneurial education and attitude on entrepreneurial intentions of graduating students in a Nigerian university. International Journal of Academe and industry Research,1(2), 26-55.
12. Chun, Y.K., Fenn, C.J., & Al-Khaled, A.A. (2021). The relationship between socio-demographics             and financial literacy with financial planning among young adults in Klang Valley, Malaysia. Journal of Pengurusan,63, 17-30.
13. Creswell, J.W., & Creswell, J.D. (2018). Research design: Qualitative, quantitative and mixed             method approaches. 5th ed. California: Sage Publication Incorporation.
14. Davis, L., Ajzen, I., Saunders, J., & Williams, T. (2002). The decision of African American students to complete high school: An application of the theory of planned behavior. Journal of Educational Psychology, 94(4), 810–819.
15. Elia, J., Tores, E., Sawaya, C., Resian, F.B., Balonza, M., & Al-Maalouf, N.J. (2022). The impact             of the financial literacy on the financial behaviour and its effect on the financial decisions of university students in Lebanon. Journal of Contemporary Research in Business and          Economic Sciences,11(1), 14-23.
16. Faulkner, A. (2022). Financial literacy around the world: What we can learn from the National strategies and contexts of the top ten most financially literate nations. The Reference             Librarian,63(1/2), 1-28.
17. Filmina, A., & Mayangsari, L. (2020). The influence of risk attitude towards the entrepreneurial intention. KNE Social Sciences,7,555-565.
18. Frijns, R. Gilbert, A., & Tourani-Rad, A. (2014). Learning by doing: The role of financial expedience in financial literacy. Journal of Public Policy,34(1), 123-154.
19. Frydman, C., & Camerer, C.F. (2016). The psychology and neuroscience of financial decision making. Trend in Cognitive Sciences,20(9), 661-675.
20. Genty, K. I., Ajemunigbohun, S.S., & Oreshile, A.S. (2022). Level of education and entrepreneurial risk attitudes of market women in Lagos, Nigeria. LASU Journal of Employment Relations and Human Resource Management,3(1), 252-267.
21. Gonzaga, M.C., & Manigo, J.A. (2023). Influence of risk attitude, entrepreneurial education, and self-efficacy of graduating students in Region XI: A structural equation model on their entrepreneurial intention. African Journal of Multidisciplinary Research and           Development,5(6), 90-117.      
22. Hasan, A.A., Biswas, C., Roy, M., Akter, S., & Kuri, B.C. (2020). The applicability of theory of planned behaviour to predict domestic tourist behaviour intention: The case of Bangladesh. GeoJournal of Tourism and Geosities,31(3), 1019-1026.
23. Hirdinis, M., & Lestari, E. (2021). Can financial knowledge, attitude, and experience drive investors’ financial behaviour? IOSR Journal of Economics and Finance,12(6), 18-31.
24. Isimoya, O. A., & Oluwaleye, T. O. (2023). Financial literacy and entrepreneurial risk attitude of selected small and medium-sized enterprises in Nigeria. Management Dynamics in the      Knowledge Economy,11(4), 372-384.
25. Jongbo, O.C., & Ajemunigbohun, S.S., (2023). Entrepreneurship attitude and risk attitude of selected market women in the hinterlands of Lagos, Nigeria. LASU Journal of Employment            Relations and Human Resource Management,4(2), 45-57.
26. Jumady, E., Alam, S., Hasbiyadi, H., Fajriah, Y., & Anggraini, Y. (2024). The effect of financial planning on consumer debt management: The role of financial literacy, self-efficacy, and financial motivation. Journal of Economics,7(1), 340-368.
27. Kaur, M., & Chawla, S. (2023). Understanding the relationship between entrepreneurship education, entrepreneurial attitude, and entrepreneurial intentions among engineering graduates: The moderating role of gender. Journal of Work-Applied Management,15(2),           200-215.
28. Khan, M.S., Azad, I., Moosa, S., & Javed, M.V. (2024). Do we really need financial literacy to access the behavioural dynamics of generation Z? A case of Oman. Heliyon,10, 1-15.
29. Krishana, V.M., Gupta, R., & Lakshman, U.N. (2019). Effect of financial literacy on personal financial planning: A study of Bengaluru city. International Journal of Business and Management Invention,8(2), 8-18.
30. Kothari, C., & Garg, G. (2016). Research methodology: Methods and techniques. 3rd ed. New             Delhi: New Age International (P) Limited.
31. Lingyan, W., Mawenge, A., Rani, D., & & Patil, S. (2023). Study on relationship between personal financial planning and financial literacy to stimulate economic development. Annals of     Operational Research,326,11-14.
32. Linus, E.E. (2023). The effect of financial literacy on the improvement of financial inclusion in             Nigeria: Study of selected small and medium enterprises in Abakaliki Metropolis. Journal of Risk and Financial Studies,4(1), 1-26.
33. Lone, U.M., & Bhat, S.A. (2022). Impact of financial literacy on financial wellbeing: A mediational role of financial literacy. Journal of Financial Services Marketing,3,1-16.
34. Lusardi, A. (2019). Financial literacy and the need for financial education: Evidence and implications. Journal of Economics and Statstcs,155(1), 1-8.
35. Lursadi, A., & Messy, F. (2023). The importance of financial literacy and its impact on financial             wellbeing. Journal of Financial Literacy and Wellbeing,1,1-11.
36. Menderi, A.S., & Soejono, F. (2020). The relationship between basic and advanced financial literacy index and the lecturer’s financial planning. Journal of Organisational Management,11(2), 207-215.
37. Mensah, I., Zeng, G., Luo, C., Xiao, Z., & Lu, M. (2021). Exploring the predictors of Chinese College students’ entrepreneurial Intention. SAGE Open, 11(3), 1-14.
38. Michels, M., Reiling, J.A., & Musshoffi, O. (2024). Risk attitudes, innovativeness, and financial literacy -A cross – occupational comparison of German farmers and foresters. Q Open,4,   1-22.
39. Mudzingiri, C. (2021). The impact of financial literacy on risk seeking and patients’ attitudes of university students. Development Southern Africa,38(5), 845-861.
40. Ndofirepi, T.M. (2020). Relationship between entrepreneurship education and entrepreneurial goal             intentions: Psychological traits as moderators. Journal of Innovation and             Entrepreneurship,9(2), 1-20.
41. Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on SME financial behaviour in Indonesia. Journal of Management,10(1), 40-45.
42. Roestel, M.V. (2016). A collaborative approach to budgeting and the impact on the budgeting process: A case study. Ph.D. dissertation submitted to college of Management and   Technology, Walden university.
43. Rahayu, R.A., Hariyanto, W., & Abiodun, F.I. (2024). The knowledge and experience in finance toward investment planning motive: The moderating role of self-control. International      Journal of Multidisciplianry,1(1), 24-32.
44. Ryu, S., & Fan, L. (2023). The relationship between financial worries and psychological distress among U.S. adults. Journal of Family and Economic Issues,44, 16-33.
45. Sabri, M.F., Anthony, M., Law, S.H., Abdul Rahim, H., Burhan, A.S., & Ithnin, M. (2023). Impact             of financial behaviour on financial wellbeing: Evidence among young adults in Malaysia.             Journal of Services Marketing,10, 1-20.
46. Santos, E., & Tavares, F. O. (2020). The level of knowledge of financial literacy and risk of the             Portuguese. Scientific,5(2), 91-116.
47. Smail, L., Alawad, M., Ferreira, A.S., Puga, J.L., & Garcia, A.M. (2022). Determinants of entrepreneurial risk among young Emiratis. Sustainability,14(22), 1-21.
48. Soetan, T.O., Mogaji, E., & Nguyen, N.P. (2021). Financial services experience and consumption             in Nigeria. Journal of Services Marketing,5(12), 19-28.
49. Stolper, D.A., & Walter, A. (2017). Financial literacy advice and financial behaviour. Journal of             Business Economics,87, 581-643.
50. Susanna, W.Y., Ramadhani, D.S., Samta, E.W., & Sihotang, W.H. (2023). An analysis of the influence of the role financial literacy on personal financial management. European Journal of Business and Management Research,8(3), 57-61.
51. Stromback, C., Lind, T., Skagerlund, K., & Vastfjail, D. (2017). Does self-control predict financial behaviour and financial wellbeing? Journal of Behavioural and Experimental Finance,14,            30-38.
52. Ulfa, R. Puspitasari, N., & Paramu, H. (2025). The interaction of financial risk attitude on financial literacy, financial behaviour, and financial inclusion on the performance of MSMEs in      Jember Regency, Indonesia. Journal of Innovations in Business and Industry,3(3), 199-     208.
53. Wilson, J. (2014). Essential of business research: A guide to doing your research project. 2nd ed. London: Sage Publication Limited.
54. Xiao, J.J., Huang, J., Goyal, K., & Kumar, S. (2022). Financial capability: A systematic conceptual review, extension, and synthesis. International Journal of Bank Marketing,9(8), 1-47.