Abstract
Purpose of the study: Low financial literacy among small and micro-enterprise owners is a stumbling block faced in South Africa. Existing financial literacy education strategies have several flaws. This research developed a financial literacy education framework to improve the efficacy of financial literacy education.Design/methodology/approach: This mixed-methods study employed convergent triangulation, utilising the Delphi method to test the theory. It includes an in-depth literature review and three questionnaires distributed to financial literacy practitioners, national South African institutions, and enterprise owners.Findings: Financial literacy education targeted at small and micro-enterprise owners should equip owners with an understanding of financial and related concepts, enhance core skills, cultivate and enhance financial literacy competencies, and provide a decision-making framework that creates awareness of behavioural biases. The new framework provides a financial literacy taxonomy, a competency framework, guidelines on materials selection, resource planning, and appropriate methods of delivery, and proposes a strategy for evaluating education efficacy.Recommendations/value: This research is transferable, and the framework can serve as guidelines for planning new financial literacy initiatives.Managerial implications: Failure to address low owner financial literacy levels through financial literacy education will continue to contribute to poor performance and operational and managerial challenges faced by small and micro-enterprises.