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MorganB
Content Leader

Small Biz Financial Literacy Stats

Hello, and welcome back to the Business Discussion area of the Community. I hope you all are doing wonderful! Today I'm sharing an interesting post I came across on the QuickBooks Blog that covers some interesting financial literacy statistics. Let's take a look.
 
To start, here's a good definition of financial literacy: "Possession of skills and knowledge to make informed and effective financial decisions."
 
Now, onto the stats...
  • Only half (54%) of small business owners say they had a good understanding of financial management before starting a business.
  • 1 in 5 small business owners say they taught themselves financial literacy.
  • Less than half (48%) of small business owners are confident they’re paying taxes correctly.
  • 71% of small business owners say being a business owner has improved their financial security.
  • 48% of small business owners plan to build personal wealth by growing their business.
  • 45% of small business owners say stability, not growth, is the long-term goal for their business.
  • 38% of small business owners use their own money to fund their business when the cash flow river runs dry.
  • 7 in 10 small business owners have used a personal credit card to pay for business-related costs.
  • 71% of today’s small business owners use accounting software or apps to manage their finances.
  • 98% of small business owners say their accountant boosts their confidence in their business.
 
 
I found some of these a bit surprising. Where do you stand? Do you fall in line with these percentages? The good news is, if you ever find yourself stuck, you're already off to a great start by being here in the QuickBooks Community. Take care!
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