Nur Farhah Mahadi, Financial Resilience and Financial Education among Malaysi-an Women Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis (2023)
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Article by Nur Farhah Mahadi of the Institute of Islamic Banking and Finance (IIUM) in the Al-Hikmah International Journal for Islamic Studies & Human Sciences, Vol. 6, No. 2, May 2023. Drawing on academic and policy literature, it discusses the benefits of financial education for low-income women who own micro and small businesses in Malaysia, its role in financial inclusion, and its use in building financial resilience. The paper cites the financial shortfalls, loss of income and difficulty meeting obligations these business owners faced during the COVID-19 pandemic, including an OECD survey estimate of shortfalls equal to 25% of asset value over March 2020-February 2021.
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AL HIKMAH RESEARCH Al-Hikmah International Journal for
& PUBLICATION CENTRE Islamic Studies & Human Sciences
Vol. 6, No. 2, May 2023
E-ISSN: 2773-5508
Financial Resilience and Financial Education among Malaysian
Women Small and Micro Business-Owners: Lessons beyond the
Covid-19 Crisis
Nur Farhah Mahadi
Institute of Islamic Banking and Finance (IIUM)
farhahmahadi@iium.edu.my
Abstract
Policy makers across the countries have Article Progress
embraced financial education as a remedy to barrier
militating against the need of women small and micro
business owners to improve their financial decisions, Received: 25 Jan 2023
behaviours, and invariably financial resilience and Revised: 11 March 2023
economic opportunities. A review of academic and Accepted: 17 April 2023
policy literature on financial education and financial
inclusions shows that policymakers have initiated *Corresponding Author:
different activities with focus on building and improving Nur Farhah Mahadi
financial literacy of groups of women entrepreneurs Institute of Islamic Bank-
who operates small and micro businesses. In order to
ing and Finance (IIUM)
highlight this important objective, one that resonates
with development objectives, the paper discusses the
following: first, the benefits of financial education for E-mail:
low-income group, in particular, women who operates farhahma-
micro and small businesses; Second, how financial hadi@iium.edu.my
education can support financial inclusions; and third,
how financial education could be applied to deal with
risks and challenges confronting the low income groups
of women business owners, and enhance their financial
resilience through appropriate financial decision
making and adaptation over a long term. This paper
finds relevance in the light of numerous financial
challenges such as, financial shortfall, loss of income,
trouble meeting other financial obligations experienced
by group of low-income groups of women business
owners during the COVID-19 pandemic crisis. One that
has proven to be a severe test on their financial
resilience. This research is supported by Ministry of
Education (MOE) through Fundamental Research Grant
Scheme (FRGS/1/2021/SS01/UIAM/03/3).
Keywords: Financial resilience and financial literacy:
challenges and lessons beyond the COVID-19 crisis.
Financial Resilience and Financial Education among Malaysian Women 22
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
Introduction
The groups of women micro and small business owners have
been recognised in Malaysia to have contributed significantly to the
economic development, through jobs creation and generation of rev-
enue (AFI, 2020). According to Malaysian Business Commission re-
port (2018), the increasing number of businesses owned by women in
Malaysia points to strong commitment of Malaysian women to involve
in commercial and economic activities.
However, the structural challenges associated with business
ownerships by women groups, in particular, those in low-income seg-
ment constitutes a barrier which stand in their way for business ex-
pansion and wealth creation. This became more evident during the
COVID-19 outbreak, where low-income groups of women business
owners experienced financial shortfall and loss of income, and diffi-
culty meeting their financial obligations due to containment measures
imposed by government to curb the spread of the virus (World Bank,
2020; and Grandy, et al., 2020).
This situation created a rising financial anxiety in the face of
rapid depletion in their working capital during a period in which ac-
cess to finance might determine their own survival. According to
OECD country survey (2021), average financial shortfalls among indi-
viduals’ small business owners in Malaysia between a period of 12
month (March 2020-February 2021) of Movement Restrictions Order
(MCO) was estimated to be 25% of their assets value. Obviously, this
situation has proven to be a severe test on financial resilience of this
group of people. In response to the perceived vulnerabilities and fi-
nancial shortfall, Bank Negara Malaysia (BNM) - Malaysian Central
Bank, and government of Malaysia step forward through various
measures and intervention programmes to support people, business
continuity, and financial resilience. For instance, the BNM directed
banks and other financial institutions to exercise forbearance in deal-
ing with customers and supported with measures such as a 6-month
moratorium on repayment of loans to ease the immediate burden, and
ability to repay loans and their demand for new credit.
Moreover, the Malaysian government responded through nu-
merous intervention programmes to support business-owners of dif-
ferent categories, including those in low-income group to tide through
23 Financial Resilience and Financial Education among Malaysi-an Women
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
the COVID-19 storm. As detailed in the 2021 and 2022 Budget respec-
tively, these programmes and initiatives are built upon the existing
structures, such as the National Entrepreneur Group Economic Fund
(TEKUN) and (PUNB) to finance different communities of small and
micro business owners including those of the minority communities.
For instance, an additional sum of RM4.5 billion has been allocated
under BNM’s Fund for SMEs, in addition to RM20 million to aid micro-
entrepreneurs from low-income groups through iTEKAD. Collec-
tively, these measures have been implemented to enable Malaysians
to enjoy more affordable protection coverage and to support and
drive the competitive position of Malaysia in the global arena.
In spite of these programmes and initiatives, the structural
characteristics and vulnerabilities associated with women groups
who operate micro and small businesses may restrict them from ben-
efiting from these large-scale programmes aimed to support them to
expand their business and lead them to further wealth creation. Micro
and small enterprises are largely informal businesses operated by in-
dividuals that are not recognized as separate legal entities independ-
ent of their ownership.
This type of enterprises is low in term of business volume,
earnings and productivity. Except few exceptions, the business own-
ers have low financial literacy and training, and limited access to fi-
nancial services (ILO, 2020; and Villarreal, 2017).
Research Objectives
Given a low financial literacy and training, and limited access
to financial services among the majority of women micro and small
business owners, an important question is how can this group of peo-
ple overcome the existing barrier to the provision of financial service?
This paper reviews academic and policy literature that discuss the
benefit of financial education, how financial education can support fi-
nancial inclusion - access to financial services and government inter-
vention programmes, and important elements in understanding how
financial education and financial inclusion can enhance financial resil-
ience and present recommendations.
Financial literacy and increasing financial management skill
can be an initial step to having access to financial services and benefits
from various government’s support programmes and initiatives
Financial Resilience and Financial Education among Malaysian Women 24
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
needed to build financial resilience and well-being (AFI, 2020; and
OECD, 2018). The objectives highlighted lays the groundwork for fur-
ther research on elements of financial education that could be useful
indicators in developing assessment framework for wider discussions
of factors that contribute to building resilience and thus provide the
basis to develop a toolkit of metrics and approaches.
Being a lesson learnt from covid-19 financial crisis, the paper
provides an opportunity to re-focus on financial education as an es-
sential element to address the perceived vulnerabilities among Malay-
sian the micro and small business owners in order to expand access to
useful and affordable formal financial products and services that meet
their needs (also known as financial inclusion), can build financial re-
silience from economic shocks and improve their financial opportuni-
ties and well-being (La Porta, 2009; Beck, 2008; World Bank, 2018;
and Nanda & Kaur, 2016).
This paper provides insight for policymakers, researchers, and
other stakeholders on how financial literacy programme can support
households’ and small businesses to overcome the structural impedi-
ment and vulnerabilities, build financial resilience in times of crises
and beyond.
Benefits and Value of financial education
Women small and micro business owners need to acquire the
financial knowledge, confidence, and skills to be able to manage their
personal finances through appropriate short-term decision-making
and sound, long-range financial planning (Michaud, 2017; Field, et al.,
2016). This will enable them to have access to financial services and
participate effectively in economic activities and making financial de-
cisions that benefits their households and businesses.
However, low level of financial education stands in the way of
these women and constrained them to have access to financial prod-
ucts and services, and other capability-building activities such as the
entrepreneurial and financial management skills required in terms of
budgeting and planning, saving and personal financing (Grote, 2021;
Remund, 2010; Fernandes, et al., 2014; Lusardi & Mitchell, 2011; and
Braunstein & Welch, 2002). As a result, they are vulnerable in a num-
ber of aspects of financial behaviour, less confident and often risk
averse.
25 Financial Resilience and Financial Education among Malaysi-an Women
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
Access to financial services such as savings and protection ser-
vices (i.e. insurance/takāful) enable the individuals to slowly build fi-
nancial asset that make them more confident to take on some risks
and opportunities (Tietze & Villareal, 2003; and FAO, 2019). An indi-
vidual with little or no savings appear vulnerable because they have
no financial cushion. OECD (2013) has proven that the barriers to
women’s access to financial services are largely correlated with differ-
ences in their financial education and socio-economic conditions.
Knowledge of financial education will help this group of
women to have the basic financial knowledge and skill, and streamline
their behaviours and attitudes towards making informed and financial
prudent decisions. Similarly, financial education programmes have
improved women’s entrepreneurship drives and capabilities to man-
age the financial risk that confront them in their daily activities. If an
individual has sufficient knowledge and ability to act in a financially
prudent way, their attitudes will influence their decision of whether
to act. A combination of knowledge, behaviour, attitudes, skills, and
awareness are necessary to make sound financial decisions and ulti-
mately achieve individual financial well-being (OECD, 2018).
Positive financial behaviour and attitudes can help incentivise
and encourage them to set long-term goals and commit to them. This
could be achieved through financial education policies and initiatives
directed towards strengthen basic knowledge on personal finance
ranging from good budgeting and planning to managing debt and sav-
ing practices. Therefore, financial literacy initiatives must first under-
stand the characteristics of the women’s group such as their level of
education, level of literacy, language, current level of financial literacy,
and social class. This will enable them to design the programme with
focus on addressing the challenges in accessing financial services and
building capacity based on their characteristics and adaptive to chang-
ing needs and circumstances (Fernandes, et al., 2014; Lusardi & Mitch-
ell, 2011; and Braunstein & Welch, 2002).
Financial literacy creates awareness to enhance financial goals
both in short term, and long term. Financial goal can provide behav-
ioural insight to pursue long-term financial well-being by choosing a
range of financial services products such as the use of formal saving
accounts, choosing financial products, and protective coverage
(Takāful/insurance) to address the needs to shift the burden of long-
Financial Resilience and Financial Education among Malaysian Women 26
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
term financial decision-making from individual (concerning health
care and other forms of coverage and retirement plans). Although, suf-
ficient time is needed to encourage behavioural change, while in the
long-term work towards creating a culture of financial prudence,
planning and aiming to achieve long-term financial goals (Fernandes,
et al., 2014; Lusardi & Mitchell, 2011; and Atkinson & Messy, 2013).
Wagner and Walstad (2019) identified six long-term behav-
iours, such as having an emergency fund to pay for unexpected future
expenses; opening a savings account to save for future purchases;
owning financial investments to build wealth; figuring out how much
is needed for retirement; saving for retirement through personal ac-
counts; and obtaining a credit report to monitor financial reputation.
Each of these long-term financial behaviours suggest that an individ-
ual is sufficiently financially literate to manage, protect and enhance
his or her financial future.
The OECD/INFE (2020) study on impact assessments of finan-
cial education policy shows that well designed programmes were suc-
cessful in improving women small/micro business owners’ financial
knowledge and confidence in their financial skills and product aware-
ness. Even though, financial education policy is acknowledged as a
core component of access to financial services, financial empower-
ment and financial resilience of individuals or groups, financial educa-
tion alone cannot overcome all these barriers, other policies to im-
prove financial inclusion and entrepreneurship can help women’s fi-
nancial well-being and widen their financial opportunities. Addition-
ally, some of the risk must be assumed by governments, the business
community and the banking system (Knewtson and Qi, 2019; and Fer-
nandes, et al., 2014).
Financial inclusion through savings, credit, digital payment
products and insurance have all been found to increase resilience and
reduce risk (Villarreal, 2017). The evidence and lessons from the
above have shown that public policy seeking to understand better
what constitutes the financial resilience and well-being of individuals
and groups must recognise make this a goal of financial education pol-
icies The evidence and lessons are that some of the risk must be as-
sumed by governments, the business community and the banking sys-
tem (Pomeroy, et al., 2020). Savings groups have a positive impact in
27 Financial Resilience and Financial Education among Malaysi-an Women
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
income for participants and are an entry point for the appropriation
of financial services.
How financial education can support financial inclusion
Financial inclusion seeks to address the challenges that keep
people from fully participating in the formal financial sector (Park &
Mercado, 2018). The inability to access financial services is referred
to as financial exclusion [World Bank 2018]. A range of obstacles can
lead to financial exclusion including distance from a financial service
provider, inappropriate or unaffordable financial products, lack of
knowledge regarding products and lack of trust in financial service
providers. (Dev, 2006). A goal of financial inclusion is to get better ac-
cess for those who are financially excluded and unable to access for-
mal financial services (Nanda & Kaur, 2016).
The importance of improving financial inclusion, especially for
women is critical because it helps them to formulate risk reduction
strategies, such as multiple sources of income and savings that could
prepared them for future shocks. Financial inclusion through savings,
credit, digital payment products and insurance/takāful have all been
found to increase resilience and reduce risk (Villarreal, 2017).
Mobile banking presents another mechanism to accessing fi-
nancial services, with the widespread development of technology, and
increasing penetration in the usage of mobile phones, mobile banking
services is opening up new windows of opportunity for individuals
and groups to access financial services. Some lessons on using mobile
banking in Kenya found that the use of mobile money transfer services
had a positive and significant effect on the level of farm households’
access to financial services, input use, and income (Kirui et al., 2013;
and Kinyanjui, 2010).
In the recent times, the widespread use of digital payment sys-
tem to conduct bank transactions such as savings, deposits and funds
transfer to and from third parties, and accessing financial products
and services come with ease (Nanda & Kaur, 2016) which erstwhile
may be costly to this category of women group, in terms of transpor-
tation and affordability (Belsky & Retsinas, 2005; Hanson et al., 2003].
Financial institutions as providers of financial products and
services need to find ways of reducing barriers to accessing financial
services by the vulnerable group. This requires understanding their
characteristics and risks that confronting them in their daily activities,
Financial Resilience and Financial Education among Malaysian Women 28
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
and design capacity building programmes to strengthen their capabil-
ity and understand with focus on a broad range of financial services
aimed at meeting their needs and preferences (Akhter, 2020; Islam et
al., 2014). Access to, and capacity to utilise wide range of financial
services including affordable insurance/takāful products, will boost
their financial resilience against unpredictable shocks.
Advancing financial resilience over a long-term for vulnerable
groups require financial services provider to prioritise and develop
incentives for users of financial services to save and invest in produc-
tive enterprises that eases the repayment of credits and addressing
both their short-term immediate financial needs, as well as addressing
their longer-term financial needs.
Relationship between Financial education and financial
resilience
Financial resilience measures the adaptive capacity (or poten-
tial) of a specific group of people or a community to absorb and cope
with impacts of financial shocks and extremes in the short-term, and
to learn, reorganize, and redevelop, preferably to an improved state,
in the longer-term (Berry et al., 2015; Engle et al., 2014; OECD, 2020).
Financial resilience build-up is diverse and has the potential to cap-
ture multiple objectives.
Public policy seeking to understand what constitutes financial
resilience and well-being of vulnerable individuals or groups should
target financial education as a tool to improvement in financial
knowledge and behaviour and dealing with risk (Barrett and Constas,
2014). Access to financial services alongside with a range of factors
such as positive financial behavioural change, sound financial man-
agement and planning, social protection, and adaptive safety-nets to
achieve a long tern financial goal would implicitly aid financial resili-
ence and individuals’ ability to have control over their finances, and to
absorb financial shocks in the future.
The strategy that makes people more resilient—and so better
able to cope with financial shocks takes into consideration different
factors and capture multiple objectives strategies. According to
OECD/INFE (2020), strategies to build financial resilience among in-
dividuals and group or community should combine these six ele-
ments:
29 Financial Resilience and Financial Education among Malaysi-an Women
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
• Control over own’s finances: a regular watch on own’s financial
situation and avoiding indebtedness can minimise the risks of
financial stress.
• Limiting own’s expenditure: a mark of financially prudent and
thus resilience individuals is taking a good care with
expenditure and considering the need and affordability of
purchases.
• Availability of financial cushion: the availability of savings and
the ability to support oneself for a period without income is
important.
• Coping with a financial shortfall: the incidence of experiencing
a shortfall and the worry about one are revealing of the
financial resilience of individuals.
• Planning individual finances: actively saving and pursuing
long-term financial goals tend to be actions that boost the
financial resilience of individuals.
• Fraud awareness: being aware of possible financial scams and
fraud and taking care not to fall victim to one is a characteristic
of a financially resilience (and literate) individual.
An insight into factors that provide financial resilience of indi-
viduals and groups or community (i.e., women small/micro business-
owners) identifies financial education characteristics of individual
and groups as an essential factor needed to cope with difficulties and
support the decision making during unexpected and unpredictable
shocks (as experienced recently during COVID-19 pandemic).
Clearly, potential opportunities exist for women groups to
have access to a broader range of financial services (OECD, 2018).
Time and resources will need to be spent in creating awareness about
the benefits and costs of having access to wide range of financial ser-
vices.
Social Group and Social Networking
A question arises whether all of the financial services need of
women micro and small-scale business owners can be met by formal
financial institutions or whether a partnership of different types of fi-
nancial service providers might best benefit users and providers alike.
Financial Resilience and Financial Education among Malaysian Women 30
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
There are evidence of the positive effects women savings and cooper-
atives groups. In the absence of formal financial services, many
women groups are known to support themselves to meet their short
term needs such as funds for working capital and to use for emergen-
cies such as medical and education expenses (OECD/INFE, 2020).
Savings groups have a positive impact in income for partici-
pants and are an entry point for the appropriation of financial ser-
vices; however, it is necessary to connect the human and financial cap-
ital generated through the clubs to productive enterprises and finan-
cial services.
Group supports provides informal arrangement that enable
members to save, invest, and establish social protections and safety
nets mechanism for individuals in the group by providing immediate
access to money to meet a range of needs (Islam, et al., 2014). Apart
from the fact that the amount of funds available for lending may, often
not cover their emergencies needs or bridged the business cash flow,
another downside of this arrangement is that they can also lead indi-
viduals to intimidation to force repayment, and can induce increased
long-term economic vulnerability (Chai, et al., 2019). One of the down-
sides of the groups is the amount of capital available for lending will
cover emergencies and bridge the business cash flow, but it is not
enough for larger productive asset investments (Ksoll, et al., 2016).
The importance of social networks to create social capital
should not be underestimated in addressing access to financial ser-
vices (Chai, et al., 2019, and Bongomin, et al., 2017). Formation and
strengthening of social capital can serve as both a social safety net and
a bridge toward transition to accessing formal financial services. So-
cial networks, such as savings and credit groups provide opportunity
to groups and communities to build assets which can also serve as
proxy or substitute for collateral. Social networks for example, can be
a medium to gain the trust towards engagements activities with gov-
ernment and non-governmental organizations or communities.
In many countries, credit bureaus are established to provide
the credit information needs of financial institutions, but in most
cases, information on low-income groups are often limited or not
available. Financial institutions can capture the information of this
category of people from their social groups to evaluate and bringing
31 Financial Resilience and Financial Education among Malaysi-an Women
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
operations to them and design financial products tailored to their con-
ditions and communities. For example, money transfers and remit-
tance service providers are now extending loans because they have
access to the transaction history of the target person [Gumba, 2018].
Some are also bundling micro-insurance services with their products
to push the product; primarily motivated by income and profit for sell-
ing a product.
Microfinance
Microfinance refers to the provision of financial services, espe-
cially in the form of financing to low-income individuals and groups in
developing countries. Microfinance has provided an alternative to ac-
cessing credit for the financial needs of households and small busi-
nesses. It is a reliable source of credit for business expansion and
streaming cashflow. Positive lessons in increasing farmer’s household
income are found in Kenya, where study showed that participation in
MFC improves household productive incomes by a range of between
US$ 200 and US$ 260 in a single production period.
However, accessing to funds from microfinance should follow
best underwriting practices to avoid the over indebtedness problem.
Over-Indebtedness to microfinance low-income groups could be a po-
tential threat their social status position [Schicks, 2010]. At the same,
over-indebtedness can also threaten the sustainability of micro-fi-
nance institutions. Evidence of over-indebtedness points to lack of ca-
pacity and increasing increase vulnerability of low-income groups due
limited financial education and literacy
Some of the barriers identified that constrained against partic-
ipation in the MFC are low literacy levels, gender differentials in asset
endowment, poor road infrastructure, and maintenance of indigenous
group structures as key factors for policy intervention (Owuor, 2009).
Recommendation
Financial education and literacy create awareness and enhance
positive financial behaviour and attitudes towards achieving financial
goals both in short term, and long term. Therefore, strategy that en-
hance financial resilient among low-income group should be directed
at strengthening basic knowledge on personal finance ranging from
good budgeting and planning to managing debt and saving practices.
Positive financial behaviour and attitudes can help incentivise and
Financial Resilience and Financial Education among Malaysian Women 32
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
provide behavioural insight for low-income individuals and groups to
pursue long-term financial well-being.
Therefore, financial literacy initiatives must first understand
the characteristics of the focus group in term of their level of educa-
tion, language, current level of financial literacy, and social class. This
will enable them to design the programme with focus on addressing
the challenges in accessing financial services and building capacity
based on their characteristics and adaptive to changing needs and cir-
cumstances (Chai, et al, 2019).]. Sufficient time is needed to encourage
behavioural change, and creating a culture of financial prudence, plan-
ning and aiming to achieve long-term financial goals (Fernandes, et al.,
2014, Lusardi & Mitchell, 2011, Atkinson & Messy, 2013).
Financial education may bring about reduced gender inequali-
ties and facilitates financial inclusion. Improving financial inclusion,
especially for women, have been found to increase resilience and re-
duce risk (Villarreal, 2017). Women who have access to financial ser-
vices from regulated institutions such as bank accounts and savings
mechanisms may be better able to control their earnings and under-
take personal and productive expenditures (Gumba, 2018). Women
may also be able to make better choices about how they use their time,
whether for employment, leisure, income-generating activities, or ed-
ucation. They may be better able to develop their businesses, to
choose where and how to work, and to raise their productivity and
earnings and reduce their chances of being poor (Atkinson & Messy,
2013).
A goal of financial inclusion is for the low-income groups to get
better access to formal financial services (Michaud, 2017). Appropri-
ate services must include lower entry barriers for customers, equal
access to men and women, and providing safe and mechanism to ac-
cess information for making financial decisions that will impact on
their multiple needs. Access to financial services address and find so-
lutions to the challenges that prevent low-income segments from fully
participating in the formal financial sector (OECD, 2018). A resilient
household engages in risk reduction strategies, such as multiple
sources of income, and is prepared for future shocks, through savings.
It is clear that untapped opportunities exist to provide a broader array
of financial services for women (OECD/INFE, 2020).
33 Financial Resilience and Financial Education among Malaysi-an Women
Small and Micro Business-Owners: Lessons beyond the Covid-19 Crisis
Acknowledgments
The author would like to express gratitude to the Institute of Islamic Banking
and Finance, International Islamic University Malaysia (IIUM), for the ena-
bling environment to conceptualize and write this article.
Conflict Of Interests
The authors declare no competing interests such as financial or personal
relationship, regarding the writing of this article.
Authors’ Contributions
The author designed the study and gathered the literature. and
wrote the article.
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