The Impact of Financial Literacy and Accounting Practices on Economic Empowerment among Marginalized Communities: Challenges and Opportunities

Abstract

This study investigates the impact of financial literacy and accounting practices on economic empowerment among marginalized communities. The research explores the relationships between financial literacy levels, engagement with accounting practices, and the barriers faced in achieving economic empowerment. Employing a mixed-methods approach, the study integrates quantitative surveys and qualitative interviews with a sample of 104 participants, selected through purposive sampling to ensure diverse representation. The findings reveal a strong positive correlation between financial literacy and economic empowerment, as well as between effective accounting practices and sustainable growth. Theoretical contributions include a nuanced understanding of how systemic barriers, such as limited access to education and technology, affect financial inclusion. Practically, the study emphasizes the need for culturally relevant financial education programs and community-based initiatives to enhance financial literacy and empower individuals. Policy implications highlight the importance of collaborative efforts among stakeholders to address inequities and promote inclusive financial systems. In conclusion, fostering financial literacy and effective accounting practices is essential for driving economic empowerment and improving the quality of life within marginalized communities.