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Akinbami, Eunice (2024) Exploring the Impact of Cultural Diversity on Financial Literacy Among Immigrant Small and Medium Enterprises (SMEs) in Dublin: A Qualitative Analysis. Masters thesis, Dublin, National College of Ireland.
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Abstract
The research is qualitative, exploring the extent to which cultural diversity has impacted the financial literacy of immigrant SMEs in Dublin. This paper highlights that there are cultural perceptions which have a significant influence on financial practices such as risk aversion and access to finance. The study has revealed that although cultural diversity enriches the effect of financial decision making, it also challenges the effect of financial decision making among immigrant SMEs. It can be concluded that, for immigrant SMEs, the financial sustainability of the business depends on the targeted financial literacy programs and social policies which should also take into consideration the cultural context.
Employing an interpretive research philosophy that delves into the subjective experiences of individuals, this study conducted semi-structured interviews with immigrant business owners and focus group interviews to explore the personal experiences of these businesses regarding finances. The use of NVivo software facilitated a thematic analysis, revealing that cultural diversity significantly influences financial management among immigrant SMEs in Dublin. Specifically, cultural perceptions of finance, such as risk aversion, attitudes towards debt and investment strategies, and access to finance and community sources, amplify the effects of cultural diversity on financial decisions.
The presence of broad cultural diversity makes Ireland an enriching environment but the same also comes with challenges. Nonetheless, it is important to observe the fact that immigrant entrepreneurs are supported by the community, which is a positive aspect. Therefore, the evidence that immigrant-owned businesses are prospective is the fact that most people who have completed the business programme have improved their financial management skills. Additionally, a study has determined numerous factors that hinder developing one’s immigrant-owned business. These factors are the language problem, also the statement of problems included a limited use of formal financial services, and problems with bureaucratic hardness, such as long application procedures, and strict eligibility criteria.
This research conclusively demonstrates the vital role of cultural diversity in determining the financial literacy generality within immigrant SMEs in Dublin. Even though such results are not only meaningful but also enlightening, analysing the financial obstacles faced by immigrant business owners, it seems vital for Ireland to introduce more social policies. Such actions can contribute to the creation of a more inclusive environment in the country’s economy, thus fostering the conditionality of immigrant businesses. The importance and impact of the findings on future policies and practice in the field certainly suggest the actions of organizations, policymakers, and individuals to change.
| Item Type: | Thesis (Masters) |
|---|---|
| Supervisors: | Name Email Mulcahy, Theresa UNSPECIFIED |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > Economics > Business > Accounting J Political Science > JV Colonies and colonization. Emigration and immigration. International migration > International Migration > Immigration H Social Sciences > HD Industries. Land use. Labor > Small Business Sector |
| Divisions: | School of Business > Master of Science in Accounting |
| Depositing User: | Ciara O'Brien |
| Date Deposited: | 18 Jun 2025 10:14 |
| Last Modified: | 18 Jun 2025 10:14 |
| URI: | https://norma.ncirl.ie/id/eprint/7893 |
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