Abstract:
The financial help-seeking behavior is a process of successive decisions influenced by
knowledge, attitudes, demographic, socio-economic profiles, family resources and socio-cultural
constructs and a remedy for financial problems, financial stress, anxiety and business failures. The
main objective of this study is to critically evaluate the literature on financial help-seeking
behavior. The study identified different aspects and different measures of financial help-seeking
behavior, level of financial help-seeking behavior of small and medium entrepreneurs,
consequences of not obtaining financial help and methods of improving financial help-seeking
behavior. The study revealed financial help-seeking behavior can be improved by developing
primary and secondary education system, providing personal based financial training programs
and providing guidance on the benefits of taking financial advices. Also, the literature suggested,
most successful method is to follow professional financial advices rather than obtaining advices
from non-professionals. The literature evidenced most of the men do not prefer to seek financial
help compared to women and it can be developed through providing and emphasizing the benefits
of taking help from professionals. Also, entrepreneurs who have better financial resources, better
income, high financial self-efficacy, competency on financial management and more financial
sophisticated need to follow financial help from professionals to safeguard their assets and to
develop their business.
