LAUSR

The study examined the relationship between financial education and financial capability through a subgroup analysis of self‐employed and paid‐employed workers. Using the 2021 National Financial Capability Study, regression analysis with seemingly unrelated estimation shows that self‐employed workers had lower levels of financial capability than paid‐employed workers while financial education had a greater positive role on the financial capability of the self‐employed workers than paid‐employed workers. The findings suggest the importance of financial education as a positive factor in the financial capability of the self‐employed worker. Tailoring educational programs to the unique needs of self‐employed workers can enhance their effectiveness in financial capability.