Reported on Fri, 24 Mar 2006

The majority of employees working for small and medium-sized enterprises have no financial training whatsoever, claims a new survey, but a business loan could allow small firms to pay for essential business training.

New research by workplace solutions provider Intellexis found that over two-thirds of small company managers had no financial training, despite often being relied upon to make important monetary decisions.

Additionally, more than half of managers of SMEs revealed they were wholly unconfident about making crucial financial calls.

Almost three-quarters of people aged between 18 and 29 working at smaller firms said they had received insufficient levels of fiscal guidance, while SME employees in Wales and the Midlands were found to be the most under-trained.

David Willis, managing director of Intellexis, said: "The lack of financial understanding and skills amongst UK business managers is shocking and presents a potential business time bomb in UK companies.

"With only a half of managers admitting they are confident financial decision makers, one can only imagine how many costly mistakes are being made."

With a shortage of fully trained workers and managers being underlined, small enterprises could use a low-rate business loan to ensure their staff are all properly well informed about the issues that matter.

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