Small and medium-sized enterprises (SMEs) largely constitute global productive businesses, contributing to the development of the local economy and job creation, while fostering competition. Their management capacity is essential for their survival and growth. Therefore, understanding the factors that determine the financial literacy of small business owners, and how this literacy impacts their financial decisions, is crucial. Only then can various stakeholders interacting with them—such as government officials, financial intermediaries, business associations, etc.—implement strategies and actions in the right direction to contribute to better financial decision-making in SMEs. This will result in greater resilience and survival, sustained business growth, and the attainment of profitability that compensates for the risks taken and boosts the creation of new enterprises. All of this will have a positive impact on job creation, economic growth, and the development of the local economy.