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Bringing Voluntary Financial Education in Emerging Economy: Role of Financial Socialization During Elementary Years

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Abstract

The level of financial literacy tends to be low in children, while information and financial education for children are very limited, especially in developing countries without mandatory financial education in schools. This study examined the effects of a classroom financial education program on financial knowledge. We used “Financial Intelligence Curriculum” designed for elementary school students from grade 1–6, focusing on the need and want, priority needs, income, spending, saving, and sharing. Using experimental method with pre-post-test and control group design, we found that the treatment group who received financial education has improved financial knowledge relative to the control group. The study provides evidence that elementary school students are appropriate targets for financial education and that it is necessary to develop mechanisms for effective learning to improve financial capability at an early age.

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Acknowledgements

This study was funded by a research grant awarded by the Indonesia Endowment Fund for Education (LPDP Indonesia). The authors would also like to thank the participants who attended the financial literacy programs organized by the Research Centre of the Yogyakarta State University, Financial Service Authority Yogyakarta (Otoritas Jasa Keuangan Yogyakarta) and participants of The 4th International Conference on Educational Research and Innovation (ICERI). Last but not least, appreciation to ThinkSmart Scholar (TS Scholar) during the review’s board, preparation, and improvement processes of this article.

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Authors and Affiliations

  1. Department of Accounting, Faculty of Economics, Universitas Negeri Yogyakarta, Jl. Colombo No. 1, Caturtunggal, Depok, Sleman, Yogyakarta, Indonesia

    Ratna Candra Sari

  2. Department of Management, Faculty of Economics and Business, Universitas Gadjah Mada, Jl. Sosio Humaniora No. 01, Bulaksumur, Yogyakarta, Indonesia

    P. L. Rika Fatimah

  3. Department of Economics Education, Faculty of Economics, Universitas Negeri Yogyakarta, Jl. Colombo No. 1, Caturtunggal, Depok, Sleman, Yogyakarta, Indonesia

    Suyanto

Authors
  1. Ratna Candra Sari
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  2. P. L. Rika Fatimah
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  3. Suyanto
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Corresponding author

Correspondence to P. L. Rika Fatimah.

Appendix

Appendix

See Table 6.

Table 6 Financial knowledge questionnaires (overview)
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Sari, R.C., Fatimah, P.L.R. & Suyanto Bringing Voluntary Financial Education in Emerging Economy: Role of Financial Socialization During Elementary Years. Asia-Pacific Edu Res 26, 183–192 (2017). https://doi.org/10.1007/s40299-017-0339-0

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