Abstract
Financial literacy is a crucial variable for researchers and policymakers because financial literacy's contribution encourages inhabitants to organize future financial planning and decision improvement. The study aims to empirically investigate the determinants of financial literacy such as financial education, parents' socioeconomic status, and gender. The authors used a cross-sectional survey approach with N = 325 samples. The result of measuring students' financial literacy showed a moderate condition (moderate level). The multiple linear regression models showed that parents' socioeconomic status significantly improved students' financial literacy. Meanwhile, financial education and gender did not prove significant in influencing students' financial literacy. The empirical study generated that encouraging parents is one of the essential policy elements in improving students' financial literacy. The higher students' socioeconomic status tends to encourage better financial planning and decision because they comprehend the literacy skills.
Highlights
Financial literacy has been the core attention of researchers and policymakers in various countries, including Indonesia
The After discussing the results, the authors conclude that student financial literacy is in the moderate category
The relationship between variables found that the parents' socioeconomic status is a significant determinant in increasing student financial literacy, while financial education and gender are not
Summary
Financial literacy has been the core attention of researchers and policymakers in various countries, including Indonesia. The result illustrated that generally, the level of financial literacy is in a low category. Students in low-income family conditions tend to have a higher level of financial literacy. The result showed that male students have a higher level of financial literacy rather than female' students Other studies illustrated that gender variable did not influence students' financial literacy (Egesta et al., 2021; Irman, 2018; Rita & Pesudo, 2014; Suherman et al, 2020). The researchers re-examined the effect of financial education variables, socioeconomic status, gender and control variables on financial literacy in order to increase the consistency of research results. We expected the current study to produce the significant influence of financial education, socioeconomic status, gender, and control variables on students' financial literacy
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
