The aim of the study was to investigate the relationship between socioeconomic status (SES) and executive functioning, focusing specifically on performance monitoring, error detection, and their association with mid-frontal theta and error-related negativity (ERN). Employing the widely used flanker task, the research involved two phases with participants aged 10-16 years (15 individuals in the pilot phase and 35 in the second phase). Electroencephalogram (EEG) recordings from distinct brain regions were analyzed during various conditions. The study revealed a notable increase in both absolute and relative theta power at Fcz during the flanker task, with a stronger effect observed during incorrect trials. Furthermore, it underscored the influence of socioeconomic status (SES) on mid-frontal theta, highlighting interactions between SES, gender, and experimental conditions impacting both absolute and relative theta. Intriguingly, the research disclosed a positive correlation between parental occupation and error-related negativity (ERN), as well as between age and ERN. These findings underscore the significance of SES, gender, and age in shaping the neural mechanisms associated with performance monitoring and executive functions. The study contributes valuable insights into the intricate interplay between socio-demographic factors and cognitive processes, shedding light on their impact on goal-directed behaviors and brain activity.