Outside the Classroom, Inside the Family: The Role of Parents and Schools in the Financial Socialization of Indonesian Children
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Objective: The modern world demands early financial literacy, yet evidence suggests that Indonesian children’s financial practices remain largely consumptive despite the institutionalization of youth financial education. Drawing on a socio-cultural perspective, this study examines pocket money as a medium of financial socialization. It explores the roles of parents, teachers, and socio-cultural factors in shaping children’s financial practices.
Methods and Materials: The study employed a mixed-methods approach using a convergent parallel cross-sectional survey design. Data were collected at a single point in time via online questionnaires containing closed-ended items and open-ended responses from 300 elementary school students in grades 4 to 6, 300 parents, and 89 teachers in West Java, Indonesia. Quantitative data were analyzed descriptively to map patterns of allowance provision and use, while qualitative data from narrative responses were analyzed thematically to explain underlying meanings and contextual factors.
Findings: Most students receive daily allowances that increase with grade level, but the proportion allocated to savings declines, indicating a shift toward short-term consumption. Parents emphasize moral responsibility, whereas teachers focus on cognitive and numeracy-based instruction, with limited integration between home and school practices. Peer influence and local cultural norms, including sharing and religious giving, further shape children’s financial behaviors.
Conclusion: These findings highlight that children’s financial literacy is constructed through interactions among multiple social agents. This study is limited by its reliance on self-reported data, a cross-sectional design, and sampling from a single province, which restricts generalizability. Implications point to the need for integrated, family–school-based financial education that combines cognitive skills with values and everyday financial practices.
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