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Enhancing Early Childhood Financial Literacy Through FinSOLEkid Indonesia: A Comparative Study of Digital Platforms
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Abstract
This study investigates the impact of FinSOLEkid Indonesia, a game-based educational application, on financial literacy among early childhood learners aged 5-6 years. Utilizing a quasi-experimental design with two experimental groups, one using a PC version and the other an Android version, the study aims to determine the effectiveness of digital platforms in enhancing financial understanding. Subjects were chosen through purposive sampling based on their interaction with money, comprehension of in-game instructions, and ability to use digital devices. Data collection involved multiple-choice tests tailored with game elements and visual aids to suit the developmental stage of the participants. The analysis, conducted using the Kruskal-Wallis test and N-Gain scores, revealed that the PC version of FinSOLEkid Indonesia was more effective in augmenting financial knowledge than its Android counterpart and conventional methods. However, the suitability of the application for children under the age of 5-6 remains questionable due to the presence of written instructions. The study highlights the importance of selecting appropriate educational media and content for early childhood. It suggests that such technology-enhanced learning tools, while effective, need to be tailored to the developmental needs of the learners. These findings offer insights into the potential of digital learning platforms in early childhood education, emphasizing the need for age-appropriate design and content in educational technology.
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Introduction
Financial literacy is essential for making informed and sustainable financial decisions(Yılmaz & Özçiftçi, 2021). Financial literacy instruction, especially in early childhood, is still neglected in the school system(Yong et al., 2020). Financial literacy is undervalued in schools(Güvenç, 2020). Effective financial management requires financial knowledge(Hapsari et al., 2020). Financial literacy should be taught in schools to improve society(Williams et al., 2022). Financially savvy people may avoid unnecessary risks, manage their resources well, and plan their future(Amagir et al., 2018). Early financial education is vital because it builds a solid knowledge base(Kadoya & Khan, 2020). This foundation helps kids learn money, save, and be financially responsible(Erdem et al., 2023).(Herijanto & Rahadi, 2020)revealed that early financial education can improve children's financial understanding and conduct, laying the groundwork for their financial intelligence.
Financial literacy remains low in all sample nations (26 countries on three continents, Asia, Europe, and Latin America, including 12 OECD member countries), according to the 2020 OECD/INFE worldwide survey on people. Knowledge scores average 63% of the maximum for all people. Essential financial management and savings questions were answered correctly by 26% of the participants. Only 17% of questioned respondents ranked their financial literacy skills as good, 53% moderate, and 26% low. Despite rising from 2018, the 2019 National Survey of Financial Literacy and Inclusion was low. Financial education should begin in school as early as feasible, according to the OECD. According to research, most individuals lack financial management expertise, including debt settlement, investing, and planning. Individuals struggle with money, have too much debt, and are unprepared for the future. Although financial decisions are made in maturity, sound financial habits and attitudes should be developed early. Because attitude building attitude-building.
The Indonesian government prioritizes early financial literacy(Lopus et al., 2019). The Financial Services Authority publishes "Growing Financial Literacy Skills in Early Childhood," a book for parents, teachers, and assistants. Unfortunately, little information and awareness have prevented minority members from accepting socialization initiatives. Early childhood financial knowledge research and resolution is necessary because it helps build a solid financial foundation(Swigonski et al., 2021). Young children absorb information as sensitive listeners quickly. In this stage, understanding the elements that affect the advancement of financial knowledge helps lay the groundwork for future progress(Xu et al., 2023). In a globalized era, research on new solutions for early childhood education to promote financial understanding is crucial to building a financially competent society(Tien et al., 2020).
Based on observations at two institutions in Malang City, researchers found that children aged 5-6 had low literacy skills. Teachers simulated children's literacy knowledge using role-play, and the results revealed that 9 out of 15 children used money to purchase cakes and toys. In comparison, six children used their money to purchase gifts/toys, and the remaining children likely struggled with abstract language. Thus, early literacy education is crucial in establishing money habits(Setiawan et al., 2019). Children who recognize the importance of establishing themselves, moviegoing, sharing, and managing as adults(Fadhli et al., 2020). Prioritizing finansounditeracy at an early age enables society to establish a sturdy groundwork for children to manage their finances judiciously(Yafie et al., 2020). By doing so, they can develop the necessary financial skills to thrive in a progressively complex financial world.
Financial behavior programs work, according to several research. Financial management choices can be made by people with extensive financial knowledge and dependable sources(Rai et al., 2019). Choosing requires mental or cognitive processes. There are many more ways to construct effective and long-lasting self-guided learning settings to improve teens' financial literacy(Yafie et al., 2023).
This research used FinSOLEkid Indonesia media with organized learning and gamification. Preschool financial literacy resources are offered. The media uses gamification in an ordered SOLE style to spark children's interest and information-seeking(Kalwij et al., 2019).(Fadhli et al., 2022)found that financial learning games improve children's financial literacy. These games can be more instructive and tailored to a child's age and personality(Zahra & Anoraga, 2021).
Finsolekid provides an optimal self-learning environment for children to understand financial concepts via play and edutainment. The benefits include early financial skills, a better understanding of money, and positive financial habits. Finsolekid's game design matches children's learning styles, and program sustainability, which promotes financial literacy, illustrates its viability as a solution. Thus, Finsolekid was chosen after a thorough assessment of v financial education. Financial literacy ignorance has been studied, notably in schooling. Researchers are studying the importance of early financial literacy socialization(Hong Shan et al., 2023). Not much study has been done on this topic. Financial literacy research in early childhood still focuses on providing instructional resources, including learning media(Haron & Kenayathulla, 2022)(Lusardi, 2019)(Singh, 2018).
Recent studies in Southeast Asia highlight the importance of early financial literacy. In the Philippines,(Desello & Agner, 2023)and(Jee Balaza et al., 2021)are exploring early childhood education programs and alternative methods like the Smart Money Kit to enhance financial interest and skills among preschoolers. Indonesia prioritizes financial literacy from a young age, with(Rizkan et al., 2022)detailing government-led socializing programs.(Rahadi et al., 2023)emphasize the role of cognition in financial decision-making. A notable initiative, FinSOLEkid Indonesia, integrates gamification into a structured learning environment,
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