From Classroom to Cash: Exploring Financial Literacy in Indonesian Students
Yasin, H. (2025), "From classroom to cash: exploring financial literacy in Indonesian students", Asian Education and Development Studies, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/AEDS-03-2025-0111
Abstract
Purpose– This study investigates how financially literate Indonesian students are, and how Indonesian students’ attitudes toward financial matters are, based on the data of the Program for International Student Assessment (PISA) 2018.
Design/methodology/approach–Analyzingresponsesfrom3,15815-year-oldstudentsacross43itemsforthe Financial Literacy Cognitive Assessment and 7,001 respondents across 85 items for the Financial Literacy Survey, the study employs the Rasch Partial Credit Model in WINSTEPS 3.73 for analysis.
Findings– Results indicate a varied performance among students, with scores ranging from �4.20 logit to 2.26 logit and an average score of �0.82 logit. Approximately 48.5% of students scored above this average, highlighting a need for targeted financial education, particularly in complex areas like company profit and repayment scores. Despite familiarity with concepts like “wage” and aspirations for entrepreneurship, concerns arise about insufficient financial education from parents and teachers, indicating a necessity for enhanced financial management skills and awareness among students, regardless of gender.
Research limitations/implications– This study advances research by using the Rasch model to reveal gaps between student confidence and actual financial skills. It highlights the need for progressive financial education basedonability levels. Future studies shouldtrack changes over timeandcompareresultsbyregion, schooltype or socioeconomic background. The small gender gap in attitudes also invites qualitative research to explore underlying factors influencing students’ financial behaviors.
Practical implications– Findings call for stronger integration of financial literacy in schools. Students’ low performance indicates a need for age-appropriate, skill-building instruction. Teachers should receive targeted training, and lessons should link financial concepts to real-life applications like budgeting or entrepreneurship. This approach helps students apply knowledge practically and develop responsible financial attitudes.
Social implications– Students receive limited financial guidance outside school, showing the importance of broader community involvement. Parent education, local workshops and partnerships with religious or civic groups can support financial learning. These efforts ensure students gain financial knowledge not only just in classrooms but also in everyday life settings.
Originality/value– This study is the first to examine Indonesian students’ financial literacy using a large-scale, psychometrically rigorous approach. Unlike previous research that focuses on cross-country comparisons or gender disparities, it provides a nationally focused analysis combining cognitive and attitudinal measures through Rasch modeling. By offering detailed insights into students’strengths and weaknesses, the study fills a significant gap in the literature and lays the groundwork for context-specific educational reforms in financial literacy.
Soeharto, S.Pd., M.Pd., Ph.D.
About SIR Fellow
Soeharto, S.Pd., M.Pd., Ph.D. is researcher and academician, currently serving as a Researcher at the Research Center for Education under the National Research and Innovation Agency (BRIN), Jakarta, Indonesia. He is an expert in quantitative and qualitative research methodologies, with a specialized focus on educational sciences, STEM learning, and student misconceptions in science education. Dr. Soeharto holds a Master’s degree in Education from Yogyakarta State University and a Ph.D. in Education from the University of Szeged, Hungary, where he graduated Summa Cum Laude. His academic journey began with a Bachelor’s degree in Education from Tanjungpura University, where he graduated as the best in his class. Dr. Soeharto has received numerous prestigious scholarships, including the Stipendium Hungaricum Scholarship from the Hungarian Government, and the LPDP Scholarship for his Master’s degree. He has been awarded research grants from esteemed institutions, including the Austrian Government’s Ernst Mach Grant for his research on digital skills and teacher quality in inclusive education. Dr. Soeharto’s research contributions have been significant, with 24 publications indexed in Scopus, including articles in Q1 journals. Notable works include studies on student misconceptions in science, digital literacy in pre-service chemistry teachers, and inductive reasoning skills of Indonesian students. He has presented his research at numerous international conferences, further establishing his presence in the global academic community. His professional experience spans various academic roles, from serving as a lecturer and research leader. Additionally, Dr. Soeharto has worked as a visiting researcher at the University of Vienna, Johannes Kepler University and the University of Szeged, contributing to his extensive network and experience in international research. Dr. Soeharto is also an active member of several academic organizations, including the European Association for Research on Learning and Instruction (EARLI) and the Directory of Open Access Journals (DOAJ), where he serves as an associate editor. His teaching activities include supervising graduate students and leading workshops on scientific writing and Rasch modeling for educational research.
For collaboration inquiries or more information, Dr. Soeharto can be reached via email at soeharto @brin.go.id.
- Doctoral School of Education, University of Szeged, Hungary. GPA: 4.88 (Grade 0 – 5) with Summa Cum Laude distinction (highest honor). Thesis Supervisor: Prof. Benő Csapó.
01/08/2014 – 12/08/2016
- Master of Education, Yogyakarta State University, Indonesia. GPA; 3,91 (Grade 0 – 4) with the Best graduated certificate.
01/09/2009 – 12/04/2013
- Bachelor of Education, Tanjungpura University, Indonesia. GPA; 3,91 (Grade 0 – 4) with the Best graduated certificate.
- Researcher, Research Center for Education, National Research and Innovation Agency, Jakarta,
0112/2023 – Present
- Affiliate Researcher, Azerbaijan State University of Economics, Baku, Azerbaijan.
01/05/2023 – Present
- Researcher Fellow, at SZTE, Doctoral School of Education, University of Szeged. Hungary
01/12/2022 – 30/06/2023
- Researcher Fellow, at Centre for Teacher Education, University of Vienna, Austria
01/04/2016 – 01/04/2020
- Lecturer and Research leader at Sekolah Tinggi Ilmu Pendidikan, Singkawang
01/07/2017 – 01/08/2017
- Certified editor from the Indonesian research institute (LIPI), Indonesia
01/09/2012 – 01/04/2013
- Research assistant at the Faculty of Teacher Training and Education
01/04/2010 – 01/04/2012
- Teacher at SSC Institute, Indonesia
Afifah, W., Soeharto, S., Winingsih, L. H., Kadaryanto, B., Raharjo, S. B., Arifiyanti, F., & Lavicza, Z. (2025). Exploring students’ lived experience in online learning during Covid-19 pandemic through a phenomenological hermeneutic perspective. International Journal of Educational Research Open, 9, 100444. https://doi.org/10.1016/j.ijedro.2025.100444
Akhmetova, A., Imambayeva, G., Csapó, B., & Soeharto, Soeharto. (2022). Assessing and validating young Kazakhstanis’ reading skills in English, the impact of classroom climate, and their engagement on reading skills. Indonesian Journal of Applied Linguistics, 12(2), 280–292. https://doi.org/10.17509/ijal.v12i2.37321
Arifiyanti, F., Soeharto, S., Amukune, S., Van Nguyen, S., Aburezeq, K., Hidayatullah, A., & Sarimanah, E. (2023). Investigating rater–student interaction, gender bias, and major bias in the assessment of research seminar presentation. Heliyon, 9(6), e16548. https://doi.org/10.1016/j.heliyon.2023.e16548
Department of Electronic Engineering, Universitas Negeri Padang, Padang, Indonesia, & Dewi, I. P. (2025). The Use of Augmented Reality in Sensor and Actuator Device Learning: Is It Effective in Enhancing Students’ Conceptual Understanding? International Journal of Information and Education Technology, 15(4), 858–866. https://doi.org/10.18178/ijiet.2025.15.4.2292
Hairida, H., Benő, C., Soeharto, S., Charalambos, C., Rasmawan, R., Martono, M., Arifiyanti, F., Winarti, A., & Enawaty, E. (2023). Evaluating Digital Literacy of Pre-service Chemistry Teachers: Multidimensional Rasch Analysis. Journal of Science Education and Technology, 32(5), 643–654. https://doi.org/10.1007/s10956-023-10070-z
Haqiyah, A., Riyadi, D. N., Bujang, B., Abidin, D., Putra, P., Lubis, J., Bahtra, R., Soeharto, S., Hanief, Y. N., Lestari, W. D., Taufik, M. S., & Muslim, B. A. (2024). Validating The Self-Talk Questionnaire of Athletes and How it Affects Athletes’ Mental Toughness? International Journal of Disabilities Sports and Health Sciences, 7(5), 1147–1155. https://doi.org/10.33438/ijdshs.1503594
Haqiyah, A., Sanjaya, K. H., Soeharto, S., Tangkudung, A. W. A., Riyadi, D. N., Lubis, J., Pratiwi, E., Puspitorini, W., Mulyadi, D. Y. N., & Kusumandari, D. E. (2023a). Developing and Validating the Mental Toughness Questionnaire of Athletes Using Rasch Analysis. International Journal of Human Movement and Sports Sciences, 11(3), 650–659. https://doi.org/10.13189/saj.2023.110319
Haqiyah, A., Sanjaya, K. H., Soeharto, Tangkudung, A. W. A., Riyadi, D. N., Lubis, J., Pratiwi, E., Puspitorini, W., Mulyadi, D. Y. N., & Kusumandari, D. E. (2023b). Developing and Validating the Mental Toughness Questionnaire of Athletes Using Rasch Analysis. International Journal of Human Movement and Sports Sciences, 11(3), 650–659. https://doi.org/10.13189/saj.2023.110319
Jatmiko, A., Asyhari, A., Irwandani, I., & Soeharto, S. (2023). The Role of Self-Concept in Modulating the Effectiveness of Nature-Based Science Instruction. Jurnal Pendidikan IPA Indonesia, 12(4), Article 4. https://doi.org/10.15294/jpii.v12i4.48287
Kusuma, I. Y., Bahar, M. A., Nuari, D. A., Prabandari, R., Soeharto, S., Csupor, D., Benkő, R., & Matuz, M. (2024). Antibiotic knowledge assessment questionnaire in undergraduate pharmacy students: A Rasch analysis of validity evidence. Pharmacy Education, 24(1), Article 1. https://doi.org/10.46542/pe.2024.241.5478
Kusuma, I. Y., Benko, R., Bahar, Muh. A., Pitaloka, D. A. E., Soeharto, S., Nuari, D. A., Prabandari, R., Csupor, D., & Matuz, M. (2025). Development and validation of a psychometric scale for assessing pharmacy students’ perceptions and attitudes toward antimicrobial resistance and antimicrobial stewardship in Indonesia: The PATARAS study. BMC Medical Education, 25(1), 805. https://doi.org/10.1186/s12909-025-07375-5
Maričić, M., Anđić, B., Soeharto, S., Mumcu, F., Cvjetićanin, S., & Lavicza, Z. (2025). The exploration of continuous teaching intention in emerging-technology environments through perceived cognitive load, usability, and teacher’s attitudes. Education and Information Technologies, 30(7), 9341–9370. https://doi.org/10.1007/s10639-024-13141-9
Martono, Dewantara, J. A., & Soeharto. (2020). The Ability of Indonesian Language Education Students in Designing Lesson Plan through Teaching Practice in School. Universal Journal of Educational Research, 8(11), 5489–5497. https://doi.org/10.13189/ujer.2020.081152
Nur Rahmi Sonia, Sutiah, Wahidmurni, & Soeharto. (2024). Islamic Leadership, Workplace Spirituality, and Innovative Work Behavior on Teachers’ Islamic Performance: Mediating Role of OCBIP. Cendekia: Jurnal Kependidikan Dan Kemasyarakatan, 22(1). https://doi.org/10.21154/cendekia.v22i1.9092
Radhiah, S., Fakhri, M. M., Ibrahim, M., Rosidah, R., Fadhilatunisa, D., Arifiyanti, F., Soeharto, S., & Vidiyanto, V. (2023). The accuracy of forecasting results of the Box-Jenkins method for time series analysis on the number of pneumonia patients. International Journal of Public Health Science (IJPHS), 12(4), 1753. https://doi.org/10.11591/ijphs.v12i4.22961
Ramadhani, R., Syahputra, E., Simamora, E., & Soeharto, S. (2023). Expert judgement of collaborative cloud classroom quality and its criteria using the many-facets rasch model. Heliyon, 9(10), e20596. https://doi.org/10.1016/j.heliyon.2023.e20596
Riwayani, R., Istiyono, E., Supahar, S., Perdana, R., & Soeharto, S. (2024). Analyzing students’ statistical literacy skills based on gender, grade, and educational field. International Journal of Evaluation and Research in Education (IJERE), 13(2), Article 2. https://doi.org/10.11591/ijere.v13i2.26299
Rosidah, Miftach Fakhri, M., Naufal, M. A., Machmud, M. T., Fadhilatunisa, D., Arifiyanti, F., & Soeharto, S. (2025). From games to gains using geogebra: Investigating microgames and augmented reality in affecting student motivation, confidence and problem-solving strategies in learning mathematics. Education and Information Technologies. https://doi.org/10.1007/s10639-025-13620-7
Sarimanah, E., Soeharto, S., Dewi, F. I., & Efendi, R. (2022). Investigating the relationship between students’ reading performance, attitudes toward ICT, and economic ability. Heliyon, 8(6), e09794. https://doi.org/10.1016/j.heliyon.2022.e09794
Soeharto, S. (2021). Development of A Diagnostic Assessment Test to Evaluate Science Misconceptions in Terms of School Grades: A Rasch Measurement Approach. Journal of Turkish Science Education, 18, 351–370. https://doi.org/10.36681/tused.2021.78
Soeharto, S., & Csapó, B. (2021a). Building a House From Lego Blocks: Using Cross Cultural Validation to Develop the Constructed Motivation Questionnaire (CMQS) in Science. Pedagogika, 142(2), Article 2. https://doi.org/10.15823/p.2021.142.12
Soeharto, S., & Csapó, B. (2021b). Evaluating item difficulty patterns for assessing student misconceptions in science across physics, chemistry, and biology concepts. Heliyon, 7(11), e08352. https://doi.org/10.1016/j.heliyon.2021.e08352
Soeharto, S., & Csapó, B. (2022a). Assessing Indonesian student inductive reasoning: Rasch analysis. Thinking Skills and Creativity, 46, 1–16. https://doi.org/10.1016/j.tsc.2022.101132
Soeharto, S., & Csapó, B. (2022b). Exploring Indonesian student misconceptions in science concepts. Heliyon, 8(9), e10720. https://doi.org/10.1016/j.heliyon.2022.e10720
Soeharto, S., Csapő, B., Sarimanah, E., Dewi, F. I., & Sabri, T. (2019). A Review of Students’ Common Misconceptions in Science and Their Diagnostic Assessment Tools. Jurnal Pendidikan IPA Indonesia, 8(2). https://doi.org/10.15294/jpii.v8i2.18649
Soeharto, S., Martono, M., Hairida, H., Akhmetova, A., Arifiyanti, F., Benő, C., & Charalambos, C. (2024). The metacognitive awareness of reading strategy among pre-service primary teachers and the possibility of rating improvement using Rasch analysis. Studies in Educational Evaluation, 80, 101319. https://doi.org/10.1016/j.stueduc.2023.101319
Soeharto, S., Subasi Singh, S., & Afriyanti, F. (2024). Associations between attitudes toward inclusive education and teaching for creativity for Indonesian pre-service teachers. Thinking Skills and Creativity, 51, 101469. https://doi.org/10.1016/j.tsc.2024.101469
Sudirman, S., Kennedy, D., & Soeharto, S. (2023). The teaching of physics at upper secondary school level: A comparative study between Indonesia and Ireland. Frontiers in Education, 8. https://doi.org/10.3389/feduc.2023.1118873
Sukarelawan, M. I., Jumadi, J., Kuswanto, H., Soeharto, S., & Hikmah, F. N. (2021). Rasch Analysis to Evaluate the Psychometric Properties of Junior Metacognitive Awareness Inventory in the Indonesian Context. Jurnal Pendidikan IPA Indonesia, 10(4), Article 4. https://doi.org/10.15294/jpii.v10i4.27114
Taufik, O. A., Soeharto, S., Ahmad, A. K., Suprapto, Sumarni, An-Nahidl, N. A., Pamungkas, O. Y., Mariah, S., Andini, D. W., & Cahyandaru, P. (2025). The path to teaching Excellence: Examining self-efficacy of pre-service teachers during school internship programs in Indonesia. Social Sciences & Humanities Open, 11, 101619. https://doi.org/10.1016/j.ssaho.2025.101619
Yani T, A., Buyung, B., Rosmaiyadi, R., Marhayani, D. A., Nirawati, R., Triani, S. N., & Soeharto, S. (2025). Examining the relationship between mathematical literacy and digital literacy among pre-service mathematics teachers. Eurasia Journal of Mathematics, Science and Technology Education, 21(5), em2635. https://doi.org/10.29333/ejmste/16392
Dr. Paed. Asih Widi Wisudawati, M.Pd.
About SIR Fellow
Dr. Paed. Asih Widi Wisudawati, M.Pd, has extensive experience in addressing misconceptions in chemistry and developing science learning design in the Indonesian local context. She is the head of the Department of Chemistry Education at UIN Sunan Kalijaga Yogyakarta. Her research focuses on assessing students’ conceptions, systems thinking, sustainability, and digitalization in chemistry education. According to the leadership of the chemical society, she leads the publication division within the Indonesian Chemical Society, known in Bahasa as Himpunan Kimiawan Indonesia (HKI), particularly in the chemistry education division. Internationally, she participates in the chemistry education group called DICE, or Digitalization in Chemistry Education, under the German Chemical Society. Besides her active involvement in the chemical society, she has several international collaboration roles related to journal reviewing, including for the Journal of Environmental Research and Technology at Yildiz Technical University, Journal Ecletica Quimica from Brazil, Global NEST journal from the University of Aegean Greece, and the Journal of Chemical Education from the American Chemical Society (ACS). She has been an invited speaker at numerous conferences in Indonesia and around the world, with her most recent conference being CLEAR 2025, focused on developing chemistry laboratory assessment. Based on Google Scholar, since 2018, her works have been cited by 2,427 scholars both in Indonesia and globally. Currently, she is concentrating on Design-Based Research (DBR) utilizing a systems thinking approach in the context of sustainability, exploring themes such as ocean acidification, Food Loss and Waste (FLW), and bioplastics. While focusing on sustainability, she specializes in conducting Qualitative Content Analysis (QCA) to reveal students’ (miss)conceptions arising from school textbooks, learning processes, or public statements on social media platforms. All her concerns aim to foster innovative solutions in (chemistry) education. Her motto is “Together we are more!”