FINANCIAL LITERACY: A STRATEGY TO IMPROVE HOUSEHOLD’S WELFARE IN SURABAYA

ARDINI, LILIS and Asyik, Nur Fadjrih (2023) FINANCIAL LITERACY: A STRATEGY TO IMPROVE HOUSEHOLD’S WELFARE IN SURABAYA. Asian Academic Society International Conferenc. pp. 736-740.

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Abstract

The purpose of this study is to develop household character-based financial literacy in Surabaya. This research was conducted in Wonokromo and Wonocolo districts. Financial literacy is related to one's competence to manage their finances and is able to utilize the available resources to achieve their goals. The research used focus group discussion and survey to the community. Result of study found that the most common factors affecting financial literacy include financial planning or budgeting, savings, loans and investment. Specific targets for financial literacy are expected for a family to explain how to prosper and achieve family welfare. The factors in this study are parents' socioeconomic status, parental involvement, level of education and parental expertise. The benefits of this research are useful for: (1) the Surabaya city government as one of the bases in making poverty alleviation policies, (2) increasing financial knowledge for the community, (3) increasing the power of young people in managing finances. Keywords: Financial literacy, household’s welfare, financial knowledge, budgeting

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