Social Determinations of Student’s Financial Literacy

Abstract

Although financial literacy education in elementary education has garnered increasing global attention, the determinative role of family dynamics in shaping students' financial competencies and behaviors remains an area requiring in-depth investigation. This study aims to analyze the financial literacy levels of fourth-grade elementary school students within the context of family structure (sibling number), shopping frequency, sources of financial information, and economic awareness habits. Employing a descriptive survey design, the research sample comprises 712 students aged 9–11 years enrolled in schools across Turkey. Data were collected utilizing a validated and reliable instrument encompassing six dimensions: financial knowledge, financial responsibility, financial planning, needs awareness, spending consciousness, and financial autonomy. One-way ANOVA and Scheffe post-hoc tests were employed for data analysis. The findings demonstrated that only children's financial literacy scores were statistically significantly higher compared to their peers with siblings (F = 3.21, p < .05). Another noteworthy finding reveals that families are positioned as the most effective and primary source of financial information for students, surpassing schools and media outlets (F = 3.09, p < .05). Contrary to experiential learning expectations prevalent in the literature, neither shopping frequency nor habitual engagement with economic news significantly predicted financial literacy levels (p > .05). This finding suggests that students function as passive observers rather than active participants in financial processes. The results underscore that school-based interventions alone are insufficient for early financial education; instead, structured hybrid pedagogical models that prioritize family engagement and compensate for inequities in home-based financial socialization are imperative.