A Phenomenological Study of Informal Education: Relations between Parents and Children in Family Economic Education


  • Muhammad Hasan Universitas Negeri Makassar, Indonesia
  • Nur Arisah Universitas Negeri Makassar, Indonesia
  • Nurjannah Universitas Negeri Makassar, Indonesia
  • Andi Tenri Ampa Universitas Negeri Makassar, Indonesia
  • Tuti Supatminingsih Universitas Negeri Makassar, Indonesia




Informal Education, Economic Education, Family Financial Management


This study aims to explore phenomenologically informal education through the role of parents in providing economic education to children and education in family financial management. This study uses a qualitative approach to phenomenology. The informants in this study were six parents who were heads of families and, based on their profiling, met the requirements for achieving the research objectives. Data collection was carried out using interviews, observation, and documentation. Qualitative data analysis techniques are used through the data reduction phase to present information and draw conclusions. Based on the research findings, it can be concluded that parents have the perception that economic education must be taught to children from an early age, especially in terms of managing money, reducing unnecessary expenses, and starting to save from an early age, so that children get used to being intelligent economic beings and prepare for future success. When teaching their children about family economics, parents focus on helping their children understand their family's financial situation and how to act responsibly by only spending as needed by providing explanations and modeling economic behavior.

Keywords: Informal Education, Economic Education, Family Financial Management


Abimbola, A., Olokoyo, F. O., Babalola, O., & Farouk, E. (2018). Financial inclusion as a catalyst for poverty reduction in Nigeria. International Journal of Scientific Research and Management, 6(6), 481–490. https://doi.org/10.18535/ijsrm/v6i6. em06

Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56–80. https://doi.org/10.1177/2047173417719555

Arthur, C. (2012). Financial literacy education for citizens: What kind of responsibility, equality and engagement? Citizenship, Social and Economics Education, 11(3), 163–176. https://doi.org/10.2304/csee.2012.11.3.163

Astuti, P., Huda, A. M., & Setyowati, R. N. (2022). Opportunities and challenges of Universitas Negeri Surabaya in fulfillment of the rights of education for people with mentally retardation. Proceedings of the International Joint Conference on Arts and Humanities 2021 (IJCAH 2021), 618(Ijcah), 915–918. https://doi.org/10.2991/assehr.k.211223.158

Atkinson, A., & Messy, F. A. (2013). Promoting financial inclusion through financial education: OECD/INFE evidence, policies and practice. OECD Working Papers on Finance, 34, 1–55. http://dx.doi.org/10.1787/5k3xz6m88smp-en%0AOECD

Beyens, I., & Eggermont, S. (2014). Putting young children in front of the television: Antecedents and outcomes of parents’ use of television as a babysitter. Communication Quarterly, 62(1), 57–74. https://doi.org/10.1080/01463373.2013.860904

Blue, L., & Brimble, M. (2014). Reframing the expectations of financial literacy education: Bringing back the reality. JASSA - Journal of the Australian Society of Security Analysts, 2014(1), 37–41. https://eprints.qut.edu.au/220744/

Brimble, M., & Blue, L. (2013). Tailored financial literacy education: An indigenous perspective. Journal of Finanical Services Marketing, 18(3), 207–219. https://eprints.qut.edu.au/115873/

Brown, M., Henchoz, C., & Spycher, T. (2018). Culture and financial literacy: Evidence from a within-country language border. Journal of Economic Behavior and Organization, 150(C), 62–85. https://doi.org/10.1016/j.jebo.2018.03.011

Cameron, M. P., Calderwood, R., Cox, A., Lim, S., & Yamaoka, M. (2014). Factors associated with financial literacy among high school students in New Zealand. International Review of Economics Education, 16(PA), 12–21. https://doi.org/http://dx.doi.org/10.1016/j.iree.2014.07.006

Carroll, N., Sadowski, A., Laila, A., Hruska, V., Nixon, M., Ma, D. W. L., & Haines, J. (2020). The impact of Covid-19 on health behavior, stress, financial and food security among middle to high income Canadian families with young children. Nutrients, 12(8), 1–14. https://doi.org/10.3390/nu12082352

Chevalier, A., Harmon, C., O’ Sullivan, V., & Walker, I. (2013). The impact of parental income and education on the schooling of their children. IZA Journal of Labor Economics, 2(1), 1–22. https://doi.org/10.1186/2193-8997-2-8

Chris, A. (2012). Consumers or critical citizens? Financial literacy education and freedom. Critical Education, 3(6), 1–25. https://doi.org/10.14288/ce.v3i6.182350

Cordon, J. M., & Polong, J. D. B. (2020). Behind the science literacy of Filipino students at PISA 2018: A case study in the Philippines’ educational system. Integrated Science Education Journal, 1(2), 72–78. https://doi.org/10.37251/isej.v1i2.59

Crain, S. J., & Ragan, K. P. (2012). Designing a financial literacy course for a liberal arts curriculum. International Journal of Consumer Studies, 36(5), 515–522. https://doi.org/10.1111/j.1470-6431.2012.01117.x

Fernandes, D., Lynch Jr, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883. https://doi.org/10.1287/mnsc.2013.1849

Gerrans, P., & Heaney, R. (2019). The impact of undergraduate personal finance education on individual financial literacy, attitudes and intentions. Accounting Financial, 59(1), 177–217. https://doi.org/10.1111/acfi.12247

Grable, J. E., Cupples, S., Fernatt, F., & Anderson, N. (2013). Evaluating the link between perceived income adequacy and financial satisfaction: a resource deficit hypothesis approach. Social Indicators Research, 114(3), 1109–1124. https://doi.org/10.1007/s11205-012-0192-8

Hasan, M., Tahir, T., Nurdiana, N., Sebayang, K. D. A., & Fatwa, N. (2021). Does entrepreneurship education in family business affect entrepreneurial attitudes and motivation?. Jurnal Pendidikan Ekonomi dan Bisnis (JPEB), 9(2), 106-118. https://doi.org/10.21009/JPEB.009.2.3

Hasan, M., Arisah, N., Nurdiana, N., Supatminingsih, T., & Nikensari, S. I. (2022). Socioeconomic status, individual modernity, economic literacy, and consumer rationality of millennial generation. Jurnal Economia, 18(1), 51–69. https://doi.org/10.21831/economia.v18i1.38955

Heckman, J. J., & Mosso, S. (2014). The economics of human development and social mobility. NBER working paper series, 2(2), 1–30. http://www.nber.org/papers/w19925

Hira, T. K., Sabri, M. F., & Loibl, C. (2013). Financial socialization’s impact on investment orientation and household net worth. International Journal of Consumer Studies, 37(1), 29–35. https://doi.org/10.1111/ijcs.12003

Ilonen, S., Heinonen, J., & Stenholm, P. (2018). Identifying and understanding entrepreneurial decision-making logics in entrepreneurship education. Internatinal Journal Entrepreneur Behavior, 24(1), 59–80. https://doi.org/10.1108/IJEBR-05-2017-0163

Jackson, C. K., Persico, C., & Johnson, R. C. (2016). The effects of school spending on educational and economic outcomes: Evidence from school finance reforms. The Quarterly Journal of Economics, 131(1), 157–218. https://doi.org/10.1093/qje/qjv036

Livingstone, S., Ólafsson, K., Helsper, E. J., Lupiáñez‐Villanueva, F., Veltri, G. A., & Folkvord, F. (2017). Maximizing opportunities and minimizing risks for children online: The role of digital skills in emerging strategies of parental mediation. Journal of Communication, 67(1), 82–105. https://doi.org/10.1111/jcom.12277

Luhrmann, M., Serra-Garcia, M., & Winter, J. (2018). The impact of financial education on adolescents’ intertemporal choices. American Economic Journal: Economic Policy, 10(3), 309–332. https://doi.org/10.1920/wp.ifs.2014.1418

Lusardi, A., Menkhoff, L., & Urban, C. J. (2020). Financial education affects financial knowledge and downstream behaviors. NBER working paper series, 5(3), 248–253. https://www.nber.org/system/files/working_papers/w27057/w27057.pdf

Lusardi, A., & Mitchell, O. S. (2013). The economic importance of financial literacy: theory and evidence. Cambridge MA: National Bureau of Economic Research. https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2015/11/JEL_FinLit_LusardiMitchell2-12-14.pdf

Michael, W. (2013). A political economy of class and gender relations in education. Routledge. https://www.ptonline.com/articles/how-to-get-better-mfi-results

Mouna, A., & Jarboui, A. (2015). Financial literacy and portfolio diversification: an observation from the Tunisian stock market. International Journal of Bank Marketing, 33(6), 808–822. https://doi.org/10.1108/IJBM-03-2015-0032

Narmaditya, B. S., Sahid, S., & Hussin, M. (2023). How does family economic education foster students' economic behavior? The mediating role of economic and entrepreneurial literacy. Heliyon, 9(5), e15608. https://doi.org/10.1016/j.heliyon.2023.e15608

Nurhamdah, N., Mustary, E., Fikri, F., Saleh, S., & Nabilahumaida. (2022). Fulfillment matter of education rights of children in conflict with the criminal law. Jurnal Ilmiah Al-Syir’ah, 20(1), 53–67. http://dx.doi.org/10.30984/jis.v20i1.1825

Pinto, L. E. (2013). When politics trump evidence: Financial literacy education narratives following the global financial crisis. Journal of Education Policy, 28(1), 95–120. https://doi.org/10.1080/02680939.2012.690163

Suratno, S., Narmaditya, B., & Wibowo, A. (2021). Family economic education, peer groups and students’ entrepreneurial intention: the mediating role of economic literacy. Heliyon, 7(4), e06692. https://doi.org/10.1016/j.heliyon.2021.e06692

Taft, M. K., Hosein, Z. Z., Mehrizi, S. M. T., & Roshan, A. (2013). The relation between financial literacy, financial wellbeing and financial concerns. International Journal of Business and Management, 8(11), 63–75. https://doi.org/10.5539/ijbm.v8n11p63

Wooten, J., Staub, K., & Reilly, S. (2020). Economics within ABC’s modern family. The Journal of Economic Education, 51(2), 210–210. https://doi.org/10.1080/00220485.2020.1731382

Xiao, J. J., Chatterjee, S., & Kim, J. (2014). Factors associated with financial independence of young adults. International Journal of Consumer Studies, 38(4), 394–403. https://doi.org/10.1111/ijcs.12106

Xiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial capability. International Journal of Consumer Studies, 40(1), 712–721. https://doi.org/10.1111/ijcs.12285

Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817. https://doi.org/10.1108/IJBM-01-2016-0009




How to Cite

Muhammad Hasan, Nur Arisah, Nurjannah, Andi Tenri Ampa, & Supatminingsih, T. (2023). A Phenomenological Study of Informal Education: Relations between Parents and Children in Family Economic Education. Jurnal Iqra’ : Kajian Ilmu Pendidikan, 8(2), 415–428. https://doi.org/10.25217/ji.v8i2.3779