Foreign Language Influence on Financial Literacy and Risk Behavior among High School Students

Moch. Deni Rizal; Dewi Maria Rosa Kumala; Mariani Melania Lulut

doi:10.54518/rh.5.2.2025.307-316

Authors

Moch. Deni Rizal Universitas Pignatelli Triputra, Surakarta, Indonesia
Dewi Maria Rosa Kumala Universitas Pignatelli Triputra, Surakarta, Indonesia
Mariani Melania Lulut Universitas Pignatelli Triputra, Surakarta, Indonesia

DOI:

https://doi.org/10.54518/rh.5.2.2025.307-316

Keywords:

Financial Attitudes, Financial Behavior, Financial Literacy, Native Language, Risk Taking, Teaching Media

Abstract

Financial literacy is an essential skill for the 21st century, yet understanding is often limited, especially when delivered in a foreign language. This study aims to examine the impact of foreign language on risk taking, financial attitudes and behavior of High School Students in Surakarta, with a focus on risk taking values, financial attitudes, and financial behavior. The research is conducted in two stages: the first stage conceptualizes the influence of teaching media (TM) and the native language on risk-taking, while the second stage analyzes its impact on financial attitudes and behaviors. The results show that both the use of English and the native language significantly affect students' risk-taking values, which in turn influence their financial attitudes and behaviors. These findings support the Foreign Language Effect theory, which suggests that foreign language can reduce emotional bias and facilitate more rational decision-making. This study highlights the importance of bilingual financial literacy education that considers the influence of language and culture in enhancing financial risk understanding and making more informed financial decisions.

Downloads

Download data is not yet available.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes, 50(2), 179-211.

Alharbi, M. O., & Alzahrani, M. M. (2020). The importance of learning through play in early childhood education: reflection on the bold beginnings report. International Journal of the Whole Child, 5(2), 9-17.

Anis, A., Zulkifli, M., & Pranjoto, G. H. (2024). The effect of financial literacy on village government business performance. Jurnal Ilmiah Manajemen Kesatuan, 12(6), 2173–2180.

Arbol, D. M., & Ramli, A. H. (2024). Trust, perceived behavioral control, perceived value and efect moderation of optimism-pessimism level on behavioral intention. Jurnal Ilmiah Manajemen Kesatuan, 12(3), 701–718.

Björklund, M., & Sandahl, J. (2020). Financial Literacy as Citizenship Education–a viable prospect?. JSSE-Journal of Social Science Education, 19(3).

Chang, C. Y., Kao, C. H., & Hwang, G. J. (2020). Facilitating students’ critical thinking and decision making performances. Educational Technology & Society, 23(2), 32-46.

Cho, S., & Purtell, K. M. (2020). Work and school in young adulthood: The role of personal financial responsibilities and parental social support. Youth & Society, 52(7), 1059-1082.

Circi, R., Gatti, D., Russo, V., & Vecchi, T. (2021). The foreign language effect on decision-making: A meta-analysis. Psychonomic Bulletin & Review, 1-11.

da Silva, C., Pereira, F., & Amorim, J. P. (2024). The integration of indigenous knowledge in school: a systematic review. Compare: A Journal of Comparative and International Education, 54(7), 1210-1228.

Dewi, D. R., Nugraha, A. A., & Wahyudi, S. (2024). Macroeconomic stability, financial inclusion, and financial literacy towards economic growth in indonesia: systematic literature review. Research Horizon, 4(6), 91-100.

Ho, C. S. M., & Lee, D. H. L. (2023). Financial literacy: The impact of the foreign-language effect on risk-taking values, financial attitudes, and behavior of Hong Kong secondary students. The Asia-Pacific Education Researcher, 32(4), 485-496.

Huda, A. (2023). Analysis of madrasah principal leadership in improving teacher performance of Madrasah Aliyah Darul Ulum Waru. Jurnal Ilmiah Manajemen Kesatuan, 11(3), 1317–1326.

Keysar, B., Hayakawa, S. L., & An, S. G. (2012). The foreign-language effect: Thinking in a foreign tongue reduces decision biases. Psychological science, 23(6), 661-668.

Letkiewicz, J. C., & Fox, J. J. (2014). Conscientiousness, financial literacy, and asset accumulation of young adults. Journal of Consumer Affairs, 48(2), 274-300.

Light, N., & Poniman, P. (2024). The effect of financial literacy, e-money use and self-control on consumptive behavior. Jurnal Ilmiah Akuntansi Kesatuan, 12(1), 45–54.

Mutasowifin, A., & Sutisna, C. (2023). Msme’s financing decisions and the roles of financial literacy and microbusiness demographics. Jurnal Ilmiah Manajemen Kesatuan, 11(2), 445–460.

Nguyen, T. (2015). The effectiveness of online learning: Beyond no significant difference and future horizons. Merlot Journal of online learning and teaching, 11(2), 309-319.

Octavianus, J., & Taufan, Y. A. (2024). Financial literacy in facing technology and economic instability. Research Horizon, 4(4), 329-338.

Pavković, A., Anđelinović, M., & Mišević, D. (2018). Measuring financial literacy of university students. Croatian operational research review, 87-97.

Peng, A., Orosco, M. J., Wang, H., Swanson, H. L., & Reed, D. K. (2022). Cognition and writing development in early adolescent English learners. Journal of Educational Psychology, 114(5), 1136.

Qizi, D. G. I. (2024). Teching foreign languages. Central Asian Journal of Multidisciplinary Research and Management Studies, 1(17), 155-161.

Rachma, A. F., Islamiyah, N., Destasya, A., & Chamariyah. (2024). Strategic business units and swot application in business management strategy. Jurnal Ilmiah Manajemen Kesatuan, 12(5), 1901–1910.

Schunk, D. H. (2014). Öğrenme teorileri-eğitimsel bir bakışla-learning theories an educational perspektive. Çankaya: Nobel Akademik Yayıncılık.

Shah, N. Z., Hamid, N. S., Mariadass, M. E., & Aziz, N. S. A. (2024). Fostering Critical Thinking Skills in Tertiary-Level Students for Media and Information Literacy. International Journal of Advanced Research in Education and Society, 6(3), 107-123.

Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of youth and adolescence, 39, 1457-1470.

Sugiyono, P. D. (2017). Metode penelitian bisnis: pendekatan kuantitatif, kualitatif, kombinasi, dan R&D. Bandung: CV. Alfabeta.

Sukresna, I. M. (2021). Study on behavior intension in point coffee consumers in the city of Semarang. International Journal of Economics, Business and Accounting Research (IJEBAR), 5(2).

Zhou, X., Li, C., & Gao, X. (2021). Towards a sustainable classroom ecology: Translanguaging in English as a medium of instruction (EMI) in a finance course at an international school in Shanghai. Sustainability, 13(19), 10719.