Revisiting family financial socialization theory in adolescent literacy: A class-based qualitative inquiry

Digital financial literacy has emerged as a crucial life skill for adolescents amid the pervasive expansion of the cashless transaction ecosystem. However, this capacity does not develop in a vacuum; rather, it is significantly shaped by the family unit and the broader social environment. This qualitative study aims to critically analyze the processes of information transmission and the contextual meaning-making of financial literacy within the domestic sphere across diverse socioeconomic categories in Gorontalo City. Furthermore, it delineates the knowledge gaps mediated by both familial backgrounds and school environments. Data collection was executed through in-depth interviews with 12 adolescents selected from various school clusters and monthly pocket money stratifications based on the Central Bureau of Statistics Poverty Line. This was supplemented by financial diary observations alongside source triangulation involving parents and teachers. Data analysis utilized open coding techniques, agent categorization, and conceptual comparison matrices. The findings reveal a sharp polarization framed within the Family Financial Socialization Theory. One distinct cohort of adolescents adopts survival-oriented socialization characterized by restrictive instructions, overt financial limitations, and theological control. Conversely, another cohort experiences-controlled autonomy and experiential learning facilitated by entrepreneurial capital and the gamification of saving. Concurrently, schools acting as secondary agents demonstrate that vocational tracks or Sekolah Menengah Kejuruan (SMK) offer personal application reflections due to their specialized financial curricula. Peers serve as a collective safety network for the lower socioeconomic group, yet simultaneously function as a catalyst for consumptive peer pressure among the upper-class cohort. In the cyber era, the penetration of digital media compels parents to transform into cyber-supervisors. This study recommends the formulation of adaptive, tailor-made financial education policies across socioeconomic clusters and academic institutions where adolescents are enrolled.