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The Most Suitable Topic of Personal

Finance Education University Students:
Study Case in Indonesia
Ascaryan RAFINDA1,2*
1Assistant Professor Faculty of Economics and Business Universitas Jenderal Soedirman, Indonesia
2PhD Student University of Debrecen, Károly Ihrig Doctoral School of Management and Business, Hungary
Email: ascaryan.rafinda@unsoed.ac.id / ascaryan.rafinda@econ.unideb.hu
*Corresponding Author

Received: 26.05.2022 Accepted: 10.08.2022 Published: 01.10.2022 DOI: 10.47750/QAS/23.190.15

Abstract

The aim of this research is to identify the most suitable topic to discuss in Personal Finance course for university
student. Mostly financial education curricula that available worldwide is for children elementary school up to senior
high school. Rarely people provide formal financial education that specific for university student. While Indonesia itself
has no formal financial education either for children or university student. This research collected data using
triangulation (questionnaire and in-deep-interview) found that there were five main topics as the most important topic
to learn personal finance for university student in Indonesia. Several parties become the sample of this research. We
collect adult financial problems, student expectation and independent financial advisor suggestion. Total 844
participant fill in the questionnaire and 10 independent financial advisors has become the sample of this research.
Content analysis has been done using coding and classification to summarize and synthesis data from three point of
view. Then we found 5 topics that the most important for university student to learn about personal finance. There
was financial planning, expense management, saving, investment and debt. This research implication is for policy
maker to focus and develop five most crucial topics for university student to learn about personal finance, and do not
teach only interest, compounding interest and mathematical things in personal finance.

Keywords: Personal finance, financial education, adult education, Higher Education.

quality of instructional tools. One of the ways to improve the

Introduction quality in the instructional tools is by providing the most suitable
topics to learn personal finance. Suitable topics to learn in
The impact of financial education shows various result personal finance is important because of several reason.
around the world. Prior research in financial education has
produced contradictory findings (Bell & Lerman, 2005; D. B. Previous research has suggested that no one-size-fits-all
Bernheim & Garrett, 2003; Clark & D’Ambrosio, 2008; Collins, approach to financial education exists (Maurer & Lee, 2011;
2013; Fan & Chatterjee, 2018; Gill & Bhattacharya, 2015; OECD, 2019). They argue that financial education should be
Hastings et al., 2013; Kaiser & Menkhoff, 2017, 2019; Lusardi, tailored to their age and stage of life (Fernandes et al., 2014).
2005; Swiecka et al., 2018; Walstad et al., 2010) Then, it is critical to discover specific topics in financial education
to maximise the impact of financial education. In this sense,
According to certain research, students who received customised financial education entails discussing and
financial education did not increase their financial literacy comprehending a distinct topic for each age group. For instance,
(Amagir et al., 2018; Huston, 2010; Robb & Woodyard, 2011). individuals between the ages of 45 and 50 require financial
However, several studies discovered a high correlation between education that focuses on retirement planning. While early
financial education and future financial behaviour (Bernheim et adulthood that ready to be marriage need some knowledge in
al., 2001; Bhattacharya et al., 2016; Mandell & Klein, 2009; personal finance for marriage preparation. They also must learn
McCormick, 2009). There is an issue with financial education's about preparation for children's education. Each level requires a
efficacy that must be addressed. Effective financial education is unique and customised discussion subject.
a major issue that affects the entire world, but is particularly
acute in development nations (Frączek et al., 2017; Alugar Numerous research discovered that young individuals
2021). lacked financial literacy (Chen & Volpe, 2002; Hanson & Olson,
2018; Lusardi et al., 2010; Lusardi & Mitchell, 2009; Lewis
There were several ways to increase the impact of financial Mandell, 2008; Nahar et al., 2022; Tetik & Albulut, 2022; Zwaan
education. We can improve the quality of education by & West, 2022). Young adults enrolled in university education are
developing the methodological approaches, teaching crucial for the study subjects, since they represent the
techniques, instructional tools and learning processes generation that will make many significant financial decisions
(Serdyukov, 2017). As there were many options to increase the over the following 1-3 years. They will be confronted with
quality of education, this research contributes by improving the enormous financial obligations and complexity as they become

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self-sufficient from their guardians (Tang & Peter, 2015). College way from their goal. Students require micro-investment that is
students were identified as a risk for making bad financial simple to accomplish. Additionally, that research did not explain
decisions due to their credit card debt levels (Lyons, 2008). The the usefulness of the item beyond its substance. While past
more quickly students acquire technical knowledge in the study indicates that participants require more than facts to make
financial area, the less likely they would incur foolish debt and sound financial decisions, they also require soft skills (Hadar et
make different poor financial management judgments. Then, al., 2013). To the author's knowledge, there was no well-
this research question is what is the most suitable personal developed financial education accessible in Indonesia at the
finance topics for university student? time, particularly for university students.

Previous research shows that some studies show have not

relation between financial education and their financial literacy
Literature Review (Amagir et al., 2018; Huston, 2010; Robb & Woodyard, 2011).
On the opposite, other research found strong relationship
One of the popular financial education curricula was develop between financial education and future financial behaviour
by the high school teachers in United States. The name is (Bernheim et al., 2001; Bhattacharya et al., 2016; Mandell &
financing your future curricula that contain: 1) fundamental of Klein, 2009). This gap interesting to be examine as some of
personal finance, 2) trade-off and opportunity cost of financial them teach one-fits-for all financial education curricula, while the
decision, 3) banking relationship, 4) credit and debt, 5) saving, other try to modify and customize based on targeted
investment, budgeting, and risk tolerance (Walstad et al., 2010). participants. Each targeted participants requires a unique and
Other curricula named Aflatoun was developed by international customized discussion subject. One of the ways to make sure
NGO that already implemented more than 100 countries (Berry the material is fit with the participants need is by identifying their
et al., 2015). Alfatoun mixed the financial skill with social teachable moment.
education to prevent the student value everything in monetary
unit in the future. The thirds curricula were development of Numerous previous studies have indicated that 'teachable
Alfatoun curricula that gives additional program named Honest moment' and 'just in time' financial education are critical
Money Box (HMB) that give student opportunity to applied components of effective financial education (Bowen, 2002;
saving behaviour in the school. This HMB develop by Ask Mama Collins & O’Rourke, 2010; Doi et al., 2014; Kaiser & Menkhoff,
Development Organization (AMDO) and Innovation for Poverty 2017, 2019; Kempson, 2018; Miller et al., 2015; Peng et al.,
Action (IPA). 2007; Xiao & O’Neill, 2016). The National Endowment for
Financial Education (2004; 2006) hosted several financial
Research in Indonesia financial literacy examine the impact education workshops and determined that imparting financial
of financial education among migrant workers. They train them education requires "teachable moments." This research defines
for 18 hours on six modules: financial management (financial 'teachable moment' and 'just in time' financial education as the
planning, budgeting, and discussing with family members prior suitability of educational materials presented in a course to meet
to the departure of migrant workers working overseas), the needs of the participants. To meet the participants needs,
understanding banking services (how to use a bank account, we should understand what their expectation is and what will
ATMs, and other bank products), saving (the importance of they face soon. Beside student expectation, financial education
saving, saving options), debt management (source of loan materials that include examples of prior financial problems are
option, calculating interest rates), sending remittances (method critical since they are built based on genuine human experience
of remittance, exchange rates), and understanding insurance (Chen, FI. & Volpe, 1998). This research contributes to the
(Doi et al., 2014). literature by providing the framework to identify topic of financial
education on targeted participants. This research identifies the
As we can see in the previous financial education curricula,
suitable topics of personal finance for university student using
they develop financial education based on their targeted
three points of view, there are: student expectation, adult
participants. They develop and customize the financial
financial problems, and independent financial advisor
education material based on participant need. The high school
suggestion.
student needs to understand fundamental personal finance,
decision making, debt and basic topics. While the migrant
workers need different as they close to the remittance, exchange
rates, sending money from abroad, etc. Further, we discuss Research Method
financial education in Indonesian University.
Research design
One university incorporate these education voluntaries into
their economics and business faculties. Bogor Agriculture This research collected data using triangulation (quantitative
University is among the universities that implemented and and qualitative). Questionnaire and in-deep-interview have been
evaluated the course's impact (Johan et al., 2020). The personal done to collect the data. Total 60 days required to finished data
finance program is designed for university students and lasts 14 collection from three participants. Student expectation collected
weeks, with three hours of class time each week. The 14-week from several university student that age between 17-25 years
meeting covers the following topics: 1) personal finance old. The adult financial problem collected from people with age
fundamentals, 2) financial planning, 3) budgeting and cash flow between 30-50 years old. Then finally, 10 independents financial
management, 4) income tax management, 5) money advisor has been asked to confirm the findings.
management tools, 6) time value of money, 7) loan and credit
card, 8) purchasing a home or vehicle, 9) risk and insurance
management, and 10) health and life insurance. 11) investment
premise, 12) financial asset investment, 13) real estate
Participants
investment, 14) retirement plan (Johan et al., 2020). Convenience sampling method has been used, an online
This IPB personal finance program is sufficiently wide to be and offline questionnaire has been spread in several university
and office in Indonesia. An online messenger platform such as
applicable to university students. They educate students about
WhatsApp and telegram and social media platform such as
investing in financial assets and real estate, which is still a long

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Facebook and Instagram all of them was the main tools to Data analysis
spread an online questionnaire. The paper questionnaire was
spread through colleague and friends in university and office. To identify the most critical topic of personal finance for
Total 1057 people participate in the questionnaire, unfortunately university student. This research synthesis data from three
only 844 participant is fall into valid data. Many people invalid perspective. Adult financial problem, student expectation about
because they do not seriously fill in the questionnaire. We do financial education and independent financial advisor
positive and negative question and asked them several question suggestion. Adult financial problem collected using open-ended
to examine they are fill in honestly, if they fail that part, we delete question, student expectation in financial education collected
the data. using multiple choice questions, independent financial advisor
suggestion collected using in-deep-interview.

Content analysis has been used to coding and classify adult

Data collection tools financial problem into several financial topics, semi-structured
interview has been used to collect the data from financial advisor
There are two different questionnaires for adult and
by asking them what is the problems that adult commonly face
students. Both of them get 4 demographics questions and 20
when seeking advice from financial advisor? Then based on
long-form financial knowledge score developed by Knoll and
their answer, we are coding and classify their choice,
Houts (2012). The adult asked their financial background (2) and
suggestion, and problem into personal finances topic.
financial problems (1), while the student asked the expectation
on the financial education (2). Total adult has 27 questions and
university student have 26 questions in the questionnaire. The
pilot test was conducted with 23 adults and 50 university Result
students. They participate and give feedback about the
questionnaire. We revised to reduce the risk of multi-perception The demographics of participants from student and adult is
and make it easier to understand for all participants. important to understand the heterogeneity of the participants.
Total 534 adult and 523 students participated in this research.
But only 455 valid data from adult and 389 valid student data.
Here is the demographics of adult and student participants:

Demographics Financial background

Male 162 < 3.000 US$ 101
1 Sex
Female 293 3.100 – 5000 US$ 70
Gross
30-40 years old 216 4 annual 5.100 – 7000 US$ 157
2 Age
41-50 years old 239 Revenue 7.100 – 9000 US$ 80
Not attend
147 9.100 – 10.000 US$ 47
university
3 Education Bachelor 175 Consumptive Debt 78
Master 88 Have no saving account 78
Doctor 45 Makes end meet 62
2 37 Have a small saving account 102
Financial
5
3 72 maturity Have a small passive income 83
Number of Have active assets that
people 4 117 regularly generate passive 52
4
living in the income
household
5 144 Below Average < 50% 293
Financial
>5 85 6 literacy Average 51% – 75% 83
Level
Above Average > 75% 79
Table 1. Demographics and financial background of adult participants

Source: Author's calculation (2021)

Table 1 shows the heterogeneity of adult participants. It can they own an active asset that generates regular passive income.
be seen the respondents classify without university degree The financial literacy level is determined by the objective
(34%), and those with a university degree (66%). The majority financial knowledge. They responded to twenty questions
of participants live in households of five persons. They either assessing their understanding of personal finance. The majority
reside with the primary family or with parent-in-laws and of participants achieve a below-average score. The diverse
domestic assistants. The annual income ranges from 3.000 US$ demographics and socioeconomic circumstances of the
to 10.000 US$. Most participants earn between 5.100 and 7.000 participants in this study may serve as a proxy for the varied
US dollars in gross yearly income. As there were six level of individuals. The next is the demographics of student participants
financial maturity, people vary from the lowest level as they rely in this research.
on debt for everyday consumption, to the greatest level, when

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Demographics
Male 102 First 14
1 Sex
Female 287 Second 59
Economics
209 Year of Third 136
and business 4
Study
2 Field of study Non-
economics 180 Fourth 180
and business
Below
Village 68 Average < 274
50%
Financial
Average
Hometown Town 167 5 literacy 69
3 51% – 75%
Level
Above
City 154 Average > 46
75%
Table 2. Demographics and financial background of student participants

Source: Author’s calculation (2021)

Table 2 illustrates the degree of variation in student compiled a list of keywords to help categorize the situations
demographics during the initial stage of study. Female students based on the participants' responses. Participants respond to
(74%) outnumber male student (26%). Students from the the questions by sharing their personal financial narrative and
economics faculty make up 54% of the total, while students from experiences. The majority of adult respondents responded to
other faculties make up 46%. Students come mostly from towns the question in a single paragraph of their financial narratives.
(43%), followed by cities (40%), and lastly from villages (17%). There was no minimum number of sentences required to answer
Undergraduate students (47 percent) are the most prevalent these questions, however participants responded with at least
participants in this stage, followed by third-year students (35%), three and up to fifteen sentences.
and freshmen (4%). The majority of students fall below the
average financial literacy score of 70%, and just 12% having After reviewing all the responses, the author used terms that
adequate financial understanding. often appeared in the text to categorize each response into
various types of financial concerns. Table 3 summarizes the
To analyze the participants' responses, conceptual content keywords that used to categorize the stories into some
analysis was used. The writers read all of the responses and classification.

No Financial problem Keywords

1 Financial Planning No financial plan, no financial target, going with the flow for finance, future
budget plan,
2 Investment Too much idle cash, investment fraud, passive income, idle assets,
3 Debt Instalment, home loan, vehicle loan, sticky cost, debt mindset, over debt,
4 Cost Management Overspending, financial management, frugal living, run out of money,
5 Saving have no saving, motivate to saving, emergency funds.
Table 3. Keywords to classify the cases

Source: Author’s design (2021)

Based on classification that has been done using keywords about the increasing price of the house when they deal with
in table 3. Most of the cases which arose in the answers are a housing loans:
debt problem. Here is one of the debt problems that was related
to their mindset of the debt: "I made a deal with the developer that built my first house,
the price in the leaflet was 350.000.000 IDR, but when I made a
“My auntie was in debt because of the problem of not being deal with them and required 20-year loans, it felt so cheap as
able to manage the debt, she borrows the money from relatives, the instalment was so small. So, I am good with it. Several years
and pay that debt with another debt from other family or later, I realised that the instalment I pay mostly for the interest
relatives. That is happening for almost three years, and now she and the principal debt that I should pay is still big. I know that the
has huge debt in family and relatives….” total payment that I should pay increased incredibly high with a
total 600.000.000 IDR total…."
Another problem that arises because people have no idea
what the concept of sticky cost is when they have vehicle loans: The second most common problem that arises is the cost
management and saving problem. The primary problem that
"I have a brand-new vehicle with a very cool model, and all falls into this topic is related to their ability to manage the money:
my friends admit it. I just realised several months later that the
cost of fuel, the highway price, and the maintenance price are "I have 15.000.000 IDR salary each month, but I do not know
so high, and I cannot afford to pay it all. So, I have fallen into where the money goes. In the middle of the month, I always
another debt to pay that cost…." realise that I should use my credit card for daily needs as the
salary is already gone. I try to hold my consumption, but it is
Housing loans are also one of the most common problems difficult as many of my friends and relatives always ask me to go
that middle-class face in this research as they have no idea out and use brand-new goods and we always meet in a fancy

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restaurant that normally we try each week…." together with huge money. Then in months 5 and 6, they were
not paying the return, and we cannot contact them. It is already
One of the most common problems in managing their money one year, and they are gone, so make our money…."
is their ability to identify the essential goods and non-essentials
goods, they often fall to consume a product just because it Nowadays, many people create an online investment
classifies into promotions deals such as flash sale, black Friday, education platform in Indonesian. They used social media like
etc, while actually they do not really need it: Instagram, Facebook, etc. It is an excellent platform to learn
financial knowledge, the problem is the social media is not
“In a day of big sale promotion, I cannot resist buying many enough to deliver all the investment material comprehensively.
promotion goods in the online marketplace. They always give us Then many people fall into an investment with a terrible financial
interesting promotions in the first week of each month, and I buy foundation:
many items. It is a pleasure for me at first, but I realise after
several months that I have no savings at all. Even I am still "I invest in the stock market, because I read all-stock
single, I cannot save much money…." investment materials from social media, as I do not have money,
so I borrowed money from the online lending platform. However,
Indonesians are not familiar with insurance. Most people use my investment is going bad, the stock price that I own falls, and
national health insurance, which only covers essential services I lose much money. I sell the stock at a very low price, and now
in medical health. Many people fall into bankruptcy when their I own money to the online lending platform with huge interest….”
family get seriously ill and cannot afford to pay the hospital cost
for them: In the middle-class family, there are many people with an idle
asset that have no idea how to monetise their asset into passive
"We are financially good and well previously, but after my income:
parent got ill and he needs medical treatment that cost a huge
amount of money, I realised that all my savings account has "My family have many idle lands in the village but have no
gone for covering the treatment cost in the hospital. That all my idea how to make passive income from it. My father only checks
savings account was still not enough to pay the treatment, then the land once in several months. Some of the villagers use the
now we have huge debt because of that disaster. I realised that land even without an agreement with my father as the
I should have had emergency funds if I do not have insurance to landowner. I also have no idea how to make revenue from it…."
cover any unpredictable disasters that happen to my family…."
"I have some idle cash that is available to be invested to
Overspending is happening in every social class either they investment instrument, but until now, I have no idea where to
are middle- or low-income family, they both have the same invest as I do not have any knowledge of it. It is already three
problem; they cannot hold their willingness to spend more than years, and the idle cash is still in my bank account. I need some
they can afford: investment knowledge to understand how to manage it to
become my passive income…."
"I work in a state bank, I have above average salary and
have a credit card as facilitation from the company. My friends The last problem is that people tend to have no financial
and colleagues influence my spending each month as we have plan, they have no plan for their income and investment in the
dinner outside a lot and spend a lot of money on expensive future:
brands. I just realised that mostly my transaction is using a credit
card, then I was shocked that I have a huge amount of credit "One of my friends spends a lot of money on unnecessary
transaction that I should pay. Now I feel so bad because I have goods such as a brand-new motorbike just because it is popular
no savings at all compared to my friends out there…." in a short period. He does not need it as he already has another
motorbike and car. He spends on that thing because he has no
In Indonesia as a developing country, we have a massive plan and target on their financial plan in the future, then he easily
wave of a financial technology start-ups. This makes the distracts to spend on non-essential goods…."
government work challenging to make regulation for that as the
cases of investment fraud is anywhere there: After classifying each adult’s answer into several financial
topics, the next stage is to count the total cases arising from
"My father got investment offers from people who claimed each topic. The four main topics classified in this research are
they could give return 20% each month from their investment. In debt, investment, financial planning, cost management, and
the beginning, the cash flow was good as the return money saving. Table 4 describes the summary of total cases that arise
come in for three months. Then many people came to invest from the adult answer.

No Adult Financial problem Number of cases Percentage

1 Debt 142 31%
2 Cost management 107 24%
3 Investment 78 17%
4 Financial planning 72 16%
5 Saving 56 12%
Total Cases 455 100%
Table 4. Number of cases arise each topic

Source: Primary data of author’s calculation (2021)

To get a more comprehensive point of view, this research This research collects student expectations on topics on
also examines student perception about financial education. financial education and their outcome expectation from financial

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education. In this part, students could answer with a short student topics expectations. However, the instrument gives the
answer (1-3 words) to answer their expectations in learning option for students if they would add more answers. The result
outcome and topics expectations. Three options were given for of student answers is summarised below in Table 5.
student learning outcome expectations and three options for

Student Expectation on Learning

Student Topic Preferences
Outcome
Investment (35%) Financial Independent (35%)
Money Management (30%) Improve revenue (30%)
Saving (23%) Solving the financial problem (24%)
Debt Management (12%) Manage daily expenses (10%)
Early retire (1%)
Table 5. Summary of student preference on financial education

Source: Primary data of author’s calculation (2021)

Table 5 shows that most students have the highest interest the future. Students are also curious about the knowledge to
in learning about investment, they are interested in making a manage the routine expenses. The least is that students expect
side income from investment. They also expect that by learning from the course that it could deliver knowledge about early
investment, they could become financially independent. Money retirement.
management is the second most popular topic that students are
expected to learn. They want to know how to manage their own To receive more comprehensive knowledge of the adult
money and for their family. Saving is also interesting for financial problems, triangulation data collection was done. Both
university students as they already understand the beneficial questionnaires and semi-structured-in-depth interviews was
impact of having a saving account. Debt is the last topic they used to collect data from participants. We give an open-ended
expected as students rarely make a debt in their age. Some questions that the interviewee should answer. Interviewees
students are interested in debt topics if they have a debt problem were strictly selected by purposive sampling. To collect
with their family or relatives. participants in this stage, there were several requirements
should be meet for in-depth interview, there should be: 1)
Most students expected to become financially independent certified financial advisor, 2) have experience for more than four
after learning from financial education or at least know how to years as a financial advisor, 3) have more than 50 clients aged
become financially independent. Improving revenue is also between 30 – 50 years old. Table 6 describes the details of
interesting for them, they expect they could have another side sources for in-depth interview, ten independent financial
job or investment to increase their annual revenue. They also advisors gave us input of what is the financial problem that adult
require the financial education to solve their financial problem in faces in the age between 30 – 50 years old.

Name of Work
Age CFP Their suggestion of an adult financial problem
People Experience
A 43 Yes 10 Years Debt, Expense Management, No Investment
B 38 Yes 7 Years No saving, No emergency funds, No Investment
C 49 Yes 15 Years No Financial Planning, No financial Knowledge,
Consumptive Debt
D 47 Yes 17 Years Hedonism, have no financial plan, have a huge
debt
E 38 Yes 6 Years They have no idea that they know nothing in
finance
F 46 Yes 13 Years Lack of knowledge in debt, investment and saving
G 42 Yes 12 Years Massive debt, no saving account
H 32 Yes 5 Years Hedonism
I 50 Yes 19 Years Money management, have no knowledge in
finance
J 45 Yes 14 Years Lack of financial knowledge, expected instant
result, have no financial plan.
Table 6. Result in a deep interview with independent financial advisors

Source: Primary data, own calculation (2021)

Table 6 shows the summary from an in-depth interview with problems faced by adults between 30 – 50 years old. In
ten independent financial advisors. They suggest that there are summary, the problem that arises from adults based on
several topics or financial problems that commonly happen in independent financial advisors is listed in Table 7.
adults. Each advisor suggests one or more main financial

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No Problem / topic Number of suggestions
1 Debt 5
2 Lack of Financial
5
knowledge
3 Expense
4
management/hedonism
4 Investment 3
5 Saving 3
6 Financial Planning 3
7 Emergency funds 1
8 Expected Instant result 1
Table 7. A summary adult financial problem from CFP

Source: Primary data, own calculation (2021)

Table 7 shows that the most common adult financial problem participants, 389 students and ten independent financial
that arise in the counselling session with advisor is debt. Lack of advisors. Adult participants have been asked about their
financial knowledge has been suggested by 5 advisors as they financial problems, and students were asked about their
found the root problem of client confusion in make financial preferences in financial education. Five mains financial
decision is because they have not enough financial knowledge. problems were found from adult participants, four financial
Expense management listed as number three because mostly topics, and five learning expectations from students. To
client need help with tracing their spending habit. Investment, synthesize all these results, this research tries to connect adult
saving and financial planning is the next topic because they financial problems, students’ expected topics, and students’
faced client that fall into fake investment, need help to start their learning outcomes into several topics in financial education.
saving account and need help to make a financial plan for their Then we found there are debt management, saving, investment,
children. expense management and financial planning topics that arise in
this research. These big topics are the primary concern in this
research that we found from adult financial problems. Table 8
explains the details of the keywords that arose from participants’
Discussion financial cases, student expectations for topics and learning
outcome into five main topics and how to fit the topic
To sum up the results of the first stage of this research, in
classification with the suggestion from an independent financial
this stage 844 valid respondent from the questionnaire and ten
advisor. Here Table 8 describes how to fit from adult financial
in-deep-interviews were collected. They consist of 455 adult
problems, student preference and financial advisor suggestions.

The
recommended Students’ learning Students’ Problems suggested from
Keywords from adult
No topic for outcome financial topic Independent Financial
financial cases
financial expectation preferences Advisor
education
1 Debt Credit, Loans, Solving financial Debt
Debt
Management Instalments problem management
2 Financial
Reserve Funds, Idle
Independent,
Saving Money, Emergency Saving Saving, emergency funds
Solving a financial
Funds
problem,
3 Financial
Side Income, passive
Independent, Investment, expected
Investment income, maximise idle Investment
improve revenue, instant result
funds
early retire,
4 Financial
Lack of Financial
Difficulties manage Independent,
Expense Money Knowledge, Expense
money, run out before solving a financial
Management management management, hedonism,
the end of months problem, manage
expected instant result
daily expenses,
5 Financial
Financial Have no plan, have no
Independent, early - Financial Planning
Planning financial target.
retire.
Table 8. Keywords that are used to classify the adult financial problems

Source: Author’s summary (2021)

Table 8 shows us the summary of adult financial problems, identified as the most important topic for university student to
student expectation about topics and learning goals and learn personal finance. There are debt management, saving,
suggestion from financial advisor. Five main topics has been investment, expense management and financial planning. This

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finding implies that policy maker and actor in financial education Intensity of Instruction. Journal of Financial Counseling and
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