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The Role of Financial Culture on Financial Literacy: A Study on Community in Medan

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One of the required intelligences nowadays especially in the current technology era is financial intelligence, which is the ability to manage the finance. This intelligence is expected to have beneficial role for human life in conducting the financial management correctly, hence generating maximum benefit from their money. The expected financial intelligence can be comprised into knowledge, attitude and able to implement the healthy personal financial practices. The personal financial literacy is influenced by the culture that someone’s possess. The tendency of Indonesia culture recently is moving toward consumptive culture than investment. Thus, government action and related parties are strongly needed, specifically household as the smallest unit of a nation, in order to change the consumptive culture into financial literacy culture as required in AEC era. The aims of this research are to know the influence of culture on financial literacy on community in Medan City and to know the dominant culture factor which influence the financial literacy on community in Medan City. Population in this research are community in Medan City, samples were selected by using the cluster method/area random sampling. Then sampling is proportionally decided per sub district until the total number of samples is fulfilled, 300 samples. Result showed that culture has positive and significant influence on financial literacy on community in Medan City. Social economic status is one of cultural factor which has dominant effect on financial literacy in Medan city. Therefore in giving financial education, all related parties especially government must understand and know the community culture, hence the financial education will be right on the target due to the proper method and media matched with the community needs.
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Keywords: Culture; Financial Literacy

Document Type: Research Article

Affiliations: Faculty of Regional Planning and Village, University of Sumatera Utara, Medan, Indonesia

Publication date: July 1, 2018

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