In a study conducted among senior high school students in Bogor City, Indonesia, researchers found a

medium level of financial literacy among participants. The study revealed a negative correlation between
financial literacy and consumptive behavior, indicating that higher financial literacy levels were
associated with lower tendencies towards impulsive purchasing. Additionally, reference groups, such as
peers and social circles, were identified as influencers of consumptive behavior, particularly among
female students. (Source: file:///C:/Users/Cayaban/Downloads/29559-Article-Text-96294-2-10-
20210402-1%20(1).pdf)

Another study compared financial literacy levels between senior high school students and vocational
high school students in Tangerang Regency, Indonesia. Results indicated that students from both types of
schools exhibited a medium level of financial literacy. However, gender, parents' education, and income
did not significantly affect financial literacy levels. This study emphasized the importance of enhancing
financial literacy across educational institutions to empower students in managing their finances
effectively. (Source: https://iopscience.iop.org/article/10.1088/1755-1315/747/1/012018/meta?
fbclid=IwAR2Dmw_lp8bmY3Y1jeee1JXCqM-3-EueryLt1Oh6RLZuKjLSoVj6DJr_Cds)

Furthermore, a study conducted among teachers and employees of public secondary schools in Central
Luzon, Philippines, explored financial literacy and its implications for crafting intervention programs.
Findings revealed that respondents, primarily young adult females, demonstrated literacy in various
financial aspects, including income and education, money management, planning, saving & investing,
community and financial responsibility, credit and debt management, becoming a critical consumer, and
risk management. The study highlighted significant correlations between teachers' monthly income and
financial literacy levels, underscoring the importance of addressing financial literacy gaps among
educators through tailored intervention programs. (Source:
https://www.researchgate.net/publication/355680249_Financial_Literacy_of_Filipino_Public_School_Te
achers_and_Employees_Basis_for_Intervention_Program)