Financial Literacy Education Models for 7-12 Years Old Based on the Local Wisdom of Sasak Tribe Lombok Indonesia

Local wisdom contained in the Sasak community needs to be continuously preserved and become a local value or tradition that is believed to be true until now. The development of forms of local Sasak wisdom in this study is integrated into the concept of family economic education, especially in educating children from elementary school age. This study aims to describe and formulate the financial literacy education models based on local wisdom for 7-12 years old in Sasak tribe. This case study applied an exploratory-descriptive qualitative research method. Participants in the study were selected through random sampling and snowball methods, which consisted of 630 families with children aged of 7-12 years old, and 177 children whom fathers and mothers are the Sasak aristocrats' descendants is Suradadi Village of East Lombok West Nusa Tenggara. Data were collected through interview, observation, and documentation techniques and analyzed through content and comparative analyses. Research results indicated five financial literacy education models based on Sasak's local wisdom provided since children are at the age of 7-12 years old. "First," incorporating "Itiq" (spending money wisely) behavior to children, "second," incorporating "Genem" (persevering in financial management and making financial plans), "third," incorporating "Penunah" (appreciating the resources owned) to children, "fourth," incorporating "Semaik-maik" (frugality/not using resources excessively, money in particular) to children, and "fifth," incorporating "Saling peliwat" (mutual assistance) to children. Various financial literacy education models are implemented by parents of the Sasak tribe with not only one strategy but mixed, such as role modeling, habituation, having dinner together, discussions, direct and indirect advice through Sasak's proverbs.