Financial Literacy for the Students in Christian Senior High School 1 of BPK Penabur in Cirebon to Prepare Them to be the Intelligent Investors

Financial literacy is helpful for learners to recognize the features of the capital market and their instruments. With this knowledge, they are expected to manage their money wisely, especially in selecting the devices. Furthermore, to realize this condition, this service to the community aims to measure this literacy level and recognize risk profiles. The methods utilized in this service are lecture, discussion, and simulation. The participants in this service are the 40 students in the eleventh grade taking social science in the Christian senior high school 1 of BPK Penabur in Cirebon. Also, the precise answers of the students based on financial literacy items are used to evaluate this service. Surprisingly, the correct answers to these basic and advanced items are from 60.53% to 78.95% and 63.16% to 78.95%, respectively, indicating the middle financial level exists. This level is above the national literacy level in 2019 in Indonesia: 38.03%. Besides, related to the risk profile, most students are conservative (47.5%) and moderate (47.5%). Based on this outcome, the students with a conventional risk profile are expected to invest their money in a time-deposit account, government bonds, and fixed-income and money-market mutual funds. Meanwhile, students with a moderate risk profile should place their funds in blue-chip


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Creating intelligent investors with precise decisions takes time to happen.Indeed, the associated candidates need financial literacy (Alaaraj & Bakri, 2020;Asfira et al., 2020;Pertiwi et al., 2020;Utami & Sitanggang, 2021) and the willingness to accept risk (Leon & Hadinata, 2018;Mubaraq et al., 2021;Pak & Mahmood, 2015).This readiness is reflected in three risk profiles: conservative, moderate, and aggressive (CFI Team, 2022).Specifically, financial literacy training and risk profile detection still need to be experienced by Christian Senior High School 1 students of BPK Penabur in Cirebon.Therefore, when getting the related offering from the representative lecturer from Maranatha Christian University, Dr. Bram Hadianto, S.E., M.Si., the headmaster agreed to facilitate this training by sending the invitation letter No. 421/CRB-A01/H03/10/22 on September 30, 2022.This invitation letter was immediately followed up by forming the committee headed by Herlina, S.E., M.T. on October 2, 2022.Therefore, this service to the community aims to measure the financial literacy level of the students and know their risk profile.With this training, the students can understand and apply the related concepts in the future and choose suitable instruments based on each risk profile.

METHODS
The service to the community is planned for October 26, 2022, in Christian Senior High School 1 of BPK Penabur in Cirebon as the partner.The activities related to this service involve six lecturers and five undergraduate students from the management department of Maranatha Christian University.The six lectures intended are Herlina, S.E., M.T., as the head of the committee, Dr. Bram Hadianto, S.E., M.Si., as the contact person between the committee and the school, Ika Gunawan, S.E., M.M as the committee member for consumption, Dr. Peter, S.E., M.T. and Martalena, S.E., M.M., as the committee member for the training substance, and Dini Iskandar, S.E., M.M. as the secretary.Meanwhile, the five undergraduate students as assistants are Laurensia Vina, Shierly Valencia Dewi, Septhani Santi, Adelya Nurita, and Valeria.Before the event, they write questionnaire items on a Google form, generate its link, and prepare a template for an auto-generated certificate.During the event, they take pictures for each section.After the event, they upload the related videos on YouTube.This community service is conducted in four stages.Firstly, the committee members, including the lecturer, go to Cirebon to coordinate with a teacher handling this meeting on October 14, 2022.This visit is used to know who the relevant participants are.After considering the themes delivered in this community service, the teacher decides these substances are appropriate for 40 students in the eleventh grade taking social science: 19 males and 21 females.Secondly, the committee members propose the rundown to the teacher.After discussion, the final rundown is created, as the first table demonstrates.
Then, they check the room and its supporting facilities, such as projectors and sound systems.Fortuitously, the room and its facilities are acceptable.The third is the execution.In this stage, lecture, discussion, and simulation are utilized.According to Kaur (2011), the lecture is a one-way teaching method where the instructor verbally presents the substances to the learners.The dialog facilitates the instructor to stimulate the students to comment on his or her presentation.Meanwhile, simulation is defined by Jones and Barrett (2017) as conditional creation by a lecturer where students experience a specific event.Finally, to evaluate the effectiveness of the service to the community, the precise answers of the students based on financial literacy items by referring to Lusardi and Mitchell (2009) is used as the final step.In other words, this financial literacy training is successful if at least 60%-79% of students can correctly answer at a medium level, based on Chen and Volpe (1998), still higher than 38.03%, as the 2019 national financial literacy level in Indonesia (Financial Service Authority, 2019).

RESULTS AND DISCUSSION
In the first section, the financial literacy and risk profile were presented by Herlina, S.E., M.T. (Figure 1).The substances were delivered by lecture and discussion.At the end of the first section, the students from committee members of the service to the community distributed the paper-based questionnaire containing six items of the risk profile based on the Financial Planning Standards Board to the participants.Then, their answers were calculated to determine their risk profile: aggressive, moderate, and conservative.II).Furthermore, students with: 1.A conservative risk should place their money in a time-deposit account, government bonds, and fixed-income and money-market mutual funds.
2. A moderate risk should put their funds in blue-chip stocks and mixed mutual funds.
3. An aggressive risk profile should invest their money in stocks and share mutual funds in the capital market.In the second section, Martalena, S.E., M.M. asked the students to download and install the virtual simulation platform from the Google play store on their smartphones.After that, she explained how to buy shares between 9.30 to 10.00 AM based on the imaginary money established and sell them between 11.15 and 11.25 on this installed platform (Figure 2a).This action is aimed at equipping the students with trading experience.In the third section, Dr. Peter, S.E., M.T., became the speaker on investment planning from 10.00 to 11.15 AM (Figure 2b).He utilized the lecture technique based on the associated substances and discussion method.This action functioned to enlarge students' knowledge about the various investment instruments, i.e., fixed assets and money and capital market instruments.Besides, it directed them to plan the selection of investments.After the materials for investment planning were delivered, other questionnaire items in the study of Lusardi and Mitchell (2009) were distributed by link.This action aimed to assess the financial literacy level after the students were trained.The test of this literacy covers five essential questions and eight complicated ones.Furthermore, the percentage of accurate answers is calculated.Based on it, the literacy position of students can be classified and determined based on Chen and Volpe (1998): low, medium, and high.Based on the observation from the primary data, the number of students filling in the financial literacy item is 38, where the correct answers based on the total students and their portion are displayed in Table III.From Table III, the number of students with accurate answers to basic literacy questions is between 60.53% and 78.95%.
The portion of advanced literacy questions is from 63.16% to 78.95%.By denoting Chen and Volpe (1998), the students have a middle level because these ranges are between 60% and 79%.This circumstance demonstrates the successful meeting of this community service because this attained level is above 38.03% of the national financial literacy level in 2019 in Indonesia.

CONCLUSION
The purpose of this service to the community is to know the financial literacy level of the students and their risk profile.
Moreover, the students becoming the analysis target are from the Christian senior high school 1 of BPK Penabur in Cirebon.
From the obtained and processed data, approximately, students have a medium level of financial literacy, reflected by accurate answers to basic literacy questions between 60.53% and 78.95% and advanced literacy questions from 63.16% to

Figure 1 .
Figure 1.The situation during the presentation of financial literacy and risk profile

Figure 2 .
Figure 2. The situation during virtual trading on a smartphone (a) and the condition during the presentation of the investment planning (b)

Table I .
Rundown of the service to the community of financial literacy on October 26, 2022

Table II .
The risk profile of students

Table III .
The number and portion of students with correct answers to the financial literacy question