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This study aims to examine financial socialization based on augmented reality (AR) technology for elementary school students, which it is hoped will improve their sharia financial knowledge.

The experimental method with pre- and post-test and control groups was used to test the improvement in the young learners’ sharia financial knowledge. This study used AR for sharia financial socialization on elementary school students and focused on sharia’s basic concepts, which include earning money, balanced spending, borrowing, saving, investment, payment methods, financial technology and the concept of protection.

This study finds empirical evidence that the treatment group, who received sharia financial socialization via the AR media, increased their sharia financial knowledge to a greater extent than the control group did.

This study provides encouraging evidence about the potential of sharia financial education for elementary school students using the appropriate learning strategies and media. The weakness in this study is that it was only carried out in one elementary school, with the children of middle- to upper-income parents. Further research should be undertaken at several schools with the children of parents with different income levels.

A shift in learning styles from verbal or visual to virtual encourages the use of AR-based learning media. Financial concepts can be abstract ones, and AR-based learning media is able to present intangible virtual elements so they become more concrete and tangible.

The global COVID-19 pandemic has affected all aspects. One of the most severe and likely to be multiyear ahead is the financial aspect. Therefore, this research is expected to be a preparation for the younger generation as early as possible to strengthen social benefits in order to improve sharia financial literacy.

Research into the financial literacy, especially sharia financial literacy aimed at elementary school students, is still very limited. The teaching of financial literacy will be more effective if educators use the appropriate strategies and media. This study used financial socialization strategies and AR learning media that are aligned with the learning styles of young learners.

The purpose of this paper is to investigate the process by which the level of immersion in virtual reality-based behavioral simulation (VR-BS) impacts on the non-cognitive and cognitive outcomes. The cognitive outcome is measured using the increase in the level of Sharia financial literacy, while the noncognitive outcome is measured using the behavioral intention to use VR-BS.

The method consists of two parts: First, the development of VR-BS, in the context of sharia financial literacy, using the waterfall model. Second, testing the effectiveness of VR-BS using the theory of interactive media effects framework. The participants were 142 students from three secondary schools (two Islamic religious schools and one public school) in Yogyakarta and Central Java, Indonesia. Partial least squares structural equation modeling was used for testing the hypotheses.

VR-BS creates a perceived coolness and vividness, which in turn has an impact on increasing the participants’ engagement. Also, the use of VR has an impact on natural mapping, which increases a user’s engagement through its perceived ease of use. As predicted, the user’s engagement affects VR’s behavior, mediated by the user’s attitude toward VR media. VR’s interactivity, however, does not impact on the cognitive aspect.

The participants were not randomly selected, as the data were collected during the COVID-19 pandemic. As a result, the majority of the participants had never tried VR before this study. The participants, however, were digital natives.

It is implied from the findings that Islamic financial business actors and the relevant government agencies (e.g. the Indonesian Financial Services Authority [OJK], the Ministry of Education, Culture, Research and Technology and the Ministry of Religious Affairs) should collaborate to best prepare the future generation of ummah by using VR-BS in their joint promotion and education programs. The results of the current study reveal that the use of VR-BS may attract people to engage in Islamic financial activities. By engaging in such activities, or at least engaging in real-life simulations/classes/workshops, people may gradually acquire more knowledge about Islamic finance.

As predicted, the user’s engagement has an impact on behavior toward VR-BS, which is mediated by attitude toward VR-BS.