Purpose of the study: Financial literacy has become one of the important policies of the Indonesia government. The improvement of financial literacy is crucial for a more stable financial system and reduces financial fragility. Our research is to examine levels of financial literacy, to identify determinants of financial literacy and to investigate whether knowledge is followed by financial practices. Methodology: This study employs the survey method, which includes questionnaires sent to

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... icians in Indonesia. Multiple regression analysis (MRA)is used to empirically analyze the relationship between financial literacy and its application in financial decision-making. Main findings: The respondents are financially literate with the same level of financial literacy. Socio-demographic characteristics influence significantly the financial literacy and the capability in cash flow management of the respondents. Further, there is a linkage between the knowledge of financial products (financial literacy) and its application in financial decision-making. Application: It implies that the knowledge about the financial product is very important for creating a high financial literacy society. The Indonesia government needs to run more seriously one of the pillars in the National Strategy for Financial Inclusion through the Ministry of Education. Novelty: Most of the previous studies focused on conventional products, while this study includes both conventional and Islamic financial products. Further, we also consider the application of Islamic (shari'ah) financial practices. We investigate the impact of financial literacy with socio-demographic characteristics on its application in financial decision-making.