Kesejahteraan Keuangan Keluarga Usia Pensiun: Literasi Keuangan, Perencanaan Keuangan Hari Tua, dan Kepemilikan Aset
Abstract
This study aims to analyze the effect of financial literacy, retirement planning, and asset ownership on family’s financial wellbeing at retirment age. Sample in this research was 120 families with a husband or wife in retiress age (55-65 years old) as a respondent. Respondents were chosen purposively, 60 respondents in each urban and rural area. The research did in Bandar Lampung city as an urban area and Pringsewu district as a rural area. Data were analyzed using descriptive analysis, a independent sample t-test, and multiple linear regression. The result showed that level of education, job status, and average of income were different significant between urban and rural area, and average of the family in urban area was higher than rural area. Index average of financial literacy and financial well-being in rural area was lower than urban area. Percentage of retirement planning ownership of respondent’s in urban area was higher than respondents in rural area. Average of asset ownership (material asset and financial asset) also higher in urban than rural area. The factors that have positive significant effect on family’s financial wellbeing at retirees age were region, education, financial literacy, and retirement planning.
References
Adam, A.M., Frimpong, S., Boadu, M.O. (2017). Financial literacy and financial planning: implication for financial well-being of retirees. Business and Economic Horizons. 13(2):224-236
Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., Evanoff, D.D. (2015). Financial literacy and financial planning evidence from India. Journal of Housing Economics. 15, (6):1-52 Doi: http://dx.doi.org/10.1016/j.jhe.2015.02.003
Agnew, J., Bateman, H., Thorp, S. (2013). Financial literacy and retirement planning in Australian. Australian School of Business Working Paper. 1-23
Amorim, S.M., Franca, L.H., Valentini, F. (2017). Predictors of happiness among retired from urban and rural areas in Brazil. Psicologia: Reflexão e Crítica 30:2 pp:1-8
Amelia, R. (2017). Analisis kepemilikan perencanaan keuangan hari tua pada tenaga kerja di Kota Bogor (Tesis). Institut Pertanian Bogor, Bogor, Indonesia
Anderson, A., Baker, F., Robinson, D.T. (2016). Precautionary savings, retirement planning, and misperceptions of financial literacy. Journal of Financial Economics (2017). 1-42, doi: 10.1016/j.jfineco.2017.07.008
Aryeetey, E. (2004) Household asset choice among the rural poor in Ghana. Institute of Statiscal, Social and Economic Research. Paper presented at Workshop for the Project on Understanding Poverty in Ghana. Pp:1-23 Diambil dari https://www.ircwash.org/sites/default/files/Aryeeta-2004-Household.pdf
Atkinson, A. Messy, F. (2012), Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study.OECD WorkingPapers on Finance, Insurance and Private Pensions, 15, OECD Publishing, Paris. http://dx.doi.org/10.1787/5k9csfs90fr4-en
Badan Pusat Statistik. (2017). Indeks kebahagian Indonesia tahun 2017. BPS: Indonesia
Bae, M., Hanna, S., Lindamood, S. (1993). Patterns of overspending in U.S. households. Financial Counseling and Planning, 4:11-30.
Barnard, A. (2016). Sense of coherence: A distinct perspective on financial well-being. Sajems NS19 (2016). 4: 647-660
Beckmann, E. (2013). Financial literacy and household savings in Romania. Numeracy: 6(2):1-22DOI: http://dx.doi.org/10.5038/1936-4660.6.2.9
Befort, C.A., Nazir, N., Perri, M.G. (2012). Prevalence of obesity among adults from rural and urban areas of the United States: Findings from NHANES (2005-2008). The Journal of Rural Health. 28:392-397
Behrman, J.R., Mitchell, O.S., Soo, C.K., Bravo, D. (2013). How financial literacy affects household wealth accumulation. Am Econ Rev. 102(3):300-304
Belen, J., McManus, D.P., Yue, S.L., Zheng, Y.Z., Li, P.Y., Utzinger, J., ... Raso, G. (2010). Comparison of two approaches wealth via an asset-based index in rural and peri-urban settings of Hunan province, China. Emerging Themes in Epidemiology. 7(7):1-17
Boisclair, D., Lusardi, A., Michaud, P.C. (2014). Financial literacy and retirement planning in Canada. GFLEC Working Paper Series. Pp:1-29
Brown, S., Gray, D. (2014). Household finances and well-being: an empirical analysis of comparison effects. Discussion Paper.8530:1-37. Paper presented at The IZA research
Brucker, E., Leppel, K. (2013). Retirement plans: Planners and Nonplanners. Education Gerontology, 39:1-11
Bruggen, E.C., Hogreve, J., Holmlund, M., Kabadayi, S., Lofgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research.. 1-10. http://dx.doi.org/10.1016/j.jbusres.2017.03.013
Clark, R.L., Morrill, M.S., Allen, S.G. (2012). The role of financial literacy in determining retirement plans. Economic inquiry. 50(4):1-16
Chen, J., Shiho,.,, Kiyoko, K.,(2010). Factors related to well-being among the elderly in urban China focusing on multiple roles. bioScience Trends; 4(2):61-71
Chu, Z., Wang, Z., Xiao, J.J., Zhang, W. (2016). Financial literacy, portofolio choice, and financial well-being. Social Indicators Research. DOI: 10.1007/s11205-016-1309-2
Consumer Financial Protection Bureau. (2015). Financial well-being: The goal of financial education. Iowa City, IA.
Davey, J.A. (2002). Active ageing and education in mid and later life. Ageing and Society. 22(01):95-113
Donnelly, G., Iyer, R., Howell, R.T. (2012). The big five personality traits, material values, and financial well-being of self-described money managers. Journal of Economic Psychology. 33:1129-1142
Dhir, S. (2011). Trends in saving and investment pattern: a comparison or rural and urban middle class families of Ludhiana District (Tesis). Punjab Agricultural University, Ludihiana, India
Elder, H.W,, Rudolph, P.M. (1999). Does retirement planning affect the level of retirement satisfaction?. Financial Services Review. 8:117-127.
França, L.H. (2004). Attitudes towards retirement: a cross-cultural study between New Zealand and Brazilian executives (Thesis). New Zealand: The University Of Auckland
Fisher, M., Weber, B.A. (2004). Does economic vulnerability depend on place of residence? Asset poverty across Metropolitan and Nonmetropolitan areas. The review of regional studies, 34(2):137-155
Folk, J.Y., Beh, L.S., Baranovich, D.L. (2012). Financial education: determinant of retirement planning in Malaysia. Journal of Business Management and Economics. 3(2):69-78
Garman, E.T., Forgue, R.E. (1994). Personal Finance 4th Edition. USA: Houghton Mifflin Company
Gerrans, P., Speelman, C., Campitelli, G. (2014). The relation between personal financial wellness and financial wellbeing: A structural equation modelling approach. J Fam Econ Iss. 35:145-160
Gray, G.R., Ventis, D.G., Hayslip, B.Jr. (1992). Socio-cognitive skills as a determinant of life satisfaction in aged persons. International Journal of Aging and Human Development. 35(3):205–218.
Greninger, S.A., Hampton, V.L., Kitt, K.A., Achacoso, J.A. (1996). Ratios and benchmarks for measuring the financial well-being of families and individuals. Financial Services Review. 5(1):57-70
Hakim, F.A., Sunarti, E., Herawati, T. (2014). Manajemen keuangan dan kepuasan keuangan istri pada keluarga dengan suami istri bekerja. Jurnal Ilmu Keluarga dan Konsumen. 7(3):174-182
Helman, R., Copeland, C, VanDerhei, J. (2010). The 2010 RetirementConfidence Survey: Confidence Stabilizing, But Preparations Continue to Erode,Issue Brief, Employee Benefit Research Institute 340:1-45
Hershey, D.A., Henkens, K., van Dalen, H.P. (2010). Aging and financial planning for retirement: interdisciplinary influences viewed through crosscultural lens. International Journal of Aging & Human Development, 70:1–38. http://dx.doi.org/10.2190/AG.70.1.a.
Hira, T.K., Mugenda, O.M. (1998). Predictors of financial satisfaction: differences between retirees and non-retirees. Financial Counseling and Planning, 9(2):75-84.
Hsiao, Y.J., Chen, J.T., Liao, C.F. (2016). The relationship between financial literacy and retirement planning. Journal of Management. 33:311-335.
Hsu, H.C. (2010). Trajectory of life satisfaction and its relationship with subjective economic status and successful aging. Social Indicators Research, 99:455– 468.
Ibrahim, D., Isa, Z.M.,Ali N. (2012). Malaysian saving behaviour towards retirement planning. International Conference on Economic Marketing and Management. 28:102-105
Jamaludin, N. (2012). Individual retirement saving behaviour: evidence from Malaysia (Thesis). Edith Cowan University, Perth, Australia
Joo, S.H., Grable, J.E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues. 25(1):25-50
Joo, S.H., Pauwels, V. (2014). Factors affecting workers’ retirement confidence: A gender perspective. Journal of Financial Counceling and Planning. 13(2):1-10
Katchova, A.L. (2008). A comparison of the economic well-being of farm and nonfarm households. American Journal of Agricultural Economics, 90(3):733-747.
Klapper, L., Panos, G.A., (2011). Financial literacy and retirement planning: the Russian case. Journal of Pension Economics and Finance. 10(04):599-618
Kubicek, B., Korunka, C., Raymo, J.M., Hoonakker, P. (2011). Psychological wellbeing in retirement: the effects of personal and gendered contextual resources. Journal of Occupational Health Psychology, 16:230–246. http://dx.doi.org/10.1037/a0022334.
Krause, N. (1991). Stressful events and life satisfaction among elderly men and women. Journal of Gerontology, 46 (2):584–592.
Lee, G.R., Lassey, M.L. (1980). Rural-urban differences among the elderly: economic, social, and subjective factors. Journal of Social Issue. 36(2):62-74
Lersch, P.M. (2017). Individual wealth and subjective financial well-being in marriage: resource integration or separation?. Journal of Marriage and Family. 79(5):1-13
Liu, L., Guo, Q. (2008). Life satisfaction in a sample of empty-nest elderly: a survey in the rural area of a mountainous county in China. Quality Life Research, 17:823–830.
Lusardi, A., Mitchell, O. (2007). Financial literacy and retirement planning: New Evidence from the Rand American life panel. Working Paper. 2007-157:1-32
Lusardi, A. (2015). Financial literacy skills for the 21st century: Evidence from PISA. Journal of Consumer Affairs. 49 (4):639-659
Lusardi, A., Mitchell, O.S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finances. 10:509-525
Lusardi, A., Mitchell, O.S. (2013). The economic importance of financial literacy: Theory and evidence. Pension Reseacrh Council Working Paper. Philadelphia (USA)
Lusardi, A., Mitchell, O.S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature. 52(1):5-44
Lyons, A.C., Palmer, L., Jayaratne, K.S.U., Scherpf, E. (2006). Are we making the grade? A national overview of financial education and program evaluation. TheJournal of Consumer Affairs, 40(2):208-235.
Mahdzan, N.S., Mohd-Any, A.A., Chan, M.K. (2017). The influence of financial literacy, risk aversion and expectations on retirement planning and portofolio in Malaysia. Gajah Mada International Journal of Business. 19(3):267-288
Malone, K., Stewart, S.D., Wilson, J., Korsching, P.F. (2010). Perceptions of financial well-being among American women in diverse families. Journal of Family and Economic Issues. 31(1):63–81
Martin, M. (2007). A literature review on the effectiveness of financial education. Working Paper Series. The Federal Reserve Bank of Richmond. 07:1-27
Mayer, R.N., Zick, C.D., Marsden, M. (2011). Does calculating retirement needs boost retirement savings?. Journal of Consumer Affair. 45(2):175-200
Mukku, S.S.R., Harbishettar V., Sivakumar, P.T. (2018). Psychological morbidity after jot retirement: A review. Asian Journal of Psychiatry (2018), https://doi.org/10.1016/j.ajp.2018.08.003
Muskhudiani, N. (2014). Estimation of household income based on asset ownership. Statistics Netherlands. Discussion Paper 2014 (01):1-25
Noone, J.H., Stephens, C., Alpass, F.M. (2009). Preretirement planning and well-being in later life: A prospective study. Research on Aging. 31(3):295-317
Noone, J.H. (2010). Psychological and socioeconomic factors influencing men and women‟s planning for retirement(Thesis). Massey University, New Zealand
Norvilitis, J.M., Szablicki, P.B., Wilson, S.D. (2003). Factors influencing levels of creditcard debt in college students. Journal of Applied Social Psychology. 33(5):935–947.
O'Neill, B., Sorhaindo, B., Xiao, J.J., Garman, E.T. (2005). Financially distressed consumers: Their financial practices, financial well-being, and health. Financial Counseling and Planning, 16(1):73–87.
Otis, N. (2016). Subjective well-being in China: Association with absolute, relative, and perceived economic circumtances. Soc Indic Res 132:885-905
Otoritas Jasa Keuangan [OJK]. (2016a). Seri Literasi Keuangan Segmen Pensiunan, Hidup Sejahtera Saat Pensiun. OJK, Jakarta, Indonesia
Otoritas Jasa Keuangan [OJK]. (2016b). Seri Literasi Keuangan Segmen Pensiunan, Masa Tua Lebih Nyaman dengan Bank. OJK, Jakarta, Indonesia
Prawitz, A.D., Garman, E.T., Sorhaindo, B., O’Neill, B., Kim, J., Drentea, P. (2006). Incharge financial distress/financial well-being scale: development, administration, and score interpretation. Financial Counseling and Planning. 17(1):34-50
Rajola, F., Frigerio, C., Parrichi, M. (2010). Financial well-being in active ageing. Active Ageing and Healthy Living. 69-77. doi:10.3233/978-1-61499-425-1-69
Schellenberg, G., Turcotte, M., Ram, B. (2005). Preparing for retirement. Canadian Social Trends. 78:8-11
Schwartz, A.N. (1974). Retirement: termination or transition. Geriatrics, 29(5), 190-198
Sulastri, S, Hartoyo. (2014). Pengaruh dukungan sosial dan strategi nafkah terhadap kesejahteraan subjektif keluarga usia pensiun. Jurnal Ilmu Keluarga dan Konsumen. 7(2):83-92
Taft, M.K., Hosein, Z.Z., Mehrizi, S.Y.T., Roshan, A. (2013). The relation between financial literacy, financial wellbeing, and financial concerns. International Journal of Business and Management. 8:63-75
Tamimi, A.H., Kalli, A.B. (2009). Financial literacy and investment decisions of UAE investors. TheJournal of Risk Finance, 10(5):500-516
Tatom, J.A. (2010). Financial wellbeing and some problems in assessing its link to financial education. Working Paper. Networks Financial Institute, Indiana State University. 03:1-16
Topa, G., Moriano, J.A., Depolo, M., Alcover, C.M.,Morales, J.F. (2009). Antecedents and consequences of retirement planning and decision-making: A meta-analysis and model. Journal of Vocational Behavior. 75(1):38-55
Van Rooij, Maarten, Lusardi, A., Alessie, R. (2009). Financial literacy and retirement planning in the Netherlands. DNB Working Papers 231. Netherlands Central Bank.
Vosloo, W., Fouche, J., Barnard, J. (2014). The relationship between financial efficacy, satisfaction with renumeration and personal financial well-being. International Business and Economic Research Journal. 13(6):1455-1470
Voydanoff, P. (1990). Economic distress and family relations: A review of the eighties. Journal of Marriage and the Family. 52:1099-1115.
Walson, C.O., Fitzsimmons, V.S. (1993). Financial manager’s perception of rural household economic well-being: Development and testing of a composite measure. Journal of Family and Economic Issues, 14(3):193-215.
Xiao, J.J. (1996). Effects of family income and life cycle stages on financial asset ownership. Journal of Financial Counseling and Planning. 21-30
Zhu-Sams, D. (2004) Will pre-retirement planning affect post-retirement experience?. Papers for the Western Family Economics Association. 19:51-57
Copyright (c) 2019 Jurnal Ilmu Keluarga & Konsumen
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors submitting manuscripts should understand and agree that copyright of manuscripts published are held Jurnal Ilmu Keluarga & Konsumen. The statement to release the copyright to Jurnal Ilmu Keluarga dan Konsumen is stated in Copyright Release Form. Copyright encompass exclusive rights to reproduce, to distribute, and to sell any part of the journal articles in all form and media. The reproduction of any part of this journal is allowed with a written permission from Jurnal Ilmu Keluarga dan Konsumen.
