FINANCIAL LITERACY AND RETIREMENT PLANNING AMONG WOMEN IN PRODUCTIVE AGE

Authors

  • Subiakto Soekarno School of Business and Management, Institut Teknologi Bandung, Jl. Ganesha 10, Bandung 40132, Indonesia Author
  • Stacia Andani School of Business and Management, Institut Teknologi Bandung, Jl. Ganesha 10, Bandung 40132, Indonesia Author

Keywords:

Financial Literacy, Retirement Planning, Gender Gap, Savings behaviors, Women financial literacy

Abstract

A survey conducted by World Bank Survey [1] shows that Indonesia have a low financial literacy level compared to other countries. We examine Financial Literacy and Saving Behavior among the productive age in Jakarta, the capital city of Indonesia, and see the impact from both aspects to their retirement preparedness. A survey was conducted using questionnaire in Jakarta with 226 respondents. This research diversified respondents into three types of planners: Simple, Serious and Committed Planner following [2] framework. Results of Logistics regression shows that only saving behavior is significantly affect someone for being a simple and Serious Planner while high financial literate people have higher probability to be a Committed Planner. Interestingly, we also found that education and maturity factors such as Marital Status, Age, and having children also affect someone preparedness for being a planner. The results also show women are lower in financial literacy level and retirement planning preparedness compared to men.

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Published

2022-01-30

How to Cite

Soekarno, S., & Andani, S. (2022). FINANCIAL LITERACY AND RETIREMENT PLANNING AMONG WOMEN IN PRODUCTIVE AGE. CENTRAL ASIA AND THE CAUCASUS, 23(1), 5078-5091. https://ca-c.org/CAC/index.php/cac/article/view/534

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