UNDERSTANDING FINANCIAL LITERACY TOWARDS RETIREMENT
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Published
Sep 26, 2022
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Abstract
Retirement for some people is a fear in itself because many people are not ready to face it. Good and comfortable financial condition before retirement is a syndrome that some people are not ready to retire. Therefore, it is important before entering retirement to understand financial literacy as early as possible to prepare for retirement. The purpose of this study is to dig deeper into the understanding of several state civil servants in the pre-retirement period related to financial literacy in facing retirement. This study uses a qualitative method. Research objects that meet the criteria as informants are 13 people. The research data was carried out by means of observation, interviews and documentation. The research was conducted in Mekarsari Village, Sragen. Retirement is not the end of everything. The results showed that the informants understood financial literacy to prepare for retirement in 3 ways. The first way is frugal living, the second is a budgeting pattern and profit seeker. Financially independent retirement can be achieved if in the preretirement period you manage to set aside your income, have savings and also invest for life supplies in retirement.
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ANNISA, Firda Nur; PRAJAWATI, Maretha Ika; S, Basir.
UNDERSTANDING FINANCIAL LITERACY TOWARDS RETIREMENT.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 8, n. 1, p. 99-108, sep. 2022.
ISSN 2541-3333.
Available at: <http://conferences.uin-malang.ac.id/index.php/iconies/article/view/1771>. Date accessed: 26 apr. 2024.
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References
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Rita, M. R & Santoso, B. 2015. Literasi Keuangan dan Perencanaan Keuangan pada Dana
Pendidikan Anak. Jurnal Ekonomi. Vol. 20 No. 2 (2015): July 2015.
Rudzinska-Wojciechowska, Joanna. 2017. If You Want to Save, Focus on the Forest Rather
than on Trees. The Effects of Shifts in Levels of Construal on Saving Decisions. PLoS
ONE 12: e0178283.
Safitri, R,B. (2013). Kesiapan menghadapi pensiun ditinjau dari Peran Gender Karyawan. ISSN-
2301-8267, Vol.01 No.02.
Topa, Gabriela, Gregg Lunceford, and Richard E. Boyatzis. 2018a. Financial Planning for
Retirement: A Psychosocial Perspective.Frontiers in Psychology.
Van Rooij, Maarten, Annamaria Lusardi, and Rob J. M. Alessie. 2012. Financial Literacy,
Retirement Planning and Household Wealth. The Economic Journal 122: 449–78.
Yunita dan Wijayanti.2021. Pengelolaan Keuangan Pensiun Kepada Alumni Bidan. Jurnal
Adimas UBJ.
Australia. Numeracy Advancing Education in Quantitative Literacy. Volume 6, Issue 2.
Ando, Modigliani, F. (1963). The life cycle hypothesis of saving: Aggregate implications and
tests. American Economic Review, 55-84.
Barbić, D., Palić, I., & Bahovec, V. (2016). Logistic regression analysis of financial literacy
implications for retirement planning in Croatia. Croatian Operational Research Review,
7(2), 319-331.
Bloom, D., D. Canning, and P. Malaney (2000) Demographic Change and Economic Growth in
Asia. Population and Development Review 26 (Supplement), 257–290.
Bovenberg, L ., Koijen, R., Nijman, T & Teulings, C. 2007. Saving and Investing Over the Life
Cycle and the Role of Collective Pension Funds. De Economist volume 155, pages347–
415 (2007).
Dvorak, T., & Hanley, H. (2010). Financial literacy and the design of retirement plans. The
Journal of Socio-Economics, 39(6), 645-652.
Gallego-Losada, Rocío, Antonio Montero-Navarro, José-Luis Rodríguez-Sánchez, and Thais
González-Torres. 2022. Retirement Planning and Financial Literacy, at the Crossroads. A
Bibliometric Analysis. Finance Research Letters 44: 102109.
Ghadwan, Ahmad,Wan AhmadWan Marhaini, and Mohamed Hisham Hanifa. 2022. Financial
Planning for Retirement Models: An Integrative Systematic Review. Risks. 10: 104.
https://doi.org/10.3390/ risks10050104.
Handayani, Y. ( 2007). Post Power Syndrome pada Pegawai Negeri Sipil yang Mengalami
Masa Pensiun. Fakultas Psikologi Universitas Gunadharma
Klapper, L., & Panos, G. A. (2011). Financial literacy and retirement planning: the Russian case.
The World Bank.
Hutabarat, Agung Satria Setyawan, and Chandra Wijaya. 2020. Analysis the Effect of Financial
Literacy on Financial Planning for Retirement (Case Study Lecturers and Administrative
Staffs in Universitas Indonesia. International Journal of Management 11: 741–50.
Ida dan Dwinta. 2010. Pengaruh Locus Of Control, Financial Knowledge, Income terhadap
Financial Management Behavior. 131- 144. Jurnal Bisnis Akuntansi.
Kapoor, J., Dlabay, L., & Hughes, R. (2007). Personal finance (8th ed.). McGraw-Hill, New York
Klapper, Leora, and Annamaria Lusardi. 2020. Financial Literacy and Financial Resilience:
Evidence from Around the World. Financial Management 49: 589–614.
Jappelli, T & Padula, M. 2015. nvestment in financial literacy, social security, and portfolio
choice. October 2015. Journal of Pension Economics and Finance 14(4):369-411.
DOI:10.1017/S1474747214000377.
Laamanen, M & Wahlen, S. 2015. Consumption, lifestyle and social movements. September
2015. International IJC 39(5):397-403. DOI:10.1111/ijcs.12237.
Larisa, L. E., Anastasia, N & Wijaya. S. Female workers' readiness for retirement planning: an
evidence from Indonesia. August 2020. Review of Behavioral Finance ahead-ofprint(ahead-of-print). DOI:10.1108/RBF-04-2020-0079.
Liman ,N., & L.P.Hananto. 2009. Financial Planning Determination of Retirement Fund For
Indonesian People: The Significant of Expense Ratio. Journal of Applied Finance and
Accounting, 247.
Lusardi, A & Mitchell, O.S. 2011. Financial Literacy around the World: An Overview. Working Paper.
NBER. WORKING PAPER 17107. DOI 10.3386/w17107 ISSUE DATE June 2011.
Modigliani, Franco, and Richard H. Brumberg, 1954, “Utility analysis and the consumption
function: an interpretation of cross-section data,” in Kenneth K. Kurihara, ed.,
PostKeynesian Economics, New Brunswick, NJ. Rutgers University Press. Pp 388–436
Niu, G., Zhou, Y., & Gan, H. (2020). Financial literacy and retirement preparation in China.
Pacific-Basin Finance Journal, 59, 101262.
Palací, Francisco, Irene Jiménez, and Gabriela Topa. 2018. Too Soon toWorry? Longitudinal
Examination of Financial Planning for Retirement Among Spanish AgedWorkers. PLoS
ONE 13: e0209434.
Pangeran, P. 2013. Praktik Perencanaan Keuangan: Studi Empiris Tentang Sikap dan Perilaku
Keuangan Rumah Tangga Desa. KINERJA Volume 17, No.2, Th. 2013 Hal. 197-216.
Papalia, D. E., Olds, S. W & Feldman, R. D. 2009. Human Development. Jakarta. Salemba
Humanika.
Prastiti, H. (2005). Studi Deskriptif Kecemasan Dalam Mengahdapi Masa Pensiun Pada Guru
SD di Kelurahan Sardonoharjo Kecamatan Ngaglik Sleman yogyakarta. Universitas
Sanata Dharma. Yogyakarta.
Rita, M. R & Santoso, B. 2015. Literasi Keuangan dan Perencanaan Keuangan pada Dana
Pendidikan Anak. Jurnal Ekonomi. Vol. 20 No. 2 (2015): July 2015.
Rudzinska-Wojciechowska, Joanna. 2017. If You Want to Save, Focus on the Forest Rather
than on Trees. The Effects of Shifts in Levels of Construal on Saving Decisions. PLoS
ONE 12: e0178283.
Safitri, R,B. (2013). Kesiapan menghadapi pensiun ditinjau dari Peran Gender Karyawan. ISSN-
2301-8267, Vol.01 No.02.
Topa, Gabriela, Gregg Lunceford, and Richard E. Boyatzis. 2018a. Financial Planning for
Retirement: A Psychosocial Perspective.Frontiers in Psychology.
Van Rooij, Maarten, Annamaria Lusardi, and Rob J. M. Alessie. 2012. Financial Literacy,
Retirement Planning and Household Wealth. The Economic Journal 122: 449–78.
Yunita dan Wijayanti.2021. Pengelolaan Keuangan Pensiun Kepada Alumni Bidan. Jurnal
Adimas UBJ.