FINANCIAL LITERACY AND RETIREMENT SAVINGS OWNERSHIP

Adiandari, Ade Maharini and Winata, Hendra FINANCIAL LITERACY AND RETIREMENT SAVINGS OWNERSHIP. Book Series of Taylor_FrancisGroup.

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Abstract

The purpose of this study is to determine the relationship of financial literacy and retirement savings ownership. This study also tested whether socio-economic variables such as marital status, number of children, length of work and monthly income can be a differentiator in a person's decision to have retirement savings in order to achieve future prosperity. The research method is quantitative, using Spearman correlation test with the sample number of 170 employees of State-Owned Bank (BUMN) in Payakumbuh, West Sumatera, Indonesia. The results showed that only the factor of the number of children and the length of work of the socio-economic characteristics had a relationship with the retirement savings ownership, while the factor of marital status and monthly income had no relationship with the retirement savings ownership. This suggests that the factor of child number and length of work is a differentiator in a person's decision to have a retirement savings. Someone who has longer working hours will further encourage him to have a retirement savings, even more if he has had a child. Another result is that financial literacy has a relationship with the ownership of retirement savings. This suggests that the role of basic financial knowledge owned by a person will also encourage him to have retirement savings. For that reason, it is necessary to increase the financial knowledge especially directly related to retirement savings along with the planning and membership as early as possible in order to increase penetration and the density of retirement savings in Indonesia for the welfare of individuals and society. Keywords: Retirement Savings Ownership, Indonesian Socio-Economic Characteristics, Financial Literacy.

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