Financial Literacy and Retirement Savings Ownership

Adiandari, Ade Maharini and Amrita, Nyoman Dwika Ayu and Winata, Hendra (2018) Financial Literacy and Retirement Savings Ownership. In: The 3rd GCBME “Creating Innovative and Sustainable Values-added Businesses in the Disruption Era".

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Abstract

This study aims to determine the relationship of financial literacy and retirement savings ownership. This study also tests whether socio-economic characteristics, such as marital status, number of children, tenure of employment, and amount of monthly income can affect a person’s decision to own retirement savings for future prosperity. The research method is quantitative, using Spearman correlation test with the sample number of 170 employees from a state owned bank (BUMN) in Payakumbuh, West Sumatra, Indonesia. Results showed that only number of children and tenure of employment of the socio�economic characteristics that have relationship with retirement savings ownership, while marital status and amount of monthly income have no relationship with retirement savings ownership. Moreover, results show that financial literacy has a relationship with retirement savings ownership. Hence, improving financial knowledge, especially those directly related to retirement savings, is necessary, along with its early planning and membership, to in-crease penetration and density of retirement savings in Indonesia

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