ANALYSIS THE EFFECT OF FINANCIAL LITERACY ON FINANCIAL PLANNING FOR RETIREMENT (CASE STUDY LECTURERS AND ADMINISTRATIVE STAFFS IN UNIVERSITAS INDONESIA)

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International Journal of Management (IJM)
Volume 11, Issue 5, May 2020, pp. 741-750, Article ID: IJM_11_05_066
Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=5
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ISSN Print: 0976-6502 and ISSN Online: 0976-6510
DOI: 10.34218/IJM.11.5.2020.066
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ANALYSIS THE EFFECT OF FINANCIAL
LITERACY ON FINANCIAL PLANNING FOR
RETIREMENT (CASE STUDY LECTURERS AND
ADMINISTRATIVE STAFFS IN UNIVERSITAS
INDONESIA)
Agung Satria Setyawan Hutabarat
Department of Business Administration, Faculty of Administrative Science,
Universitas Indonesia, Kampus UI, Depok 16424, Jawa Barat, Indonesia.
Chandra Wijaya*
Department of Business Administration , Faculty of Administrative Science,
Universitas Indonesia, Kampus UI, Depok 16424, Jawa Barat, Indonesia.
*Corresponding Author E-mail: wijaya@ui.ac.id
ABSTRACT
This study is to analyze the level of financial literacy and retirement preparation
on lecturers and administrative staffs at the Universitas Indonesia and analyze the
effect of financial literacy on retirement planning. This study uses a simple linear
regression. The study was conducted on 120 respondents consist of lecturers and
administrative staffs at the Universitas Indonesia. The results of this study are the
level of financial literacy in respondents is less literate and the level of retirement
preparation at the medium level. So it was found there was an influence of financial
literacy on retirement planning on lecturers and administrative staffs in Universitas
Indonesia
Key words: retirement planning, financial literacy, financial behavior
Cite this Article: Agung Satria Setyawan Hutabarat and Chandra Wijaya, 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 (5), 2020, pp. 741-750.
http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=5
1. INTRODUCTION
Having a long period when working and during retiring indicates an endless living for
material necessity. For workers they have to work to satisfy their needs. This is different for

Analysis the Effect of Financial Literacy on Financial Planning for Retirement (Case Study Lecturers
and Administrative Staffs in Universitas Indonesia)
retirees. Retirees will not work but still have to satisfy the usual needs. Satisfying the needs
becomes a doubt for some people after retirement because when someone has retired, no
longer has same income when working productively. Indonesia National Statistics noticed
that almost all workers in Indonesia less in welfare and doubts for the ability to satisfy the
needs. Welfare can be seen from the indication of national income per capita. According to
the Indonesia National Statistics, still many people have incomes below standard (Indonesia
National Statistics, 2018).
Retire means stop working and enjoy well financial life. The fact is retirees do not fully
enjoy retirement because they do not leave their job, but only change to other job. The reason
for this matter is to avoid post power syndrome, look for existence, social, physical, spiritual
aspects, and retirement / financial needs. Financial condition after retirement becomes a scary
topic because retire would be a fear of missing out. Research shows that there are 2.2% in the
pre-test and 11% in the post-test, workers who were convinced that their needs were
financially secure in the future (El-din, Mohamed, & Maged, 2012). According to research
conducted by Indonesia Financial Services Authority (2017), only 31.1% of Indonesian labor
are confident that they can manage their finances in the future.
The gap between income per capita and the worker's welfare showed from the average
income or amount and also the unpreparedness with lack of confidence for facing retirement,
especially in financial matters, so it is necessary to have good financial management while
productive age so that the financial allocation is carried out appropriately. Financial
management requires good financial planning including the use of expenditure resources, risk
management, and the preparation of retirement planning. Financial planning in Indonesia has
been supported by various financial institutions engaged in managing pension funds. The
support showed by the allocation of funds provided by several financial fund management
institutions and the number of financial institutions that manage pension funds is sufficient
and adequate.
The financial services industry has create awareness and provide opportunities for workers
in obtaining old age savings or retirement investments. From 2013-2016 funds provided by
the industry of financial services around IDR 157.6 Trillion to IDR 228.8 Trillion. The
number of institutions of financial services that manage the pension fund sector is 248
institutions. That evidence proved that the offices of financial service institutions support
Indonesians managing their pension funds and show how much they care about the
importance of managing pension funds. To indicate the level of preparation for retirement in
Indonesia, Indonesia National Statistics (2018) argue that Indonesia is in the low level. They
find that, there are 17.8 million old-age formal workers, but only 21% or just only 3.7 million
people have retirement planning.
Financial Services Authority states that pension fund participants in Indonesia in 2018 are
4.63 million, this amount increase from 2017 which is from 4.45 million. The number of
workers registered and involved in retirement planning in 2018 consists of 3.23 million
participants registered in the Financial Institution Pension Fund (DPLK) and 1.39 million
participants registered as participants of the Employer Pension Fund (DPPK). Comparing
with the total number of formal sector workers almost 52.09 million people, show that the
number of participants of the pension funds is 6.2% of the total formal sector workers.
(Financial Services Authority, 2017)
Through the results of the Firdaus survey as the Chief Executive of the Non-Bank
Financial Industry Supervisor, said that the level of pension fund ownership by formal
workers was still low due to the lack of knowledge to pension plans and programs (Financial
Services Authority, 2017)

Agung Satria Setyawan Hutabarat and Chandra Wijaya
Carpena, et al., (2011) noticed that financial education affects awareness and attitude
towards financial products and the use of various financial planning instruments available.
OECD (2006) states that if people lack of financial literacy, people will get difficult on
choosing suitable savings or investments for their conditions.
According to new research in measuring Indonesia financial services institutions
knowledge in 2013 and 2016, the results is only 19.0% of total workers in 2013 and 22.4% in
2016 who has knowledge of the pension fund institutions. The labor trust in pension fund
Institutions in Indonesia is 17.4%. The level of national financial literacy regarding pension
funds in 2016 was 10.91%, this report is an increase from the results since previous studies in
2013 which only reached 7.1% which shows that there are only 7 out of 100 people who just
know about pension fund literacy. Also, the pension fund inclusion index in 2016 was 4.66%,
an increase from 2013 with only 1.5%. (Financial Services Authority, 2017)
Financial literacy that affects retirement planning also includes the lecturers and
administrative staffs. The subject of lecturers and administrative staffs is one that attracts
attention and important to be studied in research related to financial planning. Lecturers and
administrative staffs are already at 23 years old and actively worked, so we categorized them
as productive workers, they also receive regulerly income. For lecturers and administrative
staffs who work as government workers are automatically registered in Taspen or retirement
savings by government. Taspen will provide pension fund for 75% from their final salary.
While Lecturers and administrative staffs who are still categorized as not government workers
must find their financial pension funds institutions. The subjects of this study are lecturers and
administrative staffs at the Universitas Indonesia.
Unfortunately Taspen will not provide retirees with full salary. This indicates a reduction
in the amount of salary during retirement. This reseach attempts to further the gap of
decreasing salary with encouragement to get knowledge and behavioral of financial planning
for retirement. So this is what makes the authors interested to know the level of financial
literacy in lecturers and Administrative staffs and how its influence on financial planning also
to analyze the knowledge, attitude and behavior of workers.
2. LITERATURE REVIEW
Literature on Financial Literacy and Retirement Planning was ever conducted by Boisclair et
al., in 2014. Financial literacy and financial planning for retirement are the variables, include
control variables over demographics in his research. The information are obtained through
online surveys of retired workers who are in the age range of 25-64 years. The data has
represented 13 provincial regions in Canada. For workers who gets paid under standard,
country will guarantee their pension fund with 90% of salary while retire. Therefore financial
planning becomes an important thing for those who have above-average income. For those
who have above average income it is recommended to have planned savings. The task force
report contains recommendations for Canada to provide automatically pension fund guarantee
services for every worker. Based on the results of the study, we showed that financial literacy
in Canada is still at a low level but there is an influence of financial literacy on financial
planning for retirement in Canada. (Boisclair et al., 2014). Lusardi et al., (2011) argue in their
study that financial planning for retirement in United States workers are influenced by
financial literacy. Lusardi noticed that Financial planning is a really important thing to do by
everyone who has worked, therefore during work someone must know financial literacy. But
it is different from Sweden where there low influence between financial literacy on financial
planning after retirement. (Almenberg & Jenny, 2011)
Financial planning is a series of strategies in managing the allocation of funds for the
purpose to realize the expectations of finances to be achieved in the future. Preparation will be

done with the earliest possible time, so that it will be easier to achieve the goals that have
been made before and making well financial management. This financial planning strategy
will begin with steps to track financial goals to be achieved, data collection, analysis,
identification of problems, recommendations of financial and product decisions, and help
implement planning and evaluate the results of the planning. (FPSB, 2007)
Agnew et al., (2013) argue that there is a positive relationship between the relationship of
financial literacy and financial planning but it is not strongly correlated in Australia. In their
study "Financial Literacy and Retirement Planning in Australia" people who have difficulty in
applying basic mathematical calculations in life will have difficulty in making planning
decisions and effective financial decisions. The Australian community needs to decide on the
allocation of assets in the pension portfolio, determine the level of savings, evaluate mortgage
product options, or manage credit card debt that makes the individual must have the
knowledge and ability to calculate compound interest and risk provided and knowledge about
return on assets. Individuals must also be able to estimate the results to be received. Without
this ability, individuals will make inadequate decisions to consider their choices. Australia is
an interesting subject because Australia is a developed country that first introduced mandatory
private savings as a major component related to income from the state pension income
system. As a result, almost all Australian adults are required to adapt and familiarize
themselves with the regulation of private and public pension funds. Overall this study found
that the level of financial literacy in Australia is similar to other countries where young
people, women, those with the lowest education, those who do not work, and those who are
not in the workforce show low levels of financial literacy. This study has a population of
600,000 people who have aged 18 years and there are only 1,024 people used as samples. This
research was tested using the measurement of the Big Three. Where the sample is asked about
3 fundamental questions regarding interest rates, inflation, and risk diversification.
Financial Services Authority (2017) on National Strategy of Financial Literation article
states that financial literacy is knowledge, skills, and beliefs that will influence attitudes and
behaviors to improve the quality of decision making and financial management to achieve
prosperity in the future. This is supported by Lusardi’s statement (2007) that financial literacy
will be useful in building welfare. Krishna et al., (2010) in their research argued that financial
literacy will help to avoid financial problems in the future. It will help to avoid having low
income because of errors in management/mismanagement, so that if there is financial
knowledge and financial literacy can help individuals in managing personal financial planning
so that individuals can maximizing the time value of money and the benefits gained by
individuals will be even greater and will improve their life quality.
Various countries pay more attention to the attitudes and financial behavior of individuals
when revising the national strategy of financial literacy. Financial attitudes and behaviors are
illustrated by not only knowing financial literacy, skilled in utilizing, and trusting financial
institutions, products, and services, but there is a transformation of one's financial attitudes
and behavior to be prosperous life-oriented. The reason for the need the financial attitudes and
behavior aspects in financial literacy is that financial literacy programs that rely only on the
knowledge approach cannot change a person's behavior if they do not have the appropriate
attitude and motivation (World Bank, 2016 in the Financial Services Authority, 2017).
In essence the behavior or action is the result of the realization of the attitude. Financial
attitudes and behaviors will help individuals to be able to determine effective financial goals,
have financial planning, financial decision making, and manage finances better to achieve
prosperity. Integrating the essence of this definition into the financial literacy study will
contain a construction framework or research dimension consisting of financial knowledge,
financial attitude, and financial behavior (Chiou, 1998). The conclusion from a study

conducted by Lusardi & Mitchelli (2007) is households with low financial literacy tended to
not make retirement planning. Adams & Rau (2011) in the Financial Services Authority
(2017) argue that financial literacy is an important and major provision in preparing for
retirement.
3. METHODOLOGY
Financial literacy questionnaire were used to provide a clearer understanding of how well
workers knowledge, attitude, and behavior of financial literacy and on preparing retirement.
The population in this study were all lecturers and staff of the Universitas Indonesia. The
sampling technique in this study is simple random sampling. The size of the sample is
determined by using Neuman's theory (2014) in which the minimum sample in the study is
100-5000 samples. In this study the data will be analyzed with SPSS software version 23.0.
We use “mean” as central tendency to determine the level of financial literacy. According
to the Financial Services Authority, financial literacy is divided into 4 levels of financial
literacy. The first level is Well literate, where individuals have knowledge and beliefs about
financial service institutions and financial service products, including features, benefits and
risks, rights, and obligations related to products and financial services. In addition to
knowledge at this level they already can use financial products and services. The second level
is Sufficient literate, having knowledge and beliefs about financial service institutions and
financial products and services. Individuals have also known the details of product features,
the benefits, and risks of the product, the rights and obligations of having a financial product
and service. The third level is Less literate, only knowing financial service institutions,
products, and financial services. The fourth level is Not literate, where individuals do not have
knowledge about financial service institutions including products from financial services, at
this level individuals also cannot use financial products and services. Therefore we are using
the interval in classifying financial literacy at the Universitas Indonesia's lecturers and
administrative staffs by determining the following 4 intervals:
 Mean ≤ 0,25 (Not literate)
 0,25 < mean ≤ 0,50 (Less literate)
 0,50 < mean ≤ 0,75 (Sufficient literate)
 Mean > 0,75 (Well literate)
To analyze the effect of financial literacy variables with financial planning variables in
this study we are using Simple Linear Regression as the model. This analysis aims to test the
influence of one variable with another variable. Authors agree that this model can measure
influence financial literacy with financial planning for retirement. The simple linear
regression equation model is as follows:
Y = a + bX + e
Where :
Y = Financial Planning for Retirement
a = constant
b = Coefficient of Independent Variable
X = Financial Literacy
e = error

There are three hypotheses that can be addresed in this study. The first hypothesis of this
research is:
H01: Lecturers and administrative staffs at the Universitas Indonesia do not have a good
financial literacy
H11: Lecturers and administrative staffs at the Universitas Indonesia have a good financial
literacy
The first hypothesis of this study have been developed by the authors and was empirically
developed from facts that Universitas Indonesia is a place to explore knowledge for students
and other academic community through various platforms provided. It is good formal lecture
curriculum, library provision, information access academic freely and openly and providing
good training soft skill and hard skill. The Universitas Indonesia is also a higher education
institution which was exposed by financial literacy through lectures and seminars held by the
campus.
The second hypothesis of this research is:
H02: Lecturers and administrative staffs at the Universitas Indonesia do not have financial
planning for retirement
H12: Lecturers and administrative staffs at the Universitas Indonesia have financial
planning for retirement
This hypothesis is drawn based on research by Lusardi (2011) Argue that Financial
planning is a really important thing to do by everyone who has worked, therefore during work
someone must know financial literacy.
The third hypothesis of this research is:
H03: There is no an influence of financial literacy on financial planning for the retirement of
the Universitas Indonesia lecturers and administrative staffs.
H13: There is an influence of financial literacy on financial planning for the retirement of the
Universitas Indonesia lecturers and administrative staffs.
This hypothesis is drawn based on research by Adams & Rau (2011) in the Financial
Services Authority (2017) noticed with argument that financial literacy is an important and
major provision in preparing for retirement. Authors will examine these 2 (two) variables as
independent and dependent variables, then processed into analytical model
4. RESULTS AND DISCUSSION
In this section the researcher will show the descriptive statistics from the respondents data
collected. The data presented will be in the form of certain categories such as, sex, last
education, employment status, workplace, type of work. Respondents in this study consisted
of women 57% of the total 120 respondents, while male respondents had a percentage of 43%
of the total 120 respondents which means the number of men was 51 people. The predominant
respondents are female employees. From 120 respondents, the highest number of respondents
is Bachelor education background with 40 respondents. For second place, the educational
background of most respondents was Master degree, with the number of respondents 33
people, the third is high school with 24 respondents, or 20% of the total respondents. The
fourth is Doctoral background with 13 people out of a total of 120 respondents and the least
educational background is Diploma background with 10 people of total 120 respondents.
Respondents who dominated in this study were administrative staffs or commonly
referred to administrative staffs. There were 67% or 81 people out of a total of 120
respondents. As for the type of work, the lecturers is 33% or 39 people. The type of
respondent's employment status consisted of two, Civil Servants and University Employees

bases. The difference of both is the source of income, where for those who are civil servants
comes from the Indonesia Government while those with University Employee status will be
sourced from the Universitas Indonesia's finances. Respondents who dominated in this study
were lecturers status with 67% of respondent or 80 people from a total of 120 respondents. As
for the type of civil servant status as much as 33% or as many as 40 people from a total of 120
respondents. The majority of respondents work in Social Sciences faculty. Respondents who
work in the social faculty consist of 49 people or 40% of the total respondents. Those who
work in natral science and technology faculty are 25% or 29 people from the total
respondents. Then for the health sciences faculty, there were 24 respondents or 20% of the
total respondents and those who worked in other groups are worked in the University
Administration Center (PAU) were 18 respondents or 15% of the total respondents.
Table 1 Level of Financial Literacy of Employees at the Universitas Indonesia
Kategori Average Amount Percentage
Not Literate 0 – 0,25 1 0,9 %
Less Literate 0,26 – 0,50 61 50,8%
Sufficient Literate 0,51 – 0,75 58 48,3%
Well Literate 0,76 – 1 0 0%
Total 120 100%
By using SPSS 23, financial literacy at the Universitas Indonesia lecturers and
administrative staffs is 0.50 which can be concluded that Universitas Indonesia administrative
staffs have less literate level. This finding means the respondent only knows financial services
institutions, financial products, and services. The first hypothesis conclusion regarding
financial literacy is that H11 is rejected, and H01 is accepted, which means that the lecturers
and administrative staffs of the Universitas Indonesia do not have good financial literacy. In
this section, we will present differences in financial literacy based on the demographic
conditions. We found that the average financial literacy of the lecturers and Administrative
staffs was relatively the same. Where the average financial literacy in the lecturers is 0.50
which is categorized in the less literate category and the average financial literacy value of
administrative staffs is 0.50 which is also categorized to the less literate category. This shows
that there is no significant difference of financial literacy in the lecturers and Administrative
staffs.
In this study we found that the average financial literacy both men and women was
relatively same, but men had a higher average than women. Where the average financial
literacy in men is 0.50 which is categorized in the less literate category and the average
financial literacy value for women is 0.49 which is also categorized in the less literate
category. This is relevant to research conducted in various countries such as Canada and
Australia where women have lower financial literacy than men. (Agnew, 2013) This shows
that there is almost no significant difference of financial literacy in male and female lecturers
and administrative staff. We found that the average financial literacy on lecturers and
administrative staffs based on the educational background like Diploma, Bachelor, Master,
Doctoral, and High School had different level, as well as the categorization of financial
literacy. In the educational background of the Diploma, the average value of financial literacy
is 0.50, this number can be categorized into less literate categories. Not too much different
from the level of literacy from bachelor and master degree background which can be
categorized into less literate, where each has an average value 0.49 and 0.48. Then high
school education background also in the category of less literate with an average value of
0.48. In contrast to the educational background of Doctoral who already has a fairly good

financial literacy or in the category of Sufficient literate with an average value of financial
literacy of 0.53. This indicates that employees with an S3 background have knowledge and
beliefs about financial services institutions and financial products and services. In this
category also has detailed product features, benefits, and risks of products, rights, and
obligations if you have financial products and services.
At the demographic level of workplaces in the Social Sciences Faculty, employees have
an average value of financial literacy of 0.49, this number can be categorized into the less
literate category. Not too much different from the level of literacy employees who work in
science and rectorate office which can also be categorized into less literate, each has an
average value of 0.50 and 0.49. Different for those who work in Health Sciences faculty who
already have sufficient financial literacy or in the sufficient literate category with an average
value of financial literacy of 0.51. This indicates that employees who work in Health Sciences
faculty have knowledge and beliefs about financial services institutions and financial products
and services. In this category also has detailed product features, benefits, and risks of
products, rights, and obligations if you have financial products and services.
Table 2 Universitas Indonesia Employee Financial Planning Level
Level of Planning Average Score amount Percentage
(Non Planners) 0-0,50 9 7,5 %
Planners (Low) 0,51-0,66 43 35,83 %
Planners (Medium) 0,67-0,83 46 38,34 %
Planners (High) 0,84-1,00 22 18,33 %
TOTAL 120 100 %
The table 2 above shows that 9 people with a size of 7.5% of respondents can be
categorized as people who do not plan their retirement. 43 respondents can be categorized as
retirement planners, but have a low level of planning. 38.34% of respondents can be
categorized as those who plan financial retirement at medium level, consist of 46 respondents.
22 respondents or 18.33% from total respondents can be categorized as those who plan
retirement with high level. So that we can conclude that lecturers and administrative staffs
have begun to plan financial pensions, but the majority of planning levels are planners with
medium and low levels. This finding has additional implications about awareness of
employee to plan retirement, besides already get pension funds from institutions in small
amounts, employee are no longer preparing retirement wholly. The conclusion of this
explanation refers to the second hypothesis. Authors see that H02 is rejected, and H12 is
accepted, where we can find that lecturers and administrative staffs already prepare their
financial retirement despite majority of planning levels are planners with medium and low
levels.
Table 3 Simple Regression Coefficients
Model Unstandardized
Coefficients
Standardized
Coefficients Beta
t Sig.
B Std. Error
(Constant) 39.416 5.004 7.877 .000
.490 .070 .540 6.964 .000
The constant number of unstandardized coefficients, in the relationship of financial
literacy and financial planning, is 39.416. This figure will be a constant number which means
that if there is no financial literacy then the value of financial planning for pensions is 39.416.

The regression coefficient of this correlation is 0.490. This figure means that for every 1%
increase in the level of financial literacy, pension planning will increase by 0.490. This
regression coefficient number is also positive, so it can be concluded that financial literacy
has a positive effect on pension financial planning. So that the regression equation is Y =
39,416 + 0.490X. Based on the data table above is known t value of 6.964 and greater than the
t table value of 1.980. The conclusion of the correlation test hypothesis is that H03 is rejected,
and H13 is accepted, which means that there is an influence of financial literacy on financial
planning for the retirement of lecturers and administrative staffs at the Universitas Indonesia.
5. CONCLUSION
This study found that financial literacy variable has a significant positive effect on pension
financial planning of lecturers and administrative staffs at the Universitas Indonesia. The level
of financial literacy of the Universitas Indonesia's lecturers and administrative staffs are Less
Literate level which means that the Universitas Indonesia's lecturers and administrative staffs
only have knowledge of financial services institutions, financial products, and services. But
do not understand the details of product features, benefits, and risks of products, rights, and
obligations by having financial products and services. With these current facts prove that,
lecturers and administrative staffs plan their financial retirement still in medium level.
For the current situation we suggest Universitas Indonesia, in particular, the Directorate of
Human Resources, Dean of Faculty, can provide training or seminars to increase the
awareness of lecturers and administrative staffs about retirement preparation since entering
the productive age of work or aged 23 years and not since the age of 50 years.
ACKNOWLEDGEMENT
We thank Universitas Indonesia for providing financial assistance through the PITMA-B
Grant and the Research Cluster of Governance and Competitiveness, Faculty of
Administrative Science, Universitas Indonesia for providing supporting materials in regard to
discussions and assisting us in writing this manuscript.
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ANALYSIS THE EFFECT OF FINANCIAL LITERACY ON FINANCIAL PLANNING FOR RETIREMENT (CASE STUDY LECTURERS AND ADMINISTRATIVE STAFFS IN UNIVERSITAS INDONESIA)

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ANALYSIS THE EFFECT OF FINANCIAL LITERACY ON FINANCIAL PLANNING FOR RETIREMENT (CASE STUDY LECTURERS AND ADMINISTRATIVE STAFFS IN UNIVERSITAS INDONESIA)