Determinants of Retirement Financial Planning, Asset Ownership, and Economic Pressure on the Wellbeing of Post-Retirement Households, Moderated by Financial Literacy (survey of post-retirement households in Surakarta)
Keywords:
Retirement Financial Planning, Asset Ownership, Economic Pressure, Post Retirement Family Wellbeing, Financial Literacy
Abstract
Post-Post-retirement family welfare is something that everyone wants after the completion of their retirement period. This is because a person's income at this time is different from their productive age when they were still working. To be able to realize retirement welfare, long preparation is needed, since a person is still at a productive working age. The driving factors include financial planning in old age, asset ownership, and economic pressure. This will have a better impact if it is reinforced with good financial management knowledge by a person in managing their finances. In this study, the researcher used three independent variables, one dependent variable, and one moderating variable. The data obtained from the distribution of questionnaires were tabulated and then tested using SPSS. The purpose of this study was to determine the determination of financial planning in old age, asset ownership, and economic pressure on post-retirement family welfare moderated by financial literacy
References
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Laliotis, I., Shaikh, M., Stavropoulou, C., & Kourouklis, D. (2023). Retirement and Household Expenditure in Turbulent Times. Journal of Family and Economic Issues, 44(4), 968–989. https://doi.org/10.1007/s10834-022-09884-7
Lazarus, R. S., & Folkman, S. (1984). Stress, Appraisal, and Coping. In Health Psychology: A Handbook.
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Maharani, N. K., & Sari, I. M. (2023). Can financial literacy and asset ownership affect retirement planning? Insights from the Indonesian family life survey. Journal of Accounting and Investment, 24(3), 828–840. https://doi.org/10.18196/jai.v24i3.16112
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Nguyen-Cousins, T., & Upton, M. (2025). Determinants of financial well-being among online financial education learners: a mixed-methods study. Discover Psychology, 5(1), 99. https://doi.org/10.1007/s44202-025-00385-w
Ningsih, D. S., Herawati, T., & Sunarti, E. (2023). Pengaruh Tekanan Ekonomi, Dukungan Sosial, dan Strategi Koping terhadap Ketahanan Keluarga Pekerja Informal di Pekanbaru pada saat Pandemi COVID-19. Jurnal Ilmu Sosial Dan Humaniora, 12(1), 156–167. https://doi.org/10.23887/jish.v12i1.58110
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Nusa, G. H., & Martfiyanto, R. (2021). The effect Of Financial, Knowledge, Behavior and Attitude to Financial Literacy on Accounting Bachelor Students Universitas Jenderal Achmad Yani Yogyakarta. Bilancia: Jurnal Ilmiah Akuntansi, 5(2), 226–237.
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Setyasalma, H., & Muflikhati, I. (2019). Financial Management and Assets Ownership toward Subjective Well-Being On Entrepreneurial Family. Journal of Consumer Sciences, 4(1), 25. https://doi.org/10.29244/jcs.4.1.25-36
Sherraden, M. (1990). Stakeholding: Notes on a Theory of Welfare Based on Assets. Social Service Review, 64(4). https://doi.org/10.1086/603797
Silliman, B., & Schumm, W. R. (2000). Marriage Preparation Programs: A Literature Review. The Family Journal, 8(2), 133–142. https://doi.org/10.1177/1066480700082004
Skogrand, L., Johnson, A. C., Horrocks, A. M., & DeFrain, J. (2011). Financial Management Practices of Couples with Great Marriages. Journal of Family and Economic Issues, 32(1), 27–35. https://doi.org/10.1007/s10834-010-9195-2
Sugiyono. (2019). Metode Penelitian Kuantitatif,Kualitatif, dan R&D. Alfabeta.
Wu, J., & Chao, Q. (2024). How older adults fulfill their retirement plans relates to positive mental health: a path model analysis of social activity and self-esteem. Current Psychology, 43(7), 5963–5974. https://doi.org/10.1007/s12144-023-04735-6
Yang, C. (2025). The Impact of Digital Financial Literacy on Older Households’ Pension Financial Asset Allocation—Evidence from China. Risk and Financial Management, 6(1), p89. https://doi.org/10.30560/rfm.v6n1p89
Altfest, L. J. (2017). Personal Financial Planning. McGraw-Hill.
Amelia, R., Hartoyo, & Suharjo, B. (2017). Kepemilikan Perencanaan Keuangan Hari Tua pada Pekerja Kota Bogor. Mix: Jurnal Ilmiah Manajemen, 7(1). https://doi.org/10.22441/jurnal_mix
Arijanto, A. (2010). Dosa-Dosa Orangtua Terhadap Anak Dalam Hal Finansial. Elex Media Komputindo. https://books.google.co.id/books?id=GFGuh7QdT_oC
Aulia, N., Yuliati, L. N., & Muflikhati, I. (2019). Kesejahteraan Keuangan Keluarga Usia Pensiun: Literasi Keuangan, Perencanaan Keuangan Hari Tua, dan Kepemilikan Aset. Jurnal Ilmu Keluarga Dan Konsumen, 12(1), 38–51. https://doi.org/10.24156/jikk.2019.12.1.38
Becker, G. S. (1964). Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, First Edition. National Bureau of Economic Research. https://www.nber.org/books-and-chapters/human-capital-theoretical-and-empirical-analysis-special-reference-education-first-edition
Bialowolski, P., Cwynar, A., & Weziak-Bialowolska, D. (2022). The role of financial literacy for financial resilience in middle-age and older adulthood. International Journal of Bank Marketing, 40(7), 1718–1748. https://doi.org/10.1108/IJBM-10-2021-0453
BPS. (2019). Statistik Penduduk Lanjut Usia 2019. https://www.bps.go.id/id/publication/2019/12/20/ab17e75dbe630e05110ae53b/statistik-penduduk-lanjut-usia-2019.html
Conger, R. D., Conger, K. J., Elder, G. H., Lorenz, F. O., Simons, R. L., & Whitbeck, L. B. (1993). Family Economic Stress and Adjustment of Early Adolescent Girls. Developmental Psychology, 29(2). https://doi.org/10.1037/0012-1649.29.2.206
Demertzis, M., Mejino-López, J., & Léry Moffat, L. (2024). The state of financial knowledge in the European Union: a new survey. Journal of Financial Literacy and Wellbeing, 2(1), 38–62. https://doi.org/10.1017/flw.2024.8
Firdaus, F., & Sunarti, E. (2009). Hubungan antara Tekanan Ekonomi dan Mekanisme Koping dengan Kesejahteraan Keluarga Wanita Pemetik Teh. Jurnal Ilmu Keluarga Dan Konsumen, 2(1), 21–31. https://doi.org/10.24156/jikk.2009.2.1.21
Garg, N., Priyadarshi, P., & Malik, A. (2024). Financial well‐being: An integrated framework, operationalization, and future research agenda. Journal of Consumer Behaviour, 23(6), 3194–3212. https://doi.org/10.1002/cb.2372
Ghadwan, A. S., Wan Ahmad, W. M., & Hisham Hanifa, M. (2023). Financial Planning for Retirement: The Moderating Role of Government Policy. Sage Open, 13(2). https://doi.org/10.1177/21582440231181300
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IMB SPSS 26. In Universitas Diponegoro.
Harahap, S., Thoyib, A., Sumiati, S., & Djazuli, A. (2022). The Impact of Financial Literacy on Retirement Planning with Serial Mediation of Financial Risk Tolerance and Saving Behavior: Evidence of Medium Entrepreneurs in Indonesia. International Journal of Financial Studies, 10(3), 66. https://doi.org/10.3390/ijfs10030066
Haron, H., Nadiah Salihah Mat Razali, N., & Mohamad, F. (2019). Factors Influencing Financial Planning Retirement amongst Employees in The Private Sector in East Coast Malaysia: Literature Review and Research Agenda. KnE Social Sciences. https://doi.org/10.18502/kss.v3i22.5115
Hogarth, J. M. (2006). Financial education and economic development. Improving Financial Literacy: International Conference Hosted by the Russian G8 Presidency in Cooperation with the OECD.
Jantsch, A., Le Blanc, J., & Schmidt, T. (2024). Beyond Income: Exploring the Role of Household Wealth for Subjective Well-Being in Germany. Journal of Happiness Studies, 25(7), 101. https://doi.org/10.1007/s10902-024-00811-1
Kemensos. (2020). Arah kebijakan dan strategi program rehabilitasi sosial tahun 2020. https://kemensos.go.id/arah-kebijakan-dan-strategi-program-rehabilitasi-sosial-tahun-2020
Laliotis, I., Shaikh, M., Stavropoulou, C., & Kourouklis, D. (2023). Retirement and Household Expenditure in Turbulent Times. Journal of Family and Economic Issues, 44(4), 968–989. https://doi.org/10.1007/s10834-022-09884-7
Lazarus, R. S., & Folkman, S. (1984). Stress, Appraisal, and Coping. In Health Psychology: A Handbook.
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Maharani, N. K., & Sari, I. M. (2023). Can financial literacy and asset ownership affect retirement planning? Insights from the Indonesian family life survey. Journal of Accounting and Investment, 24(3), 828–840. https://doi.org/10.18196/jai.v24i3.16112
Meidiana, N. P. C. A. T., & Marhaeni, A. A. I. N. (2019). Pengaruh Kepemilikan Aset Ketersediaan Infrastruktur dan Pendidikan terhadap Pendapatan dan Kesejahteraan Rumah Tangga Miskin. Buletin Studi Ekonomi, 54. https://doi.org/10.24843/BSE.2019.v24.i01.p04
Moorthy, M. K., Sien, C. S., Leong, L. C., Kai, N. Z., Rhu, W. C., & Teng, W. Y. (2012). A Study on the Retirement Planning Behaviour of Working Individuals in Malaysia. https://api.semanticscholar.org/CorpusID:146162455
Nguyen-Cousins, T., & Upton, M. (2025). Determinants of financial well-being among online financial education learners: a mixed-methods study. Discover Psychology, 5(1), 99. https://doi.org/10.1007/s44202-025-00385-w
Ningsih, D. S., Herawati, T., & Sunarti, E. (2023). Pengaruh Tekanan Ekonomi, Dukungan Sosial, dan Strategi Koping terhadap Ketahanan Keluarga Pekerja Informal di Pekanbaru pada saat Pandemi COVID-19. Jurnal Ilmu Sosial Dan Humaniora, 12(1), 156–167. https://doi.org/10.23887/jish.v12i1.58110
Ntalianis, M., & Wise, V. (2010). The Relevance of Financial Education for Retirement Savings Behaviour. International Review of Business Research Papers, 6(1).
Nusa, G. H., & Martfiyanto, R. (2021). The effect Of Financial, Knowledge, Behavior and Attitude to Financial Literacy on Accounting Bachelor Students Universitas Jenderal Achmad Yani Yogyakarta. Bilancia: Jurnal Ilmiah Akuntansi, 5(2), 226–237.
Pengyan, L. (2024). Moving towards Active Retirement Planning: Does Early Financial Education Matters? Asian Journal of Education and Social Studies, 50(8), 347–366. https://doi.org/10.9734/ajess/2024/v50i81535
Prameswar, S., Nugroho, M., & Pristiana, U. (2023). The Influence of Financial Literacy, Financial Awareness, And Income On Financial Well-Being With Financial Behavior And Financial Inclusion As Intervening Variables (A Case Study On Families In Surabaya). JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES, 06(01). https://doi.org/10.47191/jefms/v6-i1-55
Riitsalu, L., & van Raaij, W. F. (2022). Current and Future Financial Well-Being in 16 Countries. Journal of International Marketing, 30(3), 35–56. https://doi.org/10.1177/1069031X221095076
Rizkillah, R., & Arinda, F. (2023). Pengaruh Tekanan Ekonomi dan Dukungan Sosial terhadap Ketahanan Keluarga Narapidana. JKKP (Jurnal Kesejahteraan Keluarga Dan Pendidikan), 10(01), 1–13. https://doi.org/10.21009/JKKP.101.01
Setyasalma, H., & Muflikhati, I. (2019). Financial Management and Assets Ownership toward Subjective Well-Being On Entrepreneurial Family. Journal of Consumer Sciences, 4(1), 25. https://doi.org/10.29244/jcs.4.1.25-36
Sherraden, M. (1990). Stakeholding: Notes on a Theory of Welfare Based on Assets. Social Service Review, 64(4). https://doi.org/10.1086/603797
Silliman, B., & Schumm, W. R. (2000). Marriage Preparation Programs: A Literature Review. The Family Journal, 8(2), 133–142. https://doi.org/10.1177/1066480700082004
Skogrand, L., Johnson, A. C., Horrocks, A. M., & DeFrain, J. (2011). Financial Management Practices of Couples with Great Marriages. Journal of Family and Economic Issues, 32(1), 27–35. https://doi.org/10.1007/s10834-010-9195-2
Sugiyono. (2019). Metode Penelitian Kuantitatif,Kualitatif, dan R&D. Alfabeta.
Wu, J., & Chao, Q. (2024). How older adults fulfill their retirement plans relates to positive mental health: a path model analysis of social activity and self-esteem. Current Psychology, 43(7), 5963–5974. https://doi.org/10.1007/s12144-023-04735-6
Yang, C. (2025). The Impact of Digital Financial Literacy on Older Households’ Pension Financial Asset Allocation—Evidence from China. Risk and Financial Management, 6(1), p89. https://doi.org/10.30560/rfm.v6n1p89
Published
2025-11-11
How to Cite
Susanti, R., Indriastuti, D. R., & Wulandari, R. (2025). Determinants of Retirement Financial Planning, Asset Ownership, and Economic Pressure on the Wellbeing of Post-Retirement Households, Moderated by Financial Literacy (survey of post-retirement households in Surakarta). International Journal of Economics, Business and Innovation Research, 4(06), 684-698. https://doi.org/10.63922/ijebir.v4i06.2483
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