What drives Indonesian financial satisfaction in the pandemic?

Main Article Content

Gesti Memarista
Visi Saujaningati Kristyanto
Natalia Kristina

Abstract

Financial satisfaction has changed since the Covid-19 pandemic since many people experience health problems, lose their jobs, until psychological disorders. This study aims to determine the factors driving income earners' financial satisfaction before and during the Covid-19 outbreak in Indonesia. The variables studied are religiosity, ethnicity, and health level related to financial activities. This research method uses a quantitative approach to estimate the factors that influence financial satisfaction using multiple linear regression and comparison tests between financial satisfaction before and during the Covid-19 outbreak. There are 159 respondents in this study. The research result shows that religiosity and the ethnic had no significant effect on financial satisfaction before and during the Covid-19 outbreak. Yet, the health level significantly impacted financial satisfaction before and during the Covid-19 outbreak. Health level is an essential factor so that a person can work very well to generate income and obtain financial satisfaction. The respondents’ financial satisfaction before and during the Covid-19 is significantly different. Respondents also have more financial anxiety during the Covid-19 outbreak. The research implication is that the Indonesian people must consider financial planning that suits with financial conditions. Due to the more suitable financial planning, it will increase Indonesian financial satisfaction even during the Covid-19 outbreak.

Downloads

Download data is not yet available.

Article Details

How to Cite
Memarista, G., Kristyanto, V. S., & Kristina, N. (2022). What drives Indonesian financial satisfaction in the pandemic?. Jurnal Manajemen Maranatha, 21(2), 155–164. https://doi.org/10.28932/jmm.v21i2.4645
Section
Articles

References

Ali, A., Rahman, M. S. A., & Bakar, A. (2015). Financial satisfaction and the influence of financial literacy in Malaysia. Social Indicators Research, 120(1), 137–156. https://doi.org/10.1007/s11205-014-0583-0

Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013

Burchardt, T. (2005). Are one man’s rags another man’s riches? Identifying adaptive expectations using panel data. Social Indicators Research, 74(1), 57–102. https://doi.org/10.1007/s11205-005-6519-y

Drever, A. I. (2004). Separate spaces, separate outcomes? Neighbourhood impacts on minorities in Germany. Urban Studies, 41(8), 1423–1439. https://doi.org/10.1080/0042098042000226939

Easterlin, R. A., & Plagnol, A. C. (2008). Life satisfaction and economic conditions in east and west Germany pre- and post-unification. SSRN Electronic Journal, 95, 1–44. https://doi.org/10.2139/ssrn.1118265

Faradila, S. N., & Yordan, J. (2020, May 19). LIPI: 39,4% Bisnis di Indonesia gulung tikar akibat pandemi Corona. Kumparan. https://kumparan.com/kumparansains/lipi-39-4-bisnis-di-indonesia-gulung-tikar-akibat-pandemi-corona-1tRdz3TxOQd/full

Headey, B., Schupp, J., Tucci, I., & Wagner, G. G. (2010). Authentic happiness theory supported by impact of religion on life satisfaction: A longitudinal analysis with data for Germany. The Journal of Positive Psychology, 5(1), 73–82. https://doi.org/10.1080/17439760903435232

Howell, R. T., Kern, M. L., & Lyubomirsky, S. (2007). Health benefits: Meta-analytically determining the impact of well-being on objective health outcomes. Health Psychology Review, 1(1), 83–136. https://doi.org/10.1080/17437190701492486

Joo, S., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25, 25–50. https://doi.org/https://doi.org/10.1023/B:JEEI.0000016722.37994.9f

Lemeshow, S., Hosmer Jr., D. W., Klar, J., & Lwanga, S. K. (1990). Adequency of sample size in health studies (1st ed.). Wiley

Liu, L., & Zhang, H. (2021). Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit. Journal of Behavioral and Experimental Finance, 32, 100569. https://doi.org/10.1016/j.jbef.2021.100569

Mahdzan, N. S., Zainudin, R., Abd Sukor, M. E., Zainir, F., & Wan Ahmad, W. M. (2020). An exploratory study of financial well-being among Malaysian households. Journal of Asian Business and Economic Studies, 27(3), 285–302. https://doi.org/10.1108/JABES-12-2019-0120

Myers, D. G. (2008). Religion and human flourishing. In P. I. R. Norris (Ed.), The science of subjective well-being (M. Eid & R. J. Larsen, pp. 323–343). Guilford Press

Plagnol, A. C. (2011). Financial satisfaction over the life course: The influence of assets and liabilities. Journal of Economic Psychology, 32(1), 45–64. https://doi.org/10.1016/j.joep.2010.10.006

Sabatini, F. (2014). The relationship between happiness and health: Evidence from Italy. Social Science & Medicine, 114, 178–187. https://doi.org/10.1016/j.socscimed.2014.05.024

Savage, M. (2020, November 6). Dampak psikologis akibat pandemi Covid-19 diduga akan bertahan lama. BBC NewsIndonesia. https://www.bbc.com/indonesia/vert-fut-54808663

Sekaran, U., & Bougie, R. (2016). Research methods for business a skill-building approach (7th ed.). John Wiley & Sons

Siallagan, W. A. (2020, June 15). Redam kesulitan ekonomi akibat Covid-19, pemerintah lakukan upaya ini. Kementrian Keuangan Republik Indonesia. https://www.kemenkeu.go.id/publikasi/artikel-dan-opini/redam-kesulitan-ekonomi-akibat-covid-19-pemerintah-lakukan-upaya-ini/

Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818–841. https://doi.org/10.1108/IJBM-01-2016-0012

Snoep, L. (2008). Religiousness and happiness in three nations: A research note. Journal of Happiness Studies, 9(2), 207–211. https://doi.org/10.1007/s10902-007-9045-6

Sorgente, A., & Lanz, M. (2019). The multidimensional subjective financial well-being scale for emerging adults: Development and validation studies. International Journal of Behavioral Development, 43(5), 466–478. https://doi.org/10.1177/0165025419851859

Triatmojo, D., & Agustina, D. (2021, March 27). Kemnaker: 29,4 juta pekerja terdampak pandemi Covid-19, di-PHK hingga dirumahkan. Tribun Bisnis. https://www.tribunnews.com/bisnis/2021/03/27/kemnaker-294-juta-pekerja-terdampak-pandemi-Covid-19-di-phk-hingga-dirumahkan

Van Praag, B. M. S., Romanov, D., & Ferrer-i-Carbonell, A. (2010). Happiness and financial satisfaction in Israel: Effects of religiosity, ethnicity, and war. Journal of Economic Psychology, 31(6), 1008–1020. https://doi.org/10.1016/j.joep.2010.08.008

Vera-Toscano, E., Ateca-Amestoy, V., & Serrano-Del-Rosal, R. (2006). Building financial satisfaction. Social Indicators Research, 77(2), 211–243. https://doi.org/10.1007/s11205-005-2614-3