Strategic Financial Planning in the Context of Sharia Principles: A Study of Indonesia’s Sandwich Generation
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Published:
Dec 10, 2024
Keywords:
Religiosity, sandwich generation, sharia financial planning, subjective norms, theory of planned behavior
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Abstract
This study investigates the factors influencing the intention of Indonesia's sandwich generation to adopt sharia-compliant financial planning. With a focus on attitudes, knowledge, subjective norms, financial self-efficacy, and religiosity, this research aims to clarify how these elements shape the behavioral intentions of individuals responsible for financially supporting both older and younger family members. Using the Theory of Planned Behavior as a framework, the study conducted a survey across key regions of Java and applied PLS-SEM for data analysis. The findings reveal that while attitudes and knowledge have a limited direct effect on the intention to engage in sharia-compliant financial planning, subjective norms, financial self-efficacy, and religiosity exhibit a significant positive influence. These results underscore the importance of social support, personal financial confidence, and religious values in fostering sharia-compliant financial behavior within this demographic. The study provides insights for policymakers and financial institutions aiming to enhance financial literacy and sharia-compliant practices among Indonesia’s sandwich generation.
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References
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Danes, S. M. & Haberman, H. R. (2022). Financial literacy and self-efficacy: Their role in shaping financial behaviors among young adults. Journal of Family and Economic Issues, 43(3), 129-138.
Fallan, L. (1999). Gender, exposure to tax knowledge, and attitudes towards taxation; An experimental approach. Journal of Business Ethics, 18(2), 173-184.
Fishbein, M. & Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading (US), Addison-Wesley.
Fornell, C. & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50.
Gitman, L. J., Joehnk, M. D. & Billingsley, R. S. (2011). Person Financial Planning. Mason (US), Cengage Learning.
Hair, J. F., Ringle, C. M. & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152.
Hair Jr, J. F., Matthews, L. M., Matthews, R. L., & Sarstedt, M. (2017). PLS-SEM Or CB-SEM: Updated guidelines on which method to use. International Journal of Multivariate Data Analysis, 1(2), 107–123.
Hair Jr, J. F., Sarstedt, M., Hopkins, L., & G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128.
Hofstede, G. (2021). Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations. Thousand Oaks (US), Sage Publications.
Hulland, J. (1999). Use of partial least squares (PLS) in strategic management research: A review of four recent studies. Strategic Management Journal, 33(4), 429–430.
Hurriyati, R., Tjahjono, B., Yamamoto, I., Rahayu, A., Abdullah, A. G., & Danuwijaya, A. A. (2020). Advances in business, management and entrepreneurship. In Proceedings of the 3rd Global Conference on Business Management & Entrepreneurship (GC-BME 3).
Keene, J. R. & Prokos, A. H. (2007). The sandwiched generation: Multiple caregiving responsibilities and the mismatch between actual and preferred work hours. Sociological Spectrum, 27(4), 365–387.
Keil, M., Tan, B. C., Wei, K. K., Saarinen, T., Tuunainen, V., & Wassenaar, A. (2000). A cross-cultural study on escalation of commitment behavior in software projects. MIS quarterly, 299-325.
Khan, M. A., Ismail, F. B., Hussain, A., & Alghazali, B. (2020). The interplay of leadership styles, innovative work behavior, organizational culture, and organizational citizenship behavior. SAGE Open, 10(1). https://doi.org/10.1177/2158244019898264.
Kock, N. & Lynn, G. S. (2012). Research article electronic media variety and virtual team performance: the mediating role of task complexity coping mechanisms. IEEE Transactions on Professional Communication, 55(4), 325-344.
Krejcie, R. V. & Morgan, D. W. (1970). Determining sample size for research activities. Educational and Psychological Measurement, 30(3).
Kusumaningrum, F. A. (2018). Generasi sandwich: Beban pengasuhan dan dukungan sosial pada wanita bekerja. Psikologika: Jurnal Pemikiran dan Penelitian Psikologi, 23(2), 109–120.
Lachance, M. J. (2012). Young adults’ attitudes towards credit. International Journal of Consumer Studies, 36(5), 539-548.
Lajuni, N., Bujang, I., Lim, T. S., & Lily, J. (2019). Financial knowledge and modified theory of planned behaviour influence on financial behavioural intention: A multi-group analysis. The Business and Management Review, 10(3), 8–9.
Lee, S. & Kim, J. (2023). Financial strain and mental health among the sandwich generation in emerging economies. Journal of Family and Economic Issues, 44(1), 65-79.
Lewis, P. A. & Miall, R. C. (2003). Brain activation patterns during measurement of sub-and supra-second intervals. Neuropsychologia, 41(12), 1583-1592.
Lim, H., Heckman, S., Montalto, C. P., & Letkiewicz, J. (2014). Financial stress, self-efficacy, and financial help-seeking behavior of college students. Journal of Financial Counseling and Planning, 25(2), 148-160.
Lin, H. M., Lee, M. H., Liang, J. C., Chang, H. Y., Huang, P., & Tsai, C. C. (2020). A review of using partial least square structural equation modeling in e-learning research. British Journal of Educational Technology, 51(4), 1354–1372.
Minton, C., Batten, L. & Huntington, A. (2019). A multicase study of prolonged critical illness in the intensive care unit: Families’ experiences. Intensive and Critical Care Nursing, 50, 21-27.
Murphy, D. S. & Yetmar, S. (2010). Personal financial planning attitudes: A preliminary study of graduate students. Management Research Review, 33(8), 811–817. https://doi.org/10.1108/01409171011065617.
Muslichah, I. & Sanusi, S. (2019). The effect of religiosity and financial literacy on intention to use Islamic banking products. Asian Journal of Islamic Management (AJIM), 85–92.
Noor, N., Batool, I. & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics and Finance, 8(1).
[OJK] Otoritas Jasa Keuangan. (2019). Survei Nasional Literasi dan Inklusi Keuangan Indonesia 2019 [online]. [accessed 2023 Apr 25]. Retrieved from: https://ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-2019/BOOKLET%20Survei%20Nasional%20Literasi%20dan%20Inklusi%20Keuangan%202019.pdf.
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