TEMPO.CO, Jakarta - A financial health index from financial service company GoBear shows 63 percent of workers in Indonesia are without enough savings should they face a layoff. This is said to be caused by people's lack of awareness in planning their finances.
GoBear Indonesia country director Tris Rasika in a written statement on Thursday, October 31, 2019, explained that Indonesia scored 7.5 out of 10 in terms of workers who felt financially secure.
Only 37 percent of them claimed to have enough savings to live for six months if they are fired.
“Only a small number of people surveyed have enough savings for six months after their main income has been eliminated,” said Tris.
Other survey results show that Indonesians have not started making financial plans despite hitting the age of 35, while others prepared their pension funds at the age of 41, and felt that they had saved enough for pensions at the age of 45.
This is ironic as Indonesians in general are cognizant of financial services and products, as proven in a GoBear survey that showed 43 percent of Indonesians felt accessing financial products was easy.
However, the average respondents of financial products owned only 7.91 products out of a total of 18.
"Most Indonesians own savings products and health insurances," said Tris.
The research was conducted in Indonesia, Hong Kong, Singapore, and Thailand despite the absence of the number of respondents in each country.