Generation by Generation: Decoding Financial Mindsets in the Digital Age
Indonesia's financial landscape is undergoing rapid transformation, driven by digital innovation, shifting socioeconomic pressures, and evolving generational behaviors.
While digital banking and e-money adoption are rising, financial literacy gaps remain a critical challenge, exposing younger generations to risks like high-interest loans.
Generational differences reveal distinct financial priorities:
- Gen X focuses on stability, favoring secure savings, tangible investments like gold and real estate, and insurance for family protection.
- Millennials balance family support with digital solutions for savings, spending, and diversified investments, yet face income and affordability barriers.
- Gen Z, driven by promos and digital accessibility, prioritizes short-term goals, lifestyle spending, and low-risk investments but remains early in their financial journey.
Socioeconomic challenges, including high living costs, unemployment, and the Sandwich Generation phenomenon, highlight the need for resilient and flexible financial products. Promotions are a powerful driver across all generations but risk creating dependencies and shifting focus away from product quality.
This report underscores the importance of addressing financial literacy, enhancing accessibility, and tailoring products to align with generational needs, offering a roadmap for fostering financial stability and inclusion in Indonesia's evolving economy.
Sixty Two conducted a survey involving 900 financial services customers from the upper and middle classes across Indonesia - predominantly based in Tier 1 cities (Jakarta, Surabaya, Bandung, Semarang, Medan, Makassar, Denpasar) with a smaller but notable representation from Tier 2 cities (Bogor, Depok, Tangerang, Bekasi, Malang), focusing on their banking habits. The survey aimed to capture respondents' financial habits across different instruments, including savings, payments/transactions, loans, investments, and insurance.
The survey was followed by six offline focus group discussions (FGDs) in Surabaya and Bandung - cities identified by OJK data and our preliminary survey as having high adoption rates for insurance and lending products. In addition, we conducted interviews with industry experts from the banking, e-wallet, fintech, and insurance sectors to gather insights from a stakeholder perspective. To conclude the research, we held several internal workshops to brainstorm strategic opportunities and develop forward-looking insights.
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Some Highlights Include
Explores Indonesia's evolving financial ecosystem, highlighting digital banking growth, economic challenges, and the critical gap between financial inclusion and literacy.
Highlights generational personas to explore unique financial behaviors, pressures, and aspirations, offering insights into their key differences.
Analyzes generational differences in saving, spending, and borrowing behaviors, offering insights into financial priorities shaped by cultural and economic factors.
Examines generational trends in investment and insurance adoption, revealing varying levels of engagement driven by financial goals, risk tolerance, and literacy gaps.
This chapter frames key problems in Indonesia's financial fragility while reimagining solutions and outlining pathways and actionable ideas for a more resilient future.
This chapter outlines principles to guide financial institutions and policymakers in transforming Indonesia's financial landscape, paired with a strategic staircase that acts as a path to financial resilience.
How to use our report
Empower yourself to make informed decisions navigating through finance and build a brighter financial future.
- ⭐Understand Generational Financial Trends: Discover how different generations are spending, saving, and investing.
- 📝Get Cultural Context: Find our cultural spotlights to see how culture influences how Indonesian's are managing their finances.
- 📊Gain an Edge with Real Data: Backed by research and expert analysis, this report gives you a clear picture of Indonesia's financial landscape and how it impacts your everyday life.
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