Академический Документы
Профессиональный Документы
Культура Документы
Paper is presented for 23rd Pacific Conference of the Regional Science Association International (RSAI) 2013,
Bandung, Indonesia, 2 -4 July 2013
Abstract
By believing that financial inclusion (ownership of formal account) will increase economics resiliencies, in the
middle of 2012, Worldbank Group had released 2011 Global Financial Inclusion Index (Global Findex) that
measures financial service/product penetration and usage within 123 countries, which include Indonesia.
Since Global Findex Report emphasize on national score, regional/continental comparison and assume that there
is no significant socio-cultural difference within a country, there are no sufficient discussions toward consumer
characteristics, cultures and urban-rural contexts within the reports. Our research approach is trying to fill the
gap by focusing on consumer characteristic (psychographic), provincial-urban-rural difference and ownership of
formal account (which include credit, insurance and investment penetration). The approach is taken in order to
get better understanding toward the demand-side of Indonesia financial service sectors, several groups of
consumers which come from multicultural background and social values difference.
Data is covering 17 Indonesia provincial areas (Bali, Banten, Jakarta, Yogyakarta, West Java, Central Java, East
Java, West Kalimantan, South Kalimantan, East Kalimantan, Lampung, Riau, South Sulawesi, West Sumatra,
South Sumatra, North Sumatra and North Sulawesi) as proxy of 17 different socio-cultural characteristic. Data is
gathered from Roy Morgan single source database, January-December 2009-2010 period, and processed through
Asteroid 5 software. As predicted, financial service penetration and usage level are different, within provincial
area and within psychographic classifications.
Topics : Poverty, Inequality and Inter-regional Disparity, Regional Development Issues in Southeast
Asia and the Pacific
Keywords : financial access, financial inclusion
1. Background
Worldbank Group has been recognized that the long period of the financial system that functioning
well is critical for the economic development of a country. Research works in finance within
Worldwide Worldbank office for many years have more emphasis on the importance of the stability
and efficiency of financial services. However, things related to promote wider access to financial
services is still lacking compared to what is disclosed in theory, so that access to the development
dimension of the financial sector tend not to be seen, because there is a gap / lack of significant data
(Demirgüç- Kunt, Beck and Honohan: 2008)
Access to financial services - commonly known as inclusive finance - reflecting the absence of
barriers to the use of financial services, both constraints are price and non-price. In general there are
three barriers related to financial services. First, physical access related to geography. In one case
there is a condition in which the financial institution provides its clients access to services via the
telephone or internet, while there are other cases that should carry out transactions at a branch office
or use the automated teller machine (ATM). Second, the lack of good documentation aspect. Financial
institutions typically require temporary identification document for the people who work in the
informal sector do not have the relevant documents. Third, many financial institutions are
implementing rate or minimum balance fee is not affordable by most of society. For example, there
are still financial institutions in several countries require initial balance reaches 50% of GDP per
capita (Demirgüç-Kunt, Beck and Honohan: 2008)
Associated with the structure of services and products are increasingly complex financial sector, when
the amount of expansion of credit availability increases, the level of financial education to be very
important. Competition from financial sector players and the development of increasingly
sophisticated products, making a very high level of importance for both individual consumers and
households to acquire knowledge that can help them to evaluate the products and services provided by
various financial institutions. It aims to determine which financial services products that suit the needs
of long-term and / or short-term (Greenspan, 2005 at Erturk, Froud, Johal, Leaver and Williams:
2007).
Amount of literature has explained determinant of offers banking services and financial
intermediation within the framework describes the development of the financial sector as an important
factor in economic growth (Levin: 2005, in Cole, Sampson and Zia: 2011). However, the
determinants of financial services is rather difficult to understand, especially in countries with
developed market characteristics (emerging markets). One important aspect in this growing market is
the size of the informal sector, informal sector which includes 14% of GDP in China, 23% in
Indonesia, 24% in India, compared to 8% in the United States. (Buehn & Schneider: 2009 in, Cole,
Sampson and Zia: 2011)
Meanwhile, there is evidence that savings, credit and insurance that are informal and / or performed
by informal institutions function well in a country with a growing market, which defeated the amount
of participation in the formal financial market. (Beck, Demirgüç-Kunt and Peria: 2007).
In addition to the three aspects of the previously disclosed financial barriers (Demirgüç-Kunt, Beck
and Honohan: 2008), there is another point of view which states that the limited level of financial
literacy is a cause obstruction of the financial services demand, if someone is not familiar or
comfortable with a financial product, not will create a demand for such financial products.
Wimboh & Sukada: 2011 from central bank of Indonesia, have conducted a survey of the condition of
Indonesian household balance sheets. As a result, Indonesian households have a minimal threat to the
financial sector. The high net worth household finances and the large proportion of fixed assets
(compared to financial assets) to total assets of households implies that there is a huge scope of
financial institutions that can be used to market their products - especially insurance, capital market
products and bank deposits - to households. While banks and non-bank financial institutions can
create new types of loan products, as an example of the use of the home or assets as collateral. In this
regard, Bank Indonesia considering to launch a consumer education program to ensure that
households in Indonesia have better information related financial products. However, research has not
Wimboh & Sukada may reflect the condition of Indonesia due to just take a sample of 6 of the 33
provinces in Indonesia.
In 2011, Demirgüç-Kunt and Klapper follow up study conducted earlier, through its branch in the
world Worldbank with inclusive finance survey covering 150,000 adults in 148 countries representing
about 97 percent of the total world population. Motivation of this study due to the lack of systematic
data related to how households use financial services and is still a lack of empirical literature
investigating the relationship between financial access to economic growth. This study uses four main
indicators to measure the inclusive finance in a systematic and consistent in the various countries in
the world. The first indicator, covering matters relating to the use of formal accounts, which include
among others the use of mechanisms (frequency, mode of access), the intended use of accounts
(personal, business, payroll, receipts from government or family), barriers to the use of alternate
accounts and account formal (mobile money). The second indicator related to savings behavior, which
is covered in it on account of the use of formal financial institutions, the use of community-based
savings and where the purpose of saving. The third indicator associated with matters related to
borrowing money (formal and informal), the purpose of borrowing money (mortgage, emergency,
health, etc.) and the use of credit cards. While the fourth indicator, focusing on the use of insurance
products for health and agricultural purposes.
From the survey it was found that the per capita income in explaining variation in account penetration
various countries / economies, but few explain in countries with low per capita incomes. In addition it
also found that there is strong correlation between inequality in the use of formal accounts with
income inequality, which is contained in the following charts:
There is an interesting finding in the regression analysis of the study. Found that banks in countries
with a better phone network has the requisite balance of account opening lower, lower costs account,
the number of documents to open an account a little more, the permissibility of the loan application
through various channels, the process is faster in loan applications and lower ATM fees. While banks
in the country with a higher power, asking for a higher minimum balance, the higher the cost, the
minimum loan amount is higher, the process of borrowing is longer and costs higher international
transfer.
In other research, it was found that the system of credit information dissemination to the public that is
more efficient to make the banks can have the process of conducting an assessment of loan
applications, which potentially reduce reliance on credit selection mechanisms that are non-interest
such as minimum loan amount and costs. Moreover the system more efficient dissemination of
information to increase the likelihood of the use of lines of credit applications by using fewer people,
such as telephone and / or internet which accelerates the process of borrowing / credit, so that the
operation of financial institutions to be more efficient (Haselmann, Pistor and Vig, 2005; Visaria,
2006, in Beck, Demirgüç-Kunt and Peria: 2006)
Furthermore, the connection between the level of financial literacy and financial inclusive, a good
level of financial literacy can help the process of adaptation to the consumers of insurance products,
which are considered more complex and exclusive compared to other financial products (Gaurav,
Cole, Tobacman: 2011)
2. Worldbank Indicators
The Global Findex indicators are drawn from survey data collected over the 2011 calendar year,
covering more than 150,000 adults in 148 economies and representing about 97 percent of the world’s
population. The survey was carried out by Gallup, Inc. in as-sociation with its annual Gallup World
Poll, which since 2005 has surveyed about 1,000 people annually in each of up to 157 economies,
using randomly selected, nationally representative samples.
The survey methodology is that used for the Gallup World Poll. Surveys are conducted face to face in
economies where telephone coverage represents less than 80 percent of the population. In most
economies the fieldwork is completed in two to four weeks. In economies where face-to-face surveys
are conducted, the first stage of sampling is the identification of primary sampling units, consisting of
clusters of households. The pri-mary sampling units are stratified by population size, geography, or
both, and clustering is achieved through one or more stages of sampling. Where population
information is available, sample selection is based on probabilities proportional to population size;
otherwise, simple random sampling is used.
There are four set of indicators that build the financial inclusion index. The first set of indicators
focuses on formal accounts; the mechanics of the use of these accounts (frequency of use, mode of
access); the purpose of these accounts (personal or business, receipt of payments from work,
government, or family); barriers to account use; and alternatives to formal accounts (mobile money).
The account penetration indicator measures individual or joint ownership of formal accounts—
accounts at a formal financial institution such as a bank, credit union, cooperative, post office, or
microfinance institution. It includes those who report having a debit or ATM card tied to an account.
Indicators relating to the receipt of payments measure the use of formal accounts to receive wages
(payments for work or from selling goods), payments or money from the government, and family
remittances (money from family members living elsewhere).
The second set of indicators focuses on savings behavior. This relates to the use of accounts, as people
often save at formal financial institutions. Other indicators explore the use of community-based
savings methods and the prevalence of savings goals. The third set focuses on sources of borrowing
(formal and informal); purposes of borrowing (mortgage, emergency or health purposes, and the like);
and use of credit cards. The fourth focuses on use of insurance products for health care and
agriculture.
Comparing Indonesia financial inclusion index to other countries index with lower middle income
(LMC), Lower and middle income, Lower income (LIC) and Middle income (MIC), Indonesia
relatively on par which still considered as low financial inclusion condition. However, for several
categorical aspects, Indonesia index score are far above those countries, which are :
Since Global Findex Report emphasize on national score, regional/continental comparison and
assume that there is no significant socio-cultural difference within a country, there are no sufficient
discussions toward consumer characteristics, cultures and urban-rural contexts within the reports. Due
to the fact that Indonesia is a highly populated countries with high culture diversities, it will be
beneficial to understand the diferences among region/province in order to create new approach in
3. Understanding Indonesia financial inclusion through Roy Morgan Single Source/ Asteroid
Software
Roy Morgan Single Sources is a Australia’s leading syndicated market research and one of the few
genuine Single Source studies in the world. Instead of ‘fusing’ the answers to questions about brand
preferences, for example, from one group of respondents with the answers to questions about media
usage, for example, from a different group of respondents, Roy Morgan Single Source is unique in
that all the answers are from a Single Source -around 55,000 interviews every year in Australia alone.
The information we collect relates to lifestyle and attitudes, media consumption (including TV, radio,
newspapers, magazines, cinema, catalogues, outdoor, pay TV and the Internet) brand and product
usage, purchase intentions, retail visitations, service provider preferences, financial information and
recreation & leisure activities.
Indonesia is the world’s fourth-largest country and the second-fastest growing G-20 nation. Since it
became a democracy in 1998, the country has seen some major social changes, and the Roy Morgan
Single Source survey has captured many of them. Roy Morgan Single Source in Indonesia covers
more than 30 industries, over 150 product categories and 1500-plus brands, connecting them to core
data such as the demographics, income and expenditure, attitudes and opinions, sports and leisure,
lifestyle and media consumption of more than 26,000 respondents.
Adding another dimension to Single Source, Roy Morgan Values Segments combine attitudinal
insights with demographics. This enables marketers to map society as a whole or identify a brand’s
traction among distinct socio-economic segments.
Asteroid is an award-winning software, which helps to manage and analyse data. Its power and
simplicity allows even users with a minimum of experience, aptitude and training to explore data,
generate & test hypotheses, follow up ideas and search for supporting evidence. The program’s rapid
response to even the most complex queries encourages researchers to be more creative in using survey
results. By optimizing the output, ASTEROID adds value to surveys, where most of the cost is in the
collection of the data.
3.1. Household characteristics in 17 province during 2009-2010
Households in Jawa Bali Area are much prosper in term of social-economy compare to Outer
Jawa Bali area, which reflected through average Household score. Although Jabar, Jateng and
Jatim has higher population, Jakarta give significant contribution on national proportion of
highest Social-economy status, which even higher in 2010.
Jawa Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
Average
Household
LC
Single
14-‐34
No
Children 6.8% 5.3% 27.0% 11.9% 2.5% 20.5% 2.7%
Single
14-‐34
Children 3.6% 1.7% 5.3% 27.2% 0.0% 7.8% 0.9%
Married
14-‐34
no
children 6.2% 5.8% 18.5% 16.8% 1.7% 17.4% 3.1%
Married
14-‐34
children 7.0% 5.4% 24.5% 18.9% 1.2% 19.6% 1.0%
Married
35+
children 4.8% 4.1% 19.9% 22.0% 2.2% 19.4% 0.7%
Married
35+
no
children 4.5% 2.5% 20.0% 18.9% 2.0% 23.2% 3.0%
Single
35+
children 5.0% 1.4% 16.2% 29.4% 3.2% 18.4% 0.7%
Single
35+
no
children 4.8% 1.3% 13.5% 10.0% 1.4% 42.6% 1.8%
Average
Household
SES
>
4.250.000 14.3% 3.6% 18.3% 12.7% 0.3% 9.0% 4.2%
3.250.001
-‐ 4.250.000 17.1% 12.8% 12.8% 2.6% 0.5% 14.4% 1.8%
2.250.001
-‐ 3.250.000 13.5% 27.9% 12.1% 6.4% 0.0% 11.4% 4.0%
1.750.001
-‐ 2.250.000 14.6% 8.4% 19.7% 7.1% 0.4% 16.0% 3.7%
1.250.001
-‐ 1.750.000 11.9% 7.5% 20.9% 12.1% 1.5% 16.8% 1.9%
800.001
-‐ 1.250.000 6.6% 3.5% 26.4% 21.4% 2.4% 13.5% 1.8%
600.001
-‐ 800.000 0.9% 2.0% 24.3% 11.6% 1.8% 26.4% 1.4%
400.001
-‐ 600.000 0.2% 0.4% 6.9% 26.2% 2.6% 36.0% 1.3%
400.000
or
less 0.0% 0.0% 0.5% 37.3% 2.2% 35.2% 0.6%
no
answer
/
can't
say 3.4% 1.0% 8.2% 17.9% 20.0% 4.3% 22.6%
Jawa
Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
Average
Household
LC
Single
14-‐34
No
Children 6.8% 5.0% 20.5% 14.2% 1.7% 19.2% 1.5%
Single
14-‐34
Children 9.7% 4.3% 16.3% 22.5% 0.9% 5.9% 0.1%
Married
14-‐34
no
children 7.5% 6.5% 23.0% 13.4% 1.4% 16.2% 3.5%
Married
14-‐34
children 6.1% 4.1% 21.4% 18.9% 1.8% 21.4% 1.8%
Married
35+
children 5.0% 4.7% 22.8% 19.5% 2.2% 19.2% 1.2%
Married
35+
no
children 4.1% 2.7% 16.1% 19.8% 2.1% 25.4% 3.1%
Single
35+
children 7.7% 4.9% 21.7% 16.4% 3.2% 13.2% 2.0%
Single
35+
no
children 5.1% 2.1% 13.9% 14.3% 3.1% 26.8% 1.8%
Average
Household
SES
>
4.250.000 21.6% 5.9% 17.7% 8.3% 0.6% 19.2% 1.8%
3.250.001
-‐ 4.250.000 12.9% 8.0% 16.8% 11.9% 0.1% 11.9% 0.8%
2.250.001
-‐ 3.250.000 13.4% 13.6% 19.9% 14.4% 0.9% 15.2% 1.1%
1.750.001
-‐ 2.250.000 11.9% 7.1% 27.3% 7.5% 2.5% 13.7% 3.1%
1.250.001
-‐ 1.750.000 10.0% 6.7% 23.5% 12.8% 2.9% 12.7% 3.1%
800.001
-‐ 1.250.000 6.3% 4.4% 25.3% 17.1% 1.8% 17.2% 1.7%
600.001
-‐ 800.000 1.4% 1.9% 20.7% 17.4% 2.0% 26.4% 0.9%
400.001
-‐ 600.000 0.3% 1.5% 7.0% 26.7% 1.7% 36.5% 1.4%
400.000
or
less 0.4% 0.9% 3.7% 33.0% 1.1% 23.0% 0.3%
no
answer
/
can't
say 5.6% 2.0% 21.1% 12.9% 0.8% 11.6% 14.6%
In Outer Jawa Bali Area, Although Riau is less populated than Sumut and Sumsel, its national
contribution on higher SES score is higher, this could be a result of palm oil commodity booming in
2009. In 2010, outer Jawa contribution of higher SES is lower than 2009, which could be implied
that growth of income and economy is dominated by Jawa-Bali area.
On average, account penetration in Jawa-Bali area is higher than Outer Jawa Bali. Surprisingly, in
2009 Riau has the highest contributors of Saving account ownership in national level followed by
Bali (35,7%), south Kalimantan (34,3%) and West Kalimantan (33,6%), meanwhile Jakarta
account penetration only reach (20,5%).
In General, account penetration in 2010 is slightly better than 2009. This could be because heavy
campaign on Tabunganku, a low cost saving account which nationally distributed on every type
of banks, as national strategy on increasing financial access. However not every area response
Tabunganku well. Tabunganku have higher penetration on outer Jawa-Bali area compare to jawa-
Bali
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
Savings
Savings
account 20.5% 16.4% 11.2% 20.2% 13.1% 15.8% 32.2%
Current
account 0.0% 0.1% 0.0% 0.0%
Term
Deposit 0.0% 0.2% 0.0% 0.0% 0.1% 3.2%
Junior
Account 0.0% 0.0% 0.0% 0.2%
Education
savings 0.1% 0.0% 0.0% 0.0%
Syariah 0.0% 0.1% 0.1% 0.0% 0.0% 6.1%
Foreign
Currency 0.0% 2.9% 0.0%
Other
Current 0.0% 0.1% 0.0% 0.2%
Account
unspecified 0.0% 0.0% 0.1%
TOTAL
Have
Account 20.5% 16.4% 11.3% 20.3% 16.0% 15.8% 35.7%
None 79.4% 83.4% 88.7% 79.7% 84.0% 84.2% 64.0%
can't
say 0.1% 0.1% 0.0% 0.0% 0.3%
Jawa
Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
Savings
Regular/Basic
Savings
Account
(revised
Jul10) 25.2% 13.5% 14.5% 20.4% 21.8% 20.3% 33.6%
Premium/Plus
Savings
Account
(from
Jul10) 0.2% 0.3% 0.0% 0.2%
TabunganKu
(from
Jul10) 0.0% 0.0% 0.0% 0.0% 0.5%
Total
Savings
account 25.3% 13.6% 14.5% 20.5% 21.8% 20.4% 33.8%
Current
account 0.2% 0.1% 0.0% 0.0% 0.1% 0.0%
Term
Deposit 0.2% 0.1% 0.1% 0.1% 0.5% 0.1% 1.4%
Junior
Account 0.0% 0.0% 0.0% 0.2% 0.1% 0.0%
Education
savings 0.1% 0.0% 0.1% 0.1% 0.1% 0.1%
Syariah 0.2% 0.2% 0.1% 0.1%
Foreign
Currency 0.0% 0.0% 0.0% 0.0%
Other
Current 0.0% 0.2% 0.1% 0.0% 0.1%
Account
unspecified 0.0% 0.0%
TOTAL
Have
Account 25.5% 13.7% 14.9% 20.8% 21.8% 20.4% 33.8%
None 74.4% 86.0% 84.7% 78.9% 77.8% 79.5% 66.1%
can't
say 0.2% 0.3% 0.4% 0.3% 0.4% 0.1% 0.0%
If we take a look on respondents who own or use mobile phone, the score of saving account
penetration is higher than the general one and consistent for both of period.
We also could see, better tabunganku account penetration for respondents who owned or use
mobile phone. Tabunganku product show strong presence in West java, east Java, Bali, South
Kalimantan, East Kalimantan and North Sulawesi. This could be implied that a national-generic
strategy will not work well if not accomodated with proper communication that adapt
local/provincial characteristics.
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
Regular/Basic
Savings
Account
(revised
Jul10) 7.9% 3.1% 15.8% 19.1% 2.3% 22.5% 3.4%
Premium/Plus
Savings
Account
(from
Jul10) 7.1% 6.5% 0.4% 23.5%
TabunganKu
(from
Jul10) 1.6% 15.5% 0.8% 13.4% 15.6%
Total
Savings
account 7.8% 3.1% 15.7% 19.1% 2.3% 22.4% 3.4%
Current
account 20.7% 9.7% 3.4% 1.9% 22.8% 1.5%
Term
Deposit 9.7% 1.6% 10.7% 17.3% 7.3% 15.9% 17.5%
Junior
Account 0.5% 0.8% 6.0% 33.9% 2.4% 2.4%
Education
savings 7.8% 0.2% 19.6% 25.4% 2.1% 18.9%
Syariah 4.6% 17.4% 4.5% 4.8%
Foreign
Currency 6.3% 89.4% 0.9% 2.5%
Other
Current 1.5% 61.1% 21.4% 7.4% 1.6%
Account
unspecified 68.1% 6.1% -‐
TOTAL
Have
Account 7.8% 3.1% 15.9% 19.1% 2.2% 22.1% 3.4%
None 5.4% 4.6% 21.3% 17.1% 1.9% 20.3% 1.5%
Outer
Jawa-‐Bali
Tahun 2009
Sumut Sumbar Sumsel Lampung Riau Kalbar Kalsel Kaltim Sulsel
own
or
use
a
mobile
phone
a
GSM
Phone 3.6% 1.6% 1.7% 5.1% 4.4% 2.7% 1.4% 1.0% 1.1%
a
CDMA
Phone 1.0% 0.2% 1.4% 0.5% 0.6% 0.8% 0.3% 1.3% 0.9%
GSM
and
CDMA
Phone 1.0% 0.3% 0.6% 0.8% 1.8% 1.4% 0.9% 0.4% 0.5%
total
own
or
use 3.2% 1.3% 1.7% 4.4% 3.8% 2.4% 1.2% 1.1% 1.1%
total
do
not
own
or
use 8.6% 3.2% 5.4% 2.9% 1.1% 1.3% 2.1% 1.7% 6.8%
can't
say 4.0% 0.3% 1.6% 0.1% 14.9% 9.2% 1.5% 0.2% 3.9%
Savings
Savings
account 1.0% 1.6% 1.2% 1.3% 5.7% 3.2% 3.6% 3.0% 3.3%
Current
account 13.3% 0.3%
Term
Deposit 7.3%
Junior
Account 0.8% 10.9% 48.1%
Education
savings 1.6% 0.1%
Syariah 0.0% 45.8% 2.7% 1.3%
Foreign
Currency
Other
Current 2.3% 1.2% 7.1%
Account
unspecified 8.4% 3.6% 6.8% 48.7%
TOTAL
Have
Account 1.0% 1.6% 1.2% 1.3% 3.2% 1.3% 2.9% 3.3%
None 7.1% 2.4% 4.1% 4.0% 1.9% 1.7% 1.1% 4.4%
can't
say 15.4% 4.4% 18.2% 8.0% 1.2%
Outer
Jawa-‐Bali
Tahun 2010
Sumut Sumbar Sumsel Lampung Riau Kalbar Kalsel Kaltim Sulsel Sulut
own
or
use
a
mobile
phone
a
GSM
Phone 2.6% 2.3% 5.5% 4.3% 3.7% 2.0% 1.5% 1.6% 3.2% 1.6%
a
CDMA
Phone 0.5% 1.2% 1.1% 1.0% 0.8% 0.6% 1.0% 0.4% 1.5% 0.7%
GSM
and
CDMA
Phone 0.8% 1.0% 1.1% 1.7% 1.8% 0.9% 1.3% 0.8% 2.2% 1.4%
total
own
or
use 2.3% 2.2% 5.1% 3.9% 3.3% 1.8% 1.4% 1.5% 3.0% 1.5%
total
do
not
own
or
use 2.2% 6.0% 7.9% 3.0% 1.3% 2.0% 2.0% 0.9% 6.1% 0.5%
can't
say 0.0% 1.8% 0.3% 0.9% 5.2% 3.3% 1.6% 7.3% 3.6% 3.5%
Savings
Regular/Basic
Savings
Account
(revised
3.0% 1.9% 3.1% 1.9% 5.5% 1.2% 1.2% 3.5% 4.0% 1.0%
Jul10)
Premium/Plus
Savings
Account
(from
3.0% 36.2% 0.9% 0.0% 22.3%
Jul10)
TabunganKu
(from
Jul10) 2.2% 0.2% 18.1% 12.2% 0.1% 20.3%
TotalSavings
account 3.0% 1.9% 3.1% 2.0% 5.5% 1.2% 1.2% 3.6% 4.0% 1.0%
Current
account 6.2% 15.2% 1.1% 2.8% 0.0% 14.6% 0.0%
Term
Deposit 6.8% 2.0% 4.0% 0.2% 2.2% 4.0% 0.7%
Junior
Account 12.7% 1.0% 6.1% 0.5% 10.4% 1.5% 13.7% 8.1%
Education
savings 4.5% 2.4% 3.2% 0.4% 0.9% 2.7% 9.5% 2.3%
Syariah 8.9% 1.0% 2.3% 0.1% 13.3% 0.9% 0.2% 1.7% 37.5% 5.3%
Foreign
Currency 1.0%
Other
Current 2.2% 2.6% 1,7% 0.4%
Account
unspecified 19.5% 3.2% 3.0%
TOTAL
Have
Account 3.0% 1.9% 3.1% 2.0% 5.5% 1.2% 1.2% 3.6% 4.5% 1.1%
None 2.1% 4.0% 6.8% 3.9% 1.9% 1.9% 1.7% 0.9% 4.1% 1.2%
can't
say 1.8% 1.0% 3.8% 47.0% 0.6% 2.9%
Investment penetration score is significantly lower than saving account for both period. This
could be implied that Indonesian tend to be a risk averse dominant or less financial literate.
Financial product from capital market seems to be unfamiliar compare to property and direct
investment
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
Investments
Share
Options 0.1% 0.0% 0.2% 0.1% 0.2% 0.0% 0.2%
Share
in
Ind Comp 0.0% 0.2% 0.1% 0.0% 0.2%
Share
in
Ind Comp-‐not
listed 0.0% 0.1% 0.0% 0.6%
Int'l
shares 0.0% 0.1% 0.1%
Property
-‐ not
your
own
home 0.1% 0.0% 0.1% 0.0% 0.0% 0.2%
Equity
in
Business 0.0% 0.0% 0.1%
Govt/Corp
Bonds 0.0% 0.1% 0.1%
Gold
Deposit 0.1% 0.1% 0.0% 0.0% 0.1%
Money
Lent 0.2% 0.2% 0.1% 0.0% 0.1% 0.0% 0.1%
Futures 0.2% 0.0% 0.0% 0.0% 0.1%
Other
Direct
Investment 0.2% 0.1% 0.1% 0.0% 0.0% 0.2%
Unspecified
DI
Total
DI
&
Inv
fund 0.6% 0.6% 0.5% 0.1% 0.2% 0.1% 1.2%
Money
Market 0.1% 0.1% 0.1% 0.1%
Bonds 0.0%
Equity
0.1% 0.1%
Balanced
Equity 0.0% 0.0%
Other
Managed
Funds 0.0% 0.0% 0.2%
Total
Managed
funds 0.2% 0.1% 0.1% 0.0% 0.0% 0.2%
Total
currently
have
invest 0.7% 0.7% 0.5% 0.1% 0.2% 0.1% 1.3%
none 99.3% 99.3% 99.5% 99.9% 99.8% 99.9% 98.6%
can't
say 0.0% 0.0% 0.1%
In 2010, for Jawa Bali area, Jawa Timur have relatively better investment penetration, although
most of source of investment is direct investments
Jawa
Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
Investments
Share
Options 0.1% 0.4% 0.1% 0.0% 0.1%
Share
in
Ind
Comp 0.0% 0.0% 0.0% 0.0%
Share
in
Ind
Comp-‐not
listed 0.1% 0.0%
Int'l
shares 0.0% 0.0% 0.0%
Property
-‐ not
your
own
home 0.2% 0.0% 0.1% 0.0% 0.1%
Equity
in
Business 0.0% 0.0% 0.0%
Govt/Corp
Bonds 0.0% 0.0% 0.0%
Gold
Deposit 0.1% 0.0% 0.1% 0.0% 0.0%
Money
Lent 0.1% 0.1% 0.2% 0.0% 0.1%
Futures 0.1% 0.0%
Other
Direct
Investment 0.1% 0.0% 0.2% 0.9% 0.0%
Unspecified
DI
Total
DI
&
Inv
fund 0.6% 0.5% 0.6% 0.1% 1.3% 0.0%
Money
Market 0.0% 0.1% 0.0% 0.0%
Bonds 0.0%
Equity
0.0% 0.0%
Balanced
Equity 0.0%
Other
Managed
Funds 0.0% 0.1% 0.1%
Total
Managed
funds 0.0% 0.1% 0.1% 0.1% 0.1%
Total
currently
have
invest 0.6% 0.6% 0.6% 0.2% 1.3% 0.0%
none 99.3% 99.2% 99.2% 99.8% 99.6% 98.7% 100.0%
can't
say 0.1% 0.2% 0.2% 0.0% 0.4%
Surprisingly, although Riau have lower population, its investment penetration is the highest which
driven by property, money-lent and direct investment.
0,1% penetration level on Indonesia stock exchange means only around 24.000 people in
Indonesia involved actively in stock exchange market, which probably could explain why
Indonesia is not suffering from 2008 crisis due to less connected with stock exchange
instruments.
It seems direct investment which probably have relatively similar risk-return profile with
stocks is more aspired for Indonesian people.
In Jawa Bali area, Household loans are dominated by motorcycle loans, personal loans and
installment loans. Bali and Jawa Tengah have higher loan penetration compare other Jawa-
Bali area
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
types
of
loans
currently
have
loan
on
home
lived
in 0.0% 0.1% 0.0% 0.0% 1.1%
loan
on
home
intended
to
live
in 0.0% 0.0% 0.0% 0.0%
loan
on
investment
property
0.0% 0.0% 0.0%
home
equity 0.2% 0.1% 0.1%
home
improvement
loan 0.4% 0.2% 0.0% 0.9%
total
home
loans 0.0% 0.5% 0.5% 0.1% 2.1%
personal
overdraft
multipurpose
loans 0.2% 0.0% 3.0% 0.3% 1.9%
car
loan 0.0% 0.0% 0.0% 0.0% 3.3%
motor
cycle
loan 0.8% 1.8% 0.5% 1.7% 0.6% 5.1%
total
vehicles
loan 0.8% 1.8% 0.6% 1.7% 0.6% 8.2%
Jawa Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
types
of
loans
currently
have
loan
on
home
lived
in 0.1% 0.2% 0.2% 0.1%
loan
on
home
intended
to
live
in 0.1% 0.1% 0.0% 0.1% 0.2% 0.0%
loan
on
investment
property
0.0% 0.0% 0.0% 0.0% 0.4%
home
equity 0.1% 0.8% 0.0% 1.0%
home
improvement
loan 0.0% 0.0% 0.1% 0.1% 4.8%
total
home
loans 0.1% 0.1% 0.2% 1.2% 0.2% 0.4% 6.2%
The cause of low loan penetration (less than 5% average) could be the culture of “having loans is a
bad habit and a sign of less capability of financial management” or probably not enough financial
education, which explain that several loans could be a good leverage for a household assets
3.5. Household ownership of insurance in 17 province in Indonesia
Insurance penetration on average is still below 5% of total population. Bali has reach more than
10% of insurance penetration compare to other area. This could be a result of culturaly adapted
insurance product, which explain that personal (life) insurance could help your family in
executing expensive “Ngaben” (traditional commomeration after death). “Ngaben” is a part of
Balinese culture, it could be said that good “ngaben” ceremony is reflecting better social status as
well as better obidience toward cultures.
Medical insurance penetration is also low, despite increasing healthcare costs. This could be
caused by lack of financial literacy education, bad perception toward insurance and/or formal
medication through doctors are not as aspired as traditional medical approaches.
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
TYPES
OF
INSURANCE
COVER
PERSONALLY
HAVE
Home
contents
insurance 0.1% 0.0% 0.0% 0.0%
Home
buildings
insurance 0.1% 0.2% 0.0% 0.0% 0.0% 0.1%
Extended
warranty
on
goods
(TV,PC,etc.) 0.0% 0.0%
Vehicle
insurance
-‐ Total
Loss
Only 0.0% 0.4% 0.0% 0.0% 0.0%
Vehicle
insurance
-‐ All
Risk 0.0% 0.0% 0.0% 0.0% 0.3% 0.0% 0.2%
Total
Vehicle
Insurance 0.0% 0.0% 0.4% 0.0% 0.3% 0.1% 0.2%
Other
home,
property
or
car
insurance 0.0% 0.0% 0.0%
Total
Home/Property/Car
Insurance 0.2% 0.2% 0.4% 0.0% 0.3% 0.1% 0.3%
Term
Life
Insurance
-‐ Family
Income
Benefit 0.1% 1.9% 0.1% 0.2% 0.2% 0.1% 1.4%
Term
Life
Insurance 0.5% 0.5% 0.1% 0.1% 0.1% 0.2%
Endowments 0.0% 0.0% 0.0% 0.0% 0.0% 0.5%
Whole
of
life
policies 0.2% 0.0% 0.0% 0.0% 0.0%
Fixed
Annuity 0.0% 0.0%
Variable
Annuity 0.0% 0.0%
Other
life
insurance
or
annuities 0.0% 0.1% 0.0% 0.3% 0.0% 0.2%
Total
Life
Insurance
and
Annuities 0.8% 2.2% 0.3% 0.3% 0.6% 0.3% 10.2%
Health
Insurance 1.3% 0.1% 0.1% 0.0% 0.1% 4.2%
Critical
Illness
Insurance 0.0% 0.0% 0.0%
Accident
insurance
(other
than
car
or
life
insurance) 0.3% 0.0% 0.0% 0.0% 0.1% 0.6%
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
Private
medical
insurance 0.5% 1.5% 1.4% 2.3% 0.0% 1.1% 3.9%
Dental
Insurance 0.0%
Long
Term
Care
insurance 0.0% 0.0% 0.0% 0.1%
Job
loss
cover
Travel
insurance
Home
loan
payment
protection
insurance
Other
Personal
insurance 0.4% 0.2% 0.0% 0.2% 0.1%
Total
Other
Personal
Insurance 2.3% 1.6% 1.7% 2.3% 0.0% 1.4% 8.6%
Total
Non
Life
Insurance 0.6% 0.2% 0.6% 0.0% 0.3% 0.2% 0.3%
Total
Personal
Accident
and
Health
Insurance 2.0% 1.6% 1.6% 2.3% 0.0% 1.3% 8.6%
TOTAL
Have
Any
Insurance 3.0% 3.8% 2.1% 2.6% 0.6% 1.8% 14.6%
No
Answer 97.0% 96.2% 97.9% 97.4% 99.4% 98.2% 85.4%
Jawa-‐Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
TYPES
OF
INSURANCE
COVER
PERSONALLY
HAVE
Critical
Illness
Insurance 0.0% 0.0%
Home
buildings
insurance 0.0% 0.1% 0.0% 0.1% 0.0%
Extended
warranty
on
goods
(TV,PC,etc.)
Vehicle
insurance
-‐ Total
Loss
Only 0.1% 0.0% 0.3% 0.0% 0.0%
Vehicle
insurance
-‐ All
Risk 0.1% 0.1% 0.1% 0.0% 0.0%
Total
Vehicle
Insurance 0.1% 0.2% 0.4% 0.0% 0.0%
Other
home,
property
or
car
insurance 0.0% 0.1% 0.0% 0.1% 0.0%
Total
Home/Property/Car
Insurance 0.1% 0.5% 0.4% 0.2% 0.1%
Term
Life
Insurance
-‐ Family
Income
Benefit 0.3% 1.1% 0.1% 0.3% 0.1%
Term
Life
Insurance 0.6% 0.1% 0.3% 0.4% 0.3% 0.4% 1.4%
Endowments 0.1% 0.0% 0.1% 0.0% 0.0% 1.3%
Whole
of
life
policies 0.0% 0.1% 0.0% 0.0% 0.4% 0.1% 1.4%
Fixed
Annuity 0.0% 0.0% 0.0% 0.1% 0.1%
Variable
Annuity 0.0%
Other
life
insurance
or
annuities 0.3% 0.0% 0.1% 0.4% 0.2% 0.1%
Total
Life
Insurance
and
Annuities 1.3% 1.3% 0.7% 1.1% 0.7% 0.8% 4.3%
Jawa-‐Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
Health
Insurance
0.7% 0.2% 0.2% 0.1% 0.1% 0.3% 0.6%
Critical
Illness
Insurance
0.0% 0.0% 0.1% 0.0% 1.1%
Accident
insurance
(other
than
car
or
life
insurance) 0.1% 0.0% 0.1% 0.0% 0.1% 0.1% 0.2%
Private
medical
insurance
0.3% 0.5% 0.7% 1.6% 0.4% 0.5% 0.4%
Dental
Insurance
0.1% 0.0% 0.0%
Long
Term
Care
insurance
0.0% 0.0% 0.0% 0.0%
Job
loss
cover
0.0%
Travel
insurance
0.0% 0.0%
Home
loan
payment
protection
insurance
0.0% 0.1%
Other
Personal
insurance
0.3% 0.0% 0.4% 0.2% 0.3%
Total
Other
Personal
Insurance
1.4% 0.7% 1.2% 2.0% 0.4% 1.0% 2.3%
Total
Non
Life
Insurance
0.4% 0.5% 0.8% 0.4% 0.4%
Total
Personal
Accident
and
Health
Insurance
1.2% 0.7% 0.9% 1.8% 0.4% 0.7% 2.3%
TOTAL
Have
Any
Insurance
2.6% 2.2% 2.0% 3.2% 1.1% 1.7% 4.8%
No
Answer
97.4% 97.8% 98.0% 96.8% 98.9% 98.3% 95.2%
Health
Insurance
0.4% 0.4% 0.1% 0.1% 0.5% 0.1% 0.5% 1.2% 0.3%
Critical
Illness
Insurance
0.0% 0.1% 0.0%
Accident
insurance
(other
than
car
or
life
insurance) 0.1% 0.0% 0.2% 0.4% 0.0% 0.1%
Private
medical
insurance
1.9% 0.6% 0.2% 0.0% 0.6% 0.0% 0.1% 0.2% 0.3% 0.7%
Dental
Insurance
Travel
insurance
Home
loan
payment
protection
insurance 0.0% 0.0%
Other
Personal
insurance
0.5% 0.1% 0.0% 0.0% 1.7% 0.0% 0.1% 0.2%
Total
Other
Personal
Insurance
2.9% 1.2% 0.2% 0.2% 3.0% 0.1% 0.7% 1.7% 0.8% 0.7%
Total
Non
Life
Insurance
3.7% 0.3% 0.3% 0.1% 2.3% 0.1% 0.1% 0.7% 0.4% 0.1%
Total
Personal
Accident
and
Health
Insurance 2.4% 1.1% 0.2% 0.1% 1.3% 0.1% 0.6% 1.7% 0.6% 0.7%
TOTAL
Have
Any
Insurance
9.4% 1.4% 1.0% 0.3% 4.8% 0.3% 0.9% 3.1% 2.3% 1.5%
No
Answer
90.6% 98.6% 99.0% 99.7% 95.2% 99.7% 99.1% 96.9% 97.7% 98.5%
Unlike insurance and investment product, plastic (credit card) ownership is relatively high with
penetration level similar with saving account. It is consistent for both period and area
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
number
of
plastic
card
now
have
none 5.1% 4.2% 20.3% 18.4% 2.0% 20.7% 1.7%
one 15.9% 6.7% 21.8% 5.1% 2.4% 21.7% 4.2%
two 23.3% 9.0% 25.2% 5.1% 0.1% 22.6% 4.9%
three 24.3% 14.8% 29.3% 0.8% 25.8% 2.9%
four 4.0% 10.1% 72.7% 0.3% 4.6%
five
or
more 37.7% 21.4% 1.0% 4.2% 19.3%
own
or
use
a
mobile
phone
a
GSM
Phone 6.5% 5.2% 22.6% 16.1% 2.3% 22.0% 2.7%
a
C DMA
Phone 25.6% 10.3% 5.1% 25.7% 3.0% 20.2% 5.1%
GSM
and
C DMA
Phone 28.6% 9.1% 27.0% 5.2% 2.1% 15.3% 5.0%
total
own
or
use 9.3% 6.0% 23.0% 14.0% 2.5% 22.0% 3.1%
total
do
not
own
or
use 2.8% 3.0% 18.7% 20.1% 1.5% 19.9% 0.9%
can't
say 6.0% 2.1% 2.3% 35.4% 2.6% 13.0% 3.0%
Jawa Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
number
of
plastic
card
now
have
none 5.2% 4.3% 20.3% 18.0% 2.0% 20.5% 1.8%
one 13.8% 5.1% 20.2% 10.0% 1.7% 22.0% 3.1%
two 20.4% 6.8% 21.1% 8.8% 2.5% 21.8% 1.4%
three 22.2% 2.6% 24.7% 7.1% 1.2% 32.8%
four 37.7% 0.0% 5.2% 10.1% 41.5%
five
or
more 1.6% 0.9% 2.1% 0.1% 48.1%
own
or
use
a
mobile
phone
a
GSM
Phone 5.8% 3.8% 20.9% 17.1% 2.5% 19.9% 2.4%
a
C DMA
Phone 24.0% 9.4% 28.7% 5.7% 2.1% 19.0% 2.5%
GSM
and
C DMA
Phone 23.0% 7.1% 29.4% 7.7% 1.5% 17.5% 1.6%
total
own
or
use 7.9% 4.6% 21.7% 15.7% 2.5% 19.9% 2.5%
total
do
not
own
or
use 2.6% 3.9% 16.8% 20.3% 1.1% 22.6% 1.0%
can't
say 5.2% 4.1% 42.9% 17.9% -‐ 4.0% 0.3%
Outer
Jawa Bali
Tahun 2009
Sumut Sumbar Sumsel Lampung Riau Kalbar Kalsel Kaltim Sulsel
number
of
plastic
card
now
have
none 6.4% 2.3% 3.7% 3.6% 2.7% 1.8% 1.6% 1.2% 4.4%
one 1.8% 2.3% 2.1% 2.5% 0.1% 5.6% 2.0% 4.8% 0.9%
two 0.6% 2.8% 0.8% 4.2% 0.3% 0.5% 0.3% 0.2% 0.0%
three 0.5% 0.4% 1.0% 0.3% 0.0%
four 2.1% 3.9% 2.1% 0.3%
five
or
more 16.4%
own
or
use
a
mobile
phone
a
GSM
Phone 3.6% 1.6% 1.7% 5.1% 4.4% 2.7% 1.4% 1.0% 1.1%
a
C DMA
Phone 1.0% 0.2% 1.4% 0.5% 0.6% 0.8% 0.3% 1.3% 0.9%
GSM
and
C DMA
Phone 1.0% 0.3% 0.6% 0.8% 1.8% 1.4% 0.9% 0.4% 0.5%
total
own
or
use 3.2% 1.3% 1.7% 4.4% 3.8% 2.4% 1.2% 1.1% 1.1%
total
do
not
own
or
use 8.6% 3.2% 5.4% 2.9% 1.1% 1.3% 2.1% 1.7% 6.8%
can't
say 4.0% 0.3% 1.6% 0.1% 14.9% 9.2% 1.5% 0.2% 3.9%
Outer
Jawa Bali
Tahun 2010
Sumut Sumbar Sumsel Lampung Riau Kalbar Kalsel Kaltim Sulsel Sulut
number
of
plastic
card
now
have
none 2.1% 3.6% 6.2% 3.6% 2.7% 2.0% 1.7% 1.2% 4.2% 1.1%
one 5.2% 2.9% 3.9% 1.5% 0.6% 0.8% 0.8% 4.0% 3.5% 1.4%
two 2.3% 2.3% 1.6% 1.1% 1.0% 0.7% 0.3% 3.8% 3.4% 1.7%
three 0.4% 0.9% 0.7% 0.4% 0.2% 1.6% 2.6% 5.4%
four 2.1% 2.7% 0.0% 0.7%
five
or
more 5.1% 2.0% 33.8% 6.2%
own
or
use
a
mobile
phone
a
GSM
Phone 2.6% 2.3% 5.5% 4.3% 3.7% 2.0% 1.5% 1.6% 3.2% 1.6%
a
C DMA
Phone 0.5% 1.2% 1.1% 1.0% 0.8% 0.6% 1.0% 0.4% 1.5% 0.7%
GSM
and
C DMA
Phone 0.8% 1.0% 1.1% 1.7% 1.8% 0.9% 1.3% 0.8% 2.2% 1.4%
total
own
or
use 2.3% 2.2% 5.1% 3.9% 3.3% 1.8% 1.4% 1.5% 3.0% 1.5%
total
do
not
own
or
use 2.2% 6.0% 7.9% 3.0% 1.3% 2.0% 2.0% 0.9% 6.1% 0.5%
can't
say 0.0% 1.8% 0.3% 0.9% 5.2% 3.3% 1.6% 7.3% 3.6% 3.5%
From Financial attitude score, it could be inferred that Indonesia consumers have low level of
disagree (inconfidence) toward economy and life. This findings are consistent with Nielsen and
central bank of Indonesia consumer confidence survey.
Jawa-‐Bali
Tahun 2009
Jakarta Banten Jabar Jateng DIY Jatim Bali
Finance
Disagree
Credit
enables
me
to
buy
the
things
that
I
want 5.1% 4.7% 21.2% 15.7% 1.5% 26.7% 1.8%
I
like
to
be
fully
insured 5.5% 3.9% 20.7% 18.8% 0.7% 29.8% 1.8%
Recently
I've
cut
down
my
spending 7.3% 3.6% 14.9% 24.7% 1.2% 25.3% 2.0%
The
Indonesian
economy
appears
to
be
improving 5.1% 5.2% 25.5% 21.3% 2.7% 14.6% 1.5%
I
feel
financially
stable
at
the
moment 5.7% 5.2% 27.7% 16.2% 1.8% 16.6% 1.7%
I'm
worried
about
interest
rates
at
the
moment 5.6% 5.7% 20.8% 18.0% 0.9% 29.7% 1.4%
It
would
be
ideal
if
I
could
conduct
all
my
banking
without
ever
5.7% 3.3% 21.9% 14.9% 0.8% 32.4% 1.5%
having
to
go
to
a
branch
I
prefer
to
invest
in
something
with
a
safe
return 6.9% 1.3% 32.6% 13.5% 1.8% 17.1% 2.8%
Life-‐Cycle
Single 14-‐34 No Children 6.8% 5.3% 20.5% 11.9% 2.5% 20.5% 2.7%
Single 14-‐34 Children 3.6% 1.7% 5.3% 27.2% -‐ 7.8% 0.9%
Married 14-‐34 no children 6.2% 5.8% 18.5% 16.8% 1.7% 17.4% 3.1%
Married 14-‐34 children 7.0% 5.4% 24.5% 18.9% 1.2% 19.6% 1.0%
Married 35+ children 4.8% 4.1% 19.9% 22.0% 2.2% 19.4% 0.7%
Married 35+ no children 4.5% 2.5% 20.0% 18.9% 2.0% 23.2% 3.0%
Single 35+ children 5.0% 1.4% 16.2% 29.4% 3.2% 18.4% 0.7%
Single
35+
no
children 4.8% 1.3% 13.5% 10.0% 1.4% 42.6% 1.8%
Jawa-‐Bali
Tahun 2010
Jakarta Banten Jabar Jateng DIY Jatim Bali
Finance
Disagree
Credit
enables
me
to
buy
the
things
that
I
want 5.5% 4.6% 20.4% 16.9% 1.9% 22.9% 2.0%
I
like
to
be
fully
insured 4.9% 3.0% 20.2% 16.8% 1.4% 27.0% 2.1%
Recently
I've
cut
down
my
spending 5.8% 4.8% 19.5% 18.2% 1.2% 24.8% 1.7%
The
Indonesian
economy
appears
to
be
improving 5.4% 4.8% 25.8% 19.2% 2.0% 18.4% 1.6%
I
feel
financially
stable
at
the
moment 5.3% 4.6% 25.6% 17.0% 1.4% 18.7% 1.7%
I'm
worried
about
interest
rates
at
the
moment 5.1% 5.2% 19.3% 17.5% 2.1% 26.0% 1.9%
It
would
be
ideal
if
I
could
conduct
all
my
banking
without
ever
having
to
go
to
a
branch 5.3% 4.4% 19.4% 16.2% 1.4% 25.8% 1.9%
I
prefer
to
invest
in
something
with
a
safe
return 7.2% 3.7% 20.5% 16.2% 1.0% 19.6% 2.1%
Life-‐Cycle
Single
14-‐34
No
Children 6.8% 5.0% 20.5% 14.2% 1.7% 19.2% 1.5%
Single
14-‐34
Children 9.7% 4.3% 16.3% 22.5% 0.9% 5.9% 0.1%
Married
14-‐34
no
children 7.5% 6.5% 23.0% 13.4% 1.4% 16.2% 3.5%
Married
14-‐34
children 6.1% 4.1% 21.4% 18.9% 1.8% 21.4% 1.8%
Married
35+
children 5.0% 4.7% 22.8% 19.5% 2.2% 19.2% 1.2%
Married
35+
no
children 4.1% 2.7% 16.1% 19.8% 2.1% 25.4% 3.1%
Single
35+
children 7.7% 4.9% 21.7% 16.4% 3.2% 13.2% 2.0%
Single
35+
no
children 5.1% 2.1% 13.9% 14.3% 3.1% 26.8% 1.8%
Jawa-‐Bali
Tahun 2009
Sumut Sumbar Sumsel Lampung Riau Kalbar Kalsel Kaltim Sulsel
Finance
Disagree
Credit
enables
me
to
buy
the
things
that
I
want 4.3% 2.3% 3.3% 1.9% 0.4% 1.5% 2.5% 1.7% 5.5%
I
like
to
be
fully
insured 4.2% 2.6% 4.9% 1.3% 0.4% 0.7% 2.8% 0.9% 1.1%
Recently
I've
cut
down
my
spending 5.8% 3.3% 2.7% 3.3% 0.2% 0.4% 3.0% 1.0% 1.3%
The
Indonesian
economy
appears
to
be
improving 6.8% 2.0% 5.4% 5.8% 0.5% 1.3% 0.8% 0.7% 0.9%
I
feel
financially
stable
at
the
moment 6.3% 2.0% 3.7% 5.1% 0.5% 1.3% 0.5% 0.8% 4.8%
I'm
worried
about
interest
rates
at
the
moment 4.3% 2.1% 5.3% 2.1% 0.4% 1.1% 0.4% 0.9% 1.2%
It
would
be
ideal
if
I
could
conduct
all
my
banking
without
5.7% 2.1% 5.1% 2.2% 0.5% 1.1% 0.6% 0.7% 1.4%
ever
having
to
go
to
a
branch
I
prefer
to
invest
in
something
with
a
safe
return 4.6% 5.2% 6.1% 2.5% 0.5% 0.9% 1.7% 1.3% 1.2%
Life-‐Cycle
Single 14-‐34 No Children 8.3% 2.8% 4.1% 2.9% 3.2% 2.6% 1.9% 1.6% 2.5%
Single 14-‐34 Children 0.7% 0.3% 0.9% 3.8% 0.9% 1.4% 0.1% 0.3% 45.1%
Married 14-‐34 no children 5.1% 2.0% 6.3% 7.2% 3.3% 3.8% 0.8% 1.0% 1.0%
Married 14-‐34 children 4.1% 1.1% 2.4% 4.2% 3.0% 1.6% 1.9% 1.1% 2.9%
Married 35+ children 5.4% 1.3% 4.6% 2.9% 2.4% 1.5% 2.6% 1.6% 4.5%
Married 35+ no children 7.4% 4.4% 2.0% 4.1% 1.4% 1.8% 0.4% 2.7%
Single 35+ children 3.5% 1.5% 7.4% 1.4% 0.4% 0.1% 2.9% 0.7% 8.4%
Single
35+
no
children 3.8% 2.7% 5.8% 0.7% 2.7% 1.2% 0.3% 1.8% 7.3%
Jawa-‐Bali
Tahun 2010
Sumut Sumbar Sumsel Lampung Riau Kalbar Kalsel Kaltim Sulsel
Finance
Disagree
Credit
enables
me
to
buy
the
things
that
I
want 2.2% 3.3% 4.7% 3.6% 1.4% 1.6% 1.7% 1.3% 5.7%
I
like
to
be
fully
insured 2.7% 4.4% 5.2% 3.3% 1.3% 2.0% 2.0% 1.2% 2.2%
Recently
I've
cut
down
my
spending 2.2% 3.7% 6.6% 1.8% 2.0% 1.0% 2.0% 0.9% 3.3%
The
Indonesian
economy
appears
to
be
improving 2.3% 3.0% 6.1% 3.9% 1.7% 1.1% 1.2% 0.6% 2.4%
I
feel
financially
stable
at
the
moment 2.3% 3.1% 5.2% 4.4% 2.0% 1.3% 1.4% 0.7% 4.8%
I'm
worried
about
interest
rates
at
the
moment 2.3% 3.1% 4.3% 3.3% 1.6% 2.4% 1.6% 1.0% 3.0%
It
would
be
ideal
if
I
could
conduct
all
my
banking
without
ever
having
to
go
to
a
branch 2.1% 3.3% 6.4% 3.9% 1.5% 2.1% 1.8% 0.8% 3.2%
I
prefer
to
invest
in
something
with
a
safe
return 2.0% 3.4% 7.0% 3.3% 2.4% 3.6% 2.2% 1.3% 3.8%
Life-‐Cycle
Single
14-‐34
No
Children 2.7% 4.6% 7.9% 3.7% 2.9% 1.8% 1.4% 1.6% 3.9%
Single
14-‐34
Children 0.9% 0.7% 2.2% 0.5% 2.0% 1.2% 6.7% 1.2% 24.6%
Married
14-‐34
no
children 0.8% 3.0% 4.3% 6.1% 4.3% 2.0% 2.8% 1.0% 2.7%
Married
14-‐34
children 1.4% 3.2% 4.7% 3.5% 2.3% 2.6% 1.4% 1.4% 3.5%
Married
35+
children 2.0% 3.0% 7.1% 2.6% 1.5% 1.4% 1.0% 1.8% 4.3%
Married
35+
no
children 2.8% 3.0% 4.9% 4.2% 3.0% 2.3% 2.0% 0.9% 3.0%
Single
35+
children 5.2% 7.7% 2.8% 0.6% 2.4% 0.9% 4.2% 0.1% 6.7%
Single
35+
no
children 4.2% 6.5% 3.7% 2.0% 4.2% 1.2% 2.7% 0.5% 6.8%
4. Conclusion
Although Indonesian Economy is improving, the consumer confidence is high, it does not
necessarily create the Indonesia financial sectors having better penetration level. Case of Balinese
higher penetration insurance product, Tabunganku high presence in Kalimantan & sulawesi area
(but low in Sumatra area) and higher direct investment penetration compare to capital/stock
market penetration could be a results of there are a gap between supply and demand on financial
services in Indonesia. Gap is not necessarily deals with purchasing power since from the BPS &
worldbank data, Indonesia GDP per capita is already reach lower middle income countries. Gap
could be a result of culture and communications.
Referrence
1. Anis Chowdury, Financial Sector Regulation in Developing Countries: Reckoning after the crisis,
IDEAS Working Paper (2010)
2. Cole, Sampson, and Zia. Prices or Knowledge? What Drives Demand for Financial Services in
Emerging Markets, Journal of Finance, VOL. LXVI, NO. 6, DEC 2011
3. Erturk, Froud, Johal, Leaver & Williams, The Democratization of Finance? Promises, Outcomes and
Conditions , Review of International Political Economy, Vol. 14, No. 4 (Oct., 2007),
4. Campbell. Household Finance. The Journal of Finance, Vol. LXI, No. 4 (Aug., 2006)
5. Wimboh & Sukada, Risk profile of households and the impact on financial stability, BIS Papers No
46, 2009
6. Demirgüç-Kunt,Beck & Honohan. Finance forAll? Policies and Pitfalls in Expanding Access. A
Worldbank Research Report, 2008
7. Demirgüç-Kunt & Klapper, Measuring Financial Inclusion : Global Findex Database, Worldbank
Policy Research Working Paper 6025, April 2012
8. Beck, Thorsten, Demirgüç-Kunt, and Levine, Bank concentration, competition, and crises: First
results. Journal of Banking and Finance 30, 1581-603, 2006
9. Beck, Demirgüç-Kunt & Peria, Banking Services for Everyone? Barriers to Bank Access and Use
around the World, World Bank Policy Research Working Paper 4079, Dec 2006
10. Beck, Demirgüç-Kunt & Peria, Reaching Out : Access To And Use Of Banking Services Across
Countries, World Bank Policy Research Working Paper 3754, Oct 2005
11. Duncombe & Boateng, Mobile Phones and Financial Services in Developing Countries: A Review of
Concepts, Methods, Issues, Evidence and Future Research Directions, Manchester Development
Informatics Working Paper 37, Centre for Development Informatics, Institute for Development Policy
and Management, SED , 2009
12. Servon & Kaestner, Consumer Financial Literacy and the Impact of Online Banking on the
Financial Behavior of Lower-Income Bank Customers, The Journal of Consumer Affairs, Vol. 42,
No. 2, 2008
13. Donovan, Mobile Money for Financial Inclusion, Information and Communications for Development
– Maximizing Mobile, Worldbank Report 2012
14. Nitin Kumar, An Empirical Analysis of Financial Inclusion Across Population Groups in India, The
IUP Journal of Bank Management, Vol. XI, No. 1, 2012
15. Nitin Kumar, Financial Inclusion and its determinants: Evidence from state level empirical analysis
in India, Presented paper on National Seminar on Financial Inclusion, India, 2011
16. Sankaramuthukumar & Alamelu, Insurance Inclusion Index: A State-Wise
Analysis in India, The IUP Journal of Risk & Insurance, Vol. VIII, No. 2, 2011
17. Vighneswara Swamy P M, Financial Inclusion in India: An Evaluation of the Coverage, Progress
and Trends, The IUP Journal of Financial Economics, Vol. IX, No. 2, 2011
18. Ghaurav, Cole & Tobacman. Marketing Complex Financial Products in Emerging Markets:
Evidence from Rainfall Insurance in India. Journal of Marketing Research, Vol. XLVIII,special
issues, 2011
19. Huston, Measuring Financial Literacy, The Journal Of Consumer Affairs, Volume 44, No. 2, 2010
20. Remund, Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly
Complex Economy, The Journal of Consumer Affairs, Vol. 44, No. 2, 2010
21. Demirgüç-Kunt, Laeven, & Levine, The Impact of Bank Regulations, Concentration, and
Institutions on Bank Margins, World Bank Policy Research Working Paper 3030, April 2003
22. Demirgüç-Kunt & Huizinga, Financial Structure and Banking Profitability, Worldbank Policy
Research Working Paper No. 2430, 2000