Beyond Income: How Financial Literacy and Lifestyle Shape Retirees’ Financial Behavior
Keywords:
Financial literacy, Lifestyle, Financial behavior, Pension beneficiaries, Theory of Planned BehaviorAbstract
Study’s aim: This study aims to analyze the influence of financial literacy and lifestyle on the financial behavior of independent pension beneficiaries at PT Taspen (Persero) Pekanbaru Branch. Design/Methodology/Approach: This study employs a quantitative approach. Data were collected through questionnaires distributed to independent pension recipients (SP4A) in Pekanbaru using a purposive sampling technique, resulting in 76 respondents. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). Findings: The results indicate that financial literacy and lifestyle both have a positive and significant effect on financial behavior. Financial literacy improves retirees’ ability to manage income and avoid financial risks, while lifestyle exerts a stronger influence by shaping controlled and adaptive consumption patterns that drive responsible financial behavior. Theoretical Contribution/Originality: This study contributes to behavioral finance and retirement planning literature by integrating financial literacy and lifestyle within the Theory of Planned Behavior (TPB) framework in the context of civil servant retirees. It also provides empirical evidence at the regional pension institution level, which remains underexplored in prior studies. Practitioner/Policy Implication: The findings highlight the importance of strengthening financial education programs and promoting adaptive lifestyle management for retirees. Pension institutions and policymakers are encouraged to design targeted interventions to improve retirees’ financial decision-making and long-term financial well-being. Limitation/Implication: This study is limited to a single institutional setting and a relatively small sample size, which may affect generalizability. Future research is recommended to include broader populations, additional variables, and mixed-method approaches to provide deeper insights into retirees’ financial behavior.
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