The paradox of high financial access and low financial literacy among retirees in Indonesia

This study explores the paradox of high financial access and low financial literacy among retirees in Indonesia. Despite the increasing availability of financial services, such as banking, insurance, and investment products, many retirees struggle to understand and effectively use these resources. The research identifies key factors contributing to this issue, including a lack of financial education, the complexity of financial products, and psychological barriers. The findings suggest that while financial access has expanded, financial literacy remains low, which threatens the financial security of retirees. The study also highlights the significant impact of low financial literacy on retirement fund management and overall well-being. Based on the results, the paper recommends the development of targeted financial literacy programs, simplified financial products, and greater collaboration between policymakers, financial institutions, and NGOs to improve the financial education of retirees in Indonesia.