Peran Literasi Keuangan dan Self-Control dalam Perencanaan Keuangan Generasi Sandwich: Moderasi Tingkat Pendapatan

Leoni Zahra Ireviana (Universitas Andalas)
Tafdil Husni (Universitas Andalas)
Rida Rahim (Universitas Andalas)

Jurnal Literasi Akuntansi
Vol 6 No 3 (2026): September 2026

Purpose: This study aims to analyze the effects of financial literacy and self-control on the financial planning of the sandwich generation in Indonesia and to examine the moderating role of income level in the relationship between financial literacy and financial planning. Method: This study employed a quantitative approach with a causal-associative research design. The population consisted of the sandwich generation in Indonesia. A total of 91 respondents were selected using purposive sampling. Data were collected through an online questionnaire and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4. Finding: The findings reveal that financial literacy has no significant effect on financial planning, while self-control and income level have a positive and significant effect on financial planning. In addition, income level does not significantly moderate the relationship between financial literacy and financial planning. Novelty: The novelty of this study lies in examining the financial planning behavior of the sandwich generation in Indonesia by integrating financial literacy and self-control within a single research model while investigating the moderating role of income level. This study provides empirical evidence that self-control and income level play a more important role in financial planning than financial literacy alone. Unlike mainstream financial literacy research which consistently identifies knowledge as the primary determinant of financial planning, this study uncovers a different pattern for Indonesia's sandwich generation: self-control operates as the stronger and more consistent predictor of planning behavior. This counter-intuitive finding contradicts the conventional assumption that "more financial education" is the solution for improving financial planning. Additionally, the study clarifies the inconsistent findings regarding income's role in previous research by demonstrating that income acts as a direct resource enabler rather than conditioning the effectiveness of financial literacy. These insights suggest that effective financial interventions for populations facing multi-generational obligations require emphasis on behavioral capacity-building and structural economic support, not knowledge enhancement alone.