The Impact of Demographic Factors on Financial Inclusion With Financial Literacy as Moderating Variable: Empirical Study Among Manager Community Pharmacy Yogyakarta

Rahzopan Seraguma, apt. Anna Wahyuni Widayanti, M.P.H., Ph.D; I Wayan Nuka Lantara, M.Si., Ph.D

2024 | Tesis | Magister Manajemen Farmasi

Community pharmacies in Indonesia contribute significantly to job creation and economic growth as part of the millions of micro, small, and medium enterprises. Similar to micro, small, and medium enterprises in other countries, they face challenges, particularly in financing capacity. A primary reason for the closure of micro, small, and medium enterprises is capital-related issues. Financial literacy and inclusion are critical for the sustainability of enterprises in both developed and developing nations. MSME managers need to be financially literate and inclusive, as they play a pivotal role in the enterprise. The objectives of this research are to measure the level of financial literacy and financial inclusion among pharmacy managers, to examine the impact of demographic factors on financial literacy and financial inclusion, and to examine the moderating effect of financial literacy on financial inclusion.

This study utilized an observational survey design with a cross-sectional approach. The respondents were pharmacists responsible for managing community pharmacies across five regencies and cities in the Special Region of Yogyakarta. Data processing involved descriptive analysis, and statistical tests included independent sample t-test, analysis of variance, and multiple linear regression.

Over two months, 104 respondents participated in the study, with 84 (80.8%) being female and 20 (19.2%) male. The study found that the financial literacy level of pharmacy managers is 48.51, while the financial inclusion index is 80.09. Statistical tests revealed significant differences in financial literacy based on educational background, community pharmacy shapes, and community pharmacy locations. However, there were no significant differences in financial inclusion based on demographic factors or the interaction of demographic factors with financial literacy as a moderating variable. The study concludes that certain demographic factors (educational background, community pharmacy shapes, community pharmacy locations) impact financial literacy but do not significantly affect financial inclusion. Additionally, financial literacy does not considerably moderate the impact of demographic factors on financial inclusion.

Community pharmacies in Indonesia contribute significantly to job creation and economic growth as part of the millions of micro, small, and medium enterprises. Similar to micro, small, and medium enterprises in other countries, they face challenges, particularly in financing capacity. A primary reason for the closure of micro, small, and medium enterprises is capital-related issues. Financial literacy and inclusion are critical for the sustainability of enterprises in both developed and developing nations. MSME managers need to be financially literate and inclusive, as they play a pivotal role in the enterprise. The objectives of this research are to measure the level of financial literacy and financial inclusion among pharmacy managers, to examine the impact of demographic factors on financial literacy and financial inclusion, and to examine the moderating effect of financial literacy on financial inclusion.

This study utilized an observational survey design with a cross-sectional approach. The respondents were pharmacists responsible for managing community pharmacies across five regencies and cities in the Special Region of Yogyakarta. Data processing involved descriptive analysis, and statistical tests included independent sample t-test, analysis of variance, and multiple linear regression.

Over two months, 104 respondents participated in the study, with 84 (80.8%) being female and 20 (19.2%) male. The study found that the financial literacy level of pharmacy managers is 48.51, while the financial inclusion index is 80.09. Statistical tests revealed significant differences in financial literacy based on educational background, community pharmacy shapes, and community pharmacy locations. However, there were no significant differences in financial inclusion based on demographic factors or the interaction of demographic factors with financial literacy as a moderating variable. The study concludes that certain demographic factors (educational background, community pharmacy shapes, community pharmacy locations) impact financial literacy but do not significantly affect financial inclusion. Additionally, financial literacy does not considerably moderate the impact of demographic factors on financial inclusion.

Kata Kunci : MSMEs, Community Pharmacy, Financial Literacy, Financial Inclusion.