Rising Expense Prompt Shifts in How Indonesians Save, Borrow, and Invest
As rising living costs continue to challenge household finances across the country, a new study from global consumer research agency YouGov reveals how Indonesians are adapting their personal financial strategies. The findings highlight shifting behaviors in saving, borrowing, and investing—showcasing a population that is increasingly cautious, digitally engaged, and seeking stability amid uncertainty.
Based on an online representative survey of 2,067 adults in Indonesia, the research sheds light on how consumers are coping after a year of stagnant incomes and growing expenses. The same report pointed to an enduring sense of financial optimism and shares on the practical steps people are taking to stay financially afloat.
"Understanding how people respond financially in uncertain times is crucial," said Edward Hutasoit, General Manager of YouGov Indonesia. “As a global consumer research agency with deep local insight, YouGov is committed to helping brands, institutions, and decision-makers decode behavior shifts with reliable, data-driven evidence. Behind the numbers on spending and income are meaningful choices that show how Indonesians are navigating economic pressures—offering valuable guidance for those striving to stay relevant. This is aligned with our mission to deliver timely, credible data that supports better decisions for businesses, institutions, and other stakeholders.”
Macro Concerns Fuel Financial Caution
Beyond individual household behavior, broader economic sentiment has continued to deteriorate. In a separate YouGov macroeconomic study, 66% of Indonesians identified the economy as their top concern in April 2025—a steady rise throughout the year. Concerns about policy also grew sharply, peaking at 53%, while job security anxiety spiked to 44% in February. These macro-level worries provide crucial context for understanding the growing reliance on credit, reduced saving capacity, and shift toward safer investment instruments seen in this report.
More than half of full-time workers (53%) reported saving less than they intended over the past year. Just 23% were able to save more than expected. Among those not formally employed, a third (33%) were unable to save at all, with 18% even seeing their savings shrink. While some respondents have adopted more disciplined approaches—such as tracking spending or postponing large purchases—many remain focused on short-term needs or have tapped into emergency funds (37%), indicating persistent financial strain.
Borrowing Becomes a Lifeline
To cope with rising living costs, many Indonesians turned to borrowing. Over half (54%) of all respondents reported taking out some form of loan in the past 12 months, with usage highest among Millennials (59%) and Gen X+ (58%). Online credit and informal sources were particularly common: 36% reported increased use of online loans or selling valuables, while over a quarter reported rising use of bank credit (28%), Pay Later services (27%), or borrowing from family and friends (27%).
The Sandwich Generation—those supporting both children and aging parents or siblings—reported even higher borrowing rates (62%) and relied on a wider mix of credit sources than their non-sandwich peers. However, despite high levels of borrowing, most respondents (70%) were able to repay on time. Non-sandwich respondents were more likely to miss or delay payments (23%), while sandwich respondents were more likely to make partial repayments (13%).
Conservative Investment Preferences Persist
When it comes to investing, gold remains the most preferred asset across all generations, chosen by 47% of respondents. Millennials are most likely to favor gold and other low-risk options, while Gen Z shows a stronger inclination toward market-based investment, at 34%—more than any other generation. Income levels play a key role: those earning above IDR 20 million per month show a stronger preference for gold (72%), market-based instruments (60%), and real estate (43%), while lower-income groups tend to favor gold and avoid high-risk options.
Edward added, “While many Indonesians are navigating rising costs with stagnant incomes, they continue to adapt in practical ways. From cutting non-essential spending to increasing reliance on digital credit tools, people are proactively managing financial pressures. These data driven insights offer guidance for businesses, financial institutions, and policymakers looking to better connect with Indonesian consumers,.”
In earlier findings from the same report, YouGov highlighted that despite stagnant or declining incomes—46% reported no income change and 18% saw a decrease—two-thirds of Indonesians remained positive about their financial outlook. Spending also shifted, with half reporting higher expenses, mainly for groceries (34%), education (25%), and savings (24%). Younger respondents were more likely to cut back on essentials, while older generations reduced spending on lifestyle-related items.
Download the full report here.
Methodology: This study was conducted online from 17–21 April 2025, with an online representative sample of 2,067 Indonesians aged 18 and older. The data was weighted by gender, age, socioeconomic class, and region to reflect the national population, based on the latest figures from the Indonesian Bureau of Statistics (BPS).