THE AWARENESS OF SHARIA FINANCIAL LITERACY IN THE QUARTER-LIFE PHASE

Nowadays, there are enormous challenges toward this era, especially the young generation between 20 and first 30 years old who will face a quarter-life crisis phase in which one of the causes is literate or not literate to finance. The grand objective of this research is to analyze gender, income per month, and marital status toward the awareness level to sharia financial literacy in the quarter-life crisis phase for IAIN Palangka Raya Alumni on 2010-2015. Primary data applied in this study are compiled from questionnaires and interviews with mixed methods. This research uses multiple regression with SPSS application, while the interview data uses descriptive analysis. The result reveals that gender and income per month have no significant influence on the awareness level of sharia financial literacy, but marital status has a significant influence on the awareness level of sharia financial literacy for IAIN Palangka Raya Alumni on 2010-2015.


Financial literacy has a strong relation with financial inclusion. In
Indonesia, only about 52% of the population has access to formal financial services, but only 21% of the poor population is served. Then, in the financial sector in the form of savings and loans for example. About a third of the population has no savings at all, and bank credit reaches only 17% of the population, while Microfinance Institutions reach only about 10%. The data was obtained from the World Bank in 2012 (Widianto, 2014). Within eight years, in 2018 only 48% of Indonesia's population had an account with a formal financial institution (Bank, 2019). That means there is no significant development in formal financial services in Indonesia in eight years. Despite an increase in the level of financial inclusion from 2013 by 59.74% to 67.82% in 2016, knowledge of inclusive finance is still very low in Indonesian society (Akyuwen & Mangowal, 2017). Then it needs to be improved by conducting activities or training on financial inclusion in a sustainable manner to the community, and providing assistance so that the quality of training output can be maintained. In addition to the training program which is an outreach, it is also necessary for the regional government to collaborate with banks and the Financial Services Authority to expand access to public financial services, DOI.10.23971/tf.v5i1.2711p-ISSN 2580e-ISSN 2580-7064 including increas the public awareness of financial literacy (Ma'ruf & Desiyana, 2015).
Financial literacy is essential but it does not arise in any level of education in Indonesia. Thus, it can be said that educational background has no relation to the one's financial knowledge and management. According to Robert T. Kiyosaki, the financial literacy is the fundamental competency to peruse and comprehend financial accounts and to manage cash flow. Everyone must know how financial planning from the income he has (Kiyosaki, 2000). In addition, to know the outflows of money that we have, is also to escape something unexpected.
According to the 2013 Indonesian Financial Literacy National Survey, it showed that the level of financial literacy of the Indonesian people was 21.84% with the share for banks classified as well literate at 21.8%, sufficient literate at 75.44%, less literate at 2.04% and not literate of 0.73%, with a level of use of banking financial products and services of 57.28%. This figure illustrates that the level of financial literacy of Indonesian people is still low (OJK, 2013). Then in 2016, financial literacy in Indonesia increased to 29.66%. While sharia financial literacy is still low at 8.11% .
The population of Indonesia in 2018 will reach 265 million. The number consisted of 133.17 million men and 131.88 million women. According to age groups, the population that is still classified as children (0-14 years) reaches 70.49 million people or around 26.6% of the total population. For the population in the productive age category (14-64 years old) 179.13 million people (67.6%) and the elderly population 65 and over 85.89 million people (5.8%) (Data Publish, 2018).
Populations of productive age make up the majority of the population.
According to Thorspecken, the quarter-life crisis is a growing phenomenon that occurs in American society that affects many young adults in their 20s and 30s. This is a period of stress, instability and major changes in life.
A quarter-life crisis occurs when many young adults feel doubtful about their future and feel trapped in their life choices (M. Thorspecken, 2005). From the previous data on the population in Indonesia which is dominated by productive age, which means that at the age of 20 and 30 years it occupies around 20% of the years experience difficulties in managing their finances, and 30% more do more expenses than income. This causes financial crisis in their lives even though the age has entered a productive age which will also affect the level of public awareness of shari'ah financial literacy indirectly, because the presence of the Islamic economic system in financial institutions gives a new atmosphere.

LITERATURE REVIEW
The implementation of education in order to improve public finances is very necessary because based on a survey conducted by the OJK in 2013, the level of financial literacy of the Indonesian population is divided into four parts, namely (OJK, 2013): 1. Well literate (21.84%), namely having knowledge and confidence about financial service institutions and financial service products, including features, benefits and risks, rights and obligations related to financial products and services, and having skills in using financial products and services. 2. Increase the number of users of financial products and services.
In order for the wider community to determine financial products and services according to their needs, the community must properly understand the benefits and risks, know their rights and obligations, and believe that the selected financial products and services can improve people's welfare. For the community, financial literacy provides great benefits (OJK, 2016): (1) Able to select and utilize financial products and services as needed; having the ability to do financial planning better; (2) Avoid investing activities in unclear financial instruments.
Financial literacy also provides great benefits for the financial services sector. Financial institutions and the public need each other so that the higher the level of public financial literacy, the more people will take advantage of financial products and services (OJK).
A person can be said to be "literate" in Islamic finance if he/ she knows Islamic financial products and services, is able to distinguish between Islamic banks and conventional banks and is able to control himself in making economic decisions according to sharia. Believing in divine teachings, without usury, without haram investments, without gharar (uncertainty), without maysir (gambling/ speculation), all risks and financing based on real assets are the key principles of Islamic finance (Abdullah, 2012). This means that the ability regarding Islamic financial literacy is the obligation of every Muslim because of religious obligations that must be obeyed.
According to Alexander Robbins and Abby Wilner said that the quarterlife phase is basically a period of anxiety and uncertainty that often accompanies the transition to adulthood (2001). Quarter-life is a phenomenon experienced by many young adults in their 20s and early 30s. It is also a response to tremendous instability, constant change, too many choices, a sense of helplessness, and panic

METODE
The data used in this study are primary data taken directly from the study location. This research uses a mixed method with a convergent parallel method in which the authors collect qualitative and quantitative data, analyze them separately, and compare the results to determine: whether there are findings that confirm each other (Creswell, 2016).
The population in this study is the number of Palangka Raya IAIN alumni who graduated from 2010 to 2015 from all majors as many as 1642 alumni. The sample is the process of selecting a number of research objects for research that represents the population (Sumanto, 2014). To get information from the population which is the location of the study, sampling must be done. This research uses Slovin formula (2019) to determine the sample size from the available population size, 94.26 samples were obtained or rounded to 94 samples.
To take a sample questionnaire, this study uses the incidental sampling method (Sugiyono, 2012). The criteria for in-depth interview respondents are alumni with married and unmarried status, entrepreneurs, civil servants, and postgraduate students. In which the interview technique used was a semistructured interview. (Herdiansyah, 2010). There are 50 questions in the questionnaire with five specific questions that talk about financial literacy; individual knowledge of finance, investment, insurance, savings and loans, and knowledge of financial institutions where all aspects refer to Islamic economics.

Validity Test
It is said to be valid if all items (r) with a total score of each variable are greater than 0.25. In the table below it can be seen that the scores of all variables (r) are greater than 0.25 after the validity test.

Reliablility Test
If the Cronbach alpha value is greater than 0.70 then the instrument can be said to be reliable, so even if Cronbach alpha is smaller than 0.70 then the instrument is declared not reliable. The following are the results of the reliability test of the research instrument: there is no research instrument that must be deleted.

Regression Analysis
The first analysis conducted is to test the coefficient of determination in the R square column. Through the table below it can be seen that the R square of 0.075 which means that the variables of gender, marital status and income per month can explain the level of awareness of Islamic financial literacy of 7.5 percent, the rest is influenced by variables outside the model. R square value of 7.5 percent can be said to be very small.
This can occur one of the reasons is because it is still rare and lack of research that discusses financial literacy, especially sharia financial literacy. In fact, the Financial Services Authority was just beginning to bloom or started to do research on Islamic financial literacy in 2016.   Then the F test is used to see whether there is a stimulant effect on the independent variable on the dependent variable. In the table below it can be concluded that there is a positive and significant effect on the independent variable on the dependent variable because the F significance level of 0.01 is smaller than 0.05.  there is no significant relationship between all independent variables to the absolute residual value, where the significant value of each independent variable is greater than α (0, 05).

Normality Test
Regression models can be said to be good if the residual value is normally distributed or greater than α (0.05). The following are the results of the normality test:

Multikolinearity Test
The multicollinearity test was performed to determine the correlation between independent variables. Based on the table below it can be concluded that all VIF values are less than 10 and tolerance values greater than 0.1. So it can be concluded that there was no multicollinarity in this study.

Index Percent Formula
From the questionnaire data, the total recapitulation results of respondents are: 1. Respondents who answered strongly agree (5)

DISCUSSION
In the discussion of research results based on the above data analysis, researchers will combine them with the data obtained from the results of in-depth interviews.
However, this is mediated by research which states that gender equality depends on the socio-cultural environment of a region . Including the equality in terms of Islamic financial literacy. In the Islamic view, men and women are already found in the Holy Qur'an regarding matters and obligations and equality in the eyes of Allah SWT, except faith and piety. As in the surah Al-Qur'an Surah Al-Hujurat verse 13.
Looking at the data generated from in-depth interviews, respondents with the initials De said that after marriage, he and his wife had a proportional division of tasks, such as the wife managing finances and the husband made a living, where in his single period, De was used to also record personal finances and investing. De never forbids his wife to work or study again, because according to De, it is the intelligence of women who will be inherited by their children, including intelligence in matters of financial management (De, 2019). This is consistent with Si's statement that he as a wife became the minister of finance in the household. The person is permitted to work for a living and may also receive the highest level of education by her husband, without forgetting the nature and obligations of his wife and young mother (Si, 2019). The statement is in accordance with research conducted by Jing Zou and Xiaojun Deng said that when men and women have the same roles and rights in controlling and managing finances so that it affects the level of financial literacy and decision making, especially if they are already married (Si, 2019).

The Influence of Marital Status on Sharia Financial Literacy
From the results of the t test in and continues to remember that the purpose of marriage is not only to continue the offspring, but also to share affection and responsibility, and happiness and suffering joyfully (Gonczarowski, Nisan, Ostrovsky, & Rosenbaum, 2016).
This is in line with research conducted in the City of Coimbatore by Sekar M and Gowri M who said that marital status has a significant influence on financial literacy in which the government should have a strong role in educating financial literacy to young people so that they will be more alert in the future.
manage finances when married. No longer because of the demands of responsibility, but has become a habit and characteristic (Sekar & Gowri, 2015).
In contrast to Sekar M and Gowri M, on the other hand there are studies that argue that marital status has no effect on a person's literacy level, especially at the age of quarter-life (Sekar & Gowri, 2015). This research reveals that what influences the level of financial literacy is seen from all aspects. Not a few people understand basic financial knowledge, but still lack understanding of the aspects of investment, insurance, saving and borrowing, as well as other existing financial institutions. Plus in this day and age where there is digital fintech to facilitate all kinds of transactions that demand everyone to be more familiar with financial literacy through all aspects. If someone lacks awareness in financial literacy, whether married or unmarried, it will not affect his habits (Zou & Deng, 2019).
This was emphasized in the in-depth interview, the initials of Ba as a single person still could not record regularly his personal finances, as well as lack of knowledge about investment and insurance, even feeling less trusting in Islamic financial institutions because the procedural system was complicated or did not facilitate, cash withdrawal services that are difficult to find, and there are several Islamic banks with less friendly services and customer service explanations that are difficult to understand. Ba also explained that the online wallet application and online investment are still not fully understood, limited to just knowing or never hearing. The only online wallet that Ba has ever used is the online wallet application from online motorcycle taxis (Ba, 2019).
However, the respondent with the initials Si said that after marriage, he felt there were financial demands that he must understand for his household life.
So inevitably he must be aware and understand everything before it is too late, for him slowly but surely. This was also helped by their partners in learning about Islamic finance. Even though until now Si still has no Islamic investment and Islamic insurance, Si and his partner believe to save and borrow at Islamic banks until now (Si, 2019).
That is also what Han said, a woman who works as a young entrepreneur with an income of more than seven million rupiah per month. Then, the results of in-depth interviews with the initials Ul, a private employee as well as a graduate student, stated that regardless of the amount of salary received, he was routine in recording and financial planning. Although not once a day, but once a month that is certain, because from childhood, his parents have taught how to manage finances, plus UI who currently works as a staff in the financial division. Based on his remarks, UI also has Islamic mutual funds and savings accounts in Islamic banks, although the salary is transferred using conventional banks, but in saving and borrowing, UI prefers Islamic banks as one p-ISSN 2580-7056; e-ISSN 2580-7064 of its efforts to avoid usury and speculation, as well as helping in grounding the Islamic economy in Indonesia (UI, 2019).
This research is in line with what is said by Ba, saying that the size of the income he has does not affect his ability to manage finances, even though there is already awareness and desire, but all that is only imagined in his mind without direct and consistent realization. His skeptical mind on Islamic financial institutions is one of the factors that makes Ba reluctant to carefully and painstakingly study how funds plan and manage finances. According to him, maybe if he was married one day the story would be different (Ba, 2019).

Sharia Financial Literacy Level
The This can be a gift or a curse, a gift because another 7 percent can enter the good category, but it still needs 17 percent to reach the very good category.