Home Sweet Loan Film Describes The Phenomenon Of The Sandwich Generation In Indonesia Which Is Difficult To Own A Home

Residents riding motorbikes pass through one of the subsidized housing estates in Rangkasbitung, Lebak, Banten. (ANTARA PHOTO/Muhammad Bagus Khoirunas/tom)

JAKARTA The Home Sweet Loan film, starring Yunita Siregar and Derby Romero, has become a byword. The film Garapan, director Sabrina Rochelle, has succeeded in lifting the bitter reality faced by the sandwich generation in Indonesia.

This film is adapted from a novel by Almira Bastari, and tells about Kaluna (played by Yunita Siregar), a hard worker who lives with his extended family in a narrow and packed house.

Kaluna longed to have her own home, but her dream was pinched between the financial burden and the family's responsibility. The condition of Kaluna's house is described as packed with a large family, namely her father, mother, and siblings.

What happened to Kaluna was called a relationship with the sandwich generation in Indonesia. Although ambitious in planning finances to buy a house, Kaluna often has to continue to give in to her parents.

The financial burden borne is getting heavier when his family needs help, and the dream of owning a house is getting further and further out of reach.

The phenomenon of sandwich generation in Indonesia is quite significant. According to the records of the Central Statistics Agency (BPS), in 2020 there are around 71 Indonesians or about a quarter of the population, including sandwich generation. This number can still increase along with the increasing percentage of the elderly in Indonesian households.

Masih dari data BPS 2020, sebanyak 8,4 jutasandwich generation memilih tinggal bersama keluarga yang difinkannya atau Extended family. Salah satu penyebabnya adalah karena mereka kesulitan untuk memiliki rumah sendiri.

The phenomenon of a generation of sandwichs that are often faced with difficulties in meeting their own financial needs has been in the spotlight in recent years.

Featured experts say there are a number of factors that make it difficult for the sandwich generation to have a home.

First, because property prices are increasingly expensive from year to year. Looking at data from the Bank Indonesia Residential Property Price Survey (SHPR), the increase in house prices in Indonesia in the fourth quarter of 2023 was 1.74 percent Year on Year (YoY).

However, according to Banking Observer and Payment System Practitioner Arianto Muditomo, the average increase in house prices in big cities ranges from 10 to 20 percent per year.

Another reason that makes it difficult for the sandwich generation to fulfill their dream of buying a house is the higher cost of living. The increase in living expenses can be seen from the high inflation which is an indicator of rising prices for basic goods.

In the last 10 years, the average inflation in Indonesia has been 3.59 percent. In 2023, Indonesia's inflation will reach 2.61 percent.

The increase in wages that is not comparable is also said to be one of the reasons why it is difficult for Generation Z to own a house. The high price of property and living expenses are not balanced with an increase in wages in Indonesia.

The Ministry of Manpower said that the average UMP in Indonesia in 2024 was only IDR 3,113,359, an increase of 6.5 percent from 2023. However, this amount is considered unable to finance the price of houses and the cost of living for the community, especially the generation of sandwiches who have to finance two families.

Another report states that Generation Z has more difficulty owning a house than the millennial generation. Lecturer of Management at the University of Muhammadiyah Malang (UMM) Novita Ratna Satiti explained the significant difference between the challenges faced by Generation Z and the millennial generation in buying a house, one of which is the salary factor.

According to Novita, the increase in millennial generation salaries is much more stable than Gen Z, which often faces wage stagnation. In addition, the millennial generation is also considered easier to get credit or loans in their time.

"Meanwhile, Gen Z is now faced with stricter requirements and higher interest rates," said Novita, quoted on the official UMM website.

In addition, the post-pandemic economic situation also affects the ability of Generation Z to own its own home. Many Gen Z work in the informal sector with a gig economy label or short-term job system recruitment that does not have health benefits, children's education, and old age insurance.

However, Novita said Gen Z was actually more technology literate and more aware of investment from an early age. However, knowledge and ability to use technology must also be accompanied by good focus of control and behavioral finance.

Focus of control is the control of financial decisions and is not easily affected by external factors, such as lifestyle stress and the convenience of the Pay Later app.

"Meanwhile, understanding of behavioral finance can also help them recognize and avoid mistakes in financial decision-making, such as the tendency to shop impulsively or take unnecessary risks," he stressed.

To open up better and more stable job opportunities, Novita said Gen Z needs to improve skills and education.