By: Cahyo Widjaya)*
The provision of economic stimulus by the government has proven to have a positive impact on changes in people’s financial behavior, especially in terms of saving. The latest data shows that confidence in economic stability and direct assistance received encourages low-income households to start setting aside their income. This momentum must be maintained and encouraged to become a more established habit in the future.
The Consumer Savings Index or IMK released by the Deposit Insurance Corporation (LPS) in June 2025 indicated an improving trend. The figure was at 83.8 or up 4.8 points compared to the previous month. This strengthening was supported by two main indicators, namely the Savings Time Index which increased to 95.3 and the Savings Intensity Index which jumped to 72.4.
These two components indicate that people not only have a stronger tendency to save, but are also starting to strengthen their commitment to making saving a part of their financial plan.
The significant increase in IMK was especially seen in households with incomes of up to IDR1.5 million per month. This category experienced a jump of 14.7 points on a monthly basis. Meanwhile, households with incomes between IDR3 million and IDR7 million also recorded an increase of 7.2 points.
However, the middle-income household group with a range of Rp1.5 million to Rp3 million actually experienced a slight weakening of 1 point. This indicates that the stimulus effect has not been evenly distributed across all lower-middle income segments.
According to LPS Research Group Director, Seto Wardono, this positive trend reflects improvements in people’s savings plans and intensity. He linked it to a number of government policies that provide direct relief to household spending.
Some forms of stimulus that are categorized as having a direct impact include transportation fare discounts during school holidays, cash social assistance, and wage subsidies. These three programs are considered capable of strengthening people’s purchasing power in the short term, allowing part of the income to still be allocated for savings.
Interestingly, LPS Consumer and Economic Survey data also shows that around 73.3% of respondents admitted to having saved. The percentage of respondents who stated that their savings were smaller than planned also decreased from 56.7% in May to 52.5% in June. This indicates an increase in the effectiveness of personal financial management as public confidence in economic conditions recovers.
Seto Wardono also explained that several external factors contributed to the decline in the IKK. For example, the increase in the price of basic necessities, stagnant labor absorption, and relatively high fertilizer prices. In addition, climate anomalies that occurred in several regions also affected the harvest, especially horticultural crops that are more susceptible to high humidity.
While rice farmers can still rely on irrigation water supplies, horticultural farmers face more serious challenges. With the pressure from the agricultural sector, some rural households face uncertainty about their income.
Nevertheless, social assistance distributed by the government is considered to be able to maintain the purchasing power of lower-middle income communities. In addition, support in the form of improving public infrastructure and providing economic stimulus ahead of the school holiday period also has a positive influence in holding back the rate of decline in the IKK so that it does not deepen.
In terms of food policy, the government’s steps in distributing rice assistance to 18.3 million beneficiary families are also an important instrument in maintaining purchasing power stability. Coordinating Minister for Economic Affairs, Airlangga Hartarto, said that the additional budget for this assistance has been received and its distribution will begin in July. This assistance program is part of the government’s strategy in maintaining household consumption and stabilizing staple food prices amidst market price fluctuations.
In a coordination meeting held at the Coordinating Ministry for Economic Affairs Office, Airlangga received reports from several related agencies regarding the development of economic stimulus. One of the highlights was the implementation of transportation discounts that will continue until children return to school.
In addition, the distribution of wage subsidies for workers with salaries below Rp3.5 million has also covered 11.46 million of the target of 17.3 million workers. This program is expected to be completed in the near future, along with the disbursement of additional budget.
Other additional policies, such as a 50 percent discount on work accident insurance contributions, have also been partially realized. Although several stimulus programs can only be rolled out starting in July due to budget administration issues, the government continues to demonstrate its commitment to maintaining the momentum of national economic recovery.
Arief Prasetyo Adi as the Head of the National Food Agency emphasized that the distribution of food aid in the form of rice will be carried out in one shoot, namely by direct delivery at one time in July, each as much as 10 kilograms twice to various regions. The focus of distribution is directed to areas in Eastern Indonesia which have so far been more vulnerable in terms of food logistics distribution.
All of these data and policies show that economic stimulus has a strong correlation with changes in people’s behavior, especially in reshaping the culture of saving that was eroded during the pandemic. When policies are designed by considering real conditions on the ground and targeting groups that really need it, the impact is not only felt in the short term, but also creates a stronger foundation for the household economy.
)* Researcher of People’s Economy – Nusantara Economic Institute
