“…In Indonesia over period of 2015, life expectancy at birth, respectively in 2015, 2016, 2017, 201870.9;71.06;71.2 and 71.34 years (Statistics Indonesia, 2021). Globally, the increase in life expectancy occurred approximately between the 19th and 20th centuries (Chewe & Hangoma, 2020). Based on the theory put forward by Ando and Modigliani in 1963, namely the life cycle hypothesis of saving (Ando & Modigliani, 1963), it is believed that this increase in life expectancy is to be one of the reasons for participating in investing, as a desire to be in the future, when someone at his old age is unable to or do not want to work anymore, they still have money to consume the things they need (Deaton, 2005).…”