OJK And OECD Build Global Financial Education Initiatives

JAKARTA - The Financial Services Authority (OJK) and the Organization for Economic Co-operation and Development / International Network on Financial Education (OECD / INFE) have agreed to increase partnerships and collaborations to advance global financial education initiatives and support the commitment of the G20 / OECD High-Level Principles on Financial Consumer Protection.

"With increasingly complex financial products, it is important for us to equip consumers with knowledge, skills, and tools to make the right financial decisions," said OJK Deputy Chairman of the Board of Commissioners Mirza Adityaswara quoting Antara.

The agreement was reached at the OECD/INFE Meeting and Conference meeting which took place on November 6-8 in Nusa Dua, Bali.

OJK hosted the meeting and conference attended by the OECD delegation as many as 1,000 participants from 30 countries who attended online and offline.

Mirza said that consumer empowerment through financial literacy is crucial at the global level, especially in the digital era with the increasing complexity of financial products and services.

Meanwhile, Chief Executive of the Behavior Supervisory of Financial Services Business Actors, Education and Protection of OJK Consumers, Friderica Widyasari Dewi, hopes that the synergy and collaboration between OJK and OECD/INFE will be closer to realizing a more empowered and inclusive society and consumers so as to create financial resilience in facing various economic challenges.

OJK has benefited from joining OECD/INFE. Through this forum, OECD/INFE members can share information, experiences and challenges faced in an effort to increase consumer literacy and protection. So that new programs and policies can be formulated according to needs," said Friderica.

OJK continues to carry out various financial educational activities to further increase literacy and can further protect consumers. From January 1 to October 28, 2024, OJK has organized 4,393 financial education activities that reach 5,795,083 participants throughout Indonesia.

On that occasion, OECD Deputy Secretary-General Yoshiki Takeuchi said that through a good understanding of sustainable finance, the public can make wise and responsible financial decisions so as to avoid excessive debt problems and strengthen financial resilience which ultimately contributes to the sustainability of the natural environment and the future economy.

Chair of the OECD/INFE Magda Bianco said the OECD/INFE commitment to continue to build and develop the best strategies in order to increase consumer literacy and protection in the financial services sector. Increasing financial literacy is carried out by accommodating policy development and paying attention to the conditions and needs of the community.

Magda said financial literacy plays a role in increasing the participation and level of public trust in being more involved in the financial services sector and making financial decisions well.

"Financial literacy also makes people more financially prepared in dealing with possible uncertainties in the future. The community will also be able to choose products or services according to their investment strategies and objectives," he said.