Deputy Director of Financial Education at the Financial Services Authority (OJK) Halimatus Syadiah said that the low level of financial literacy in the community was one of the factors in the high number of victims of illegal online loans (pinjol).

According to him, behind the fairly high level of financial inclusion, many people are still not equipped with sufficient financial literacy skills.

"Of the 100 people, there are 85 who have access (financial services), but only 49 people understand. So the inclusion is already there, but the literacy is still not yet," Halimatus said at the UOB Media Literacy Circle event in Jakarta, quoted from Antara, Thursday, April 25.

Based on OJK data, the financial inclusion index was recorded to have increased by 85.1 percent, while the financial literacy index was at 49.68 percent.

"(Financial literacy) is still quite high, so it is a challenge, so we always try to improve again," he said.

This high gap (gap) is one of the factors in the high number of victims of illegal lending in the community. In his presentation, Halimatus said that until now, there are still many people who are entangled in illegal lending practices.

Then the OJK revealed that 42 percent of victims of illegal loans were teachers. This figure exceeds other victims such as people who were laid off (21 percent), housewives (18 percent), employees (9 percent), and students (3 percent).

A number of reasons why teachers who are trapped in illegal loans are caused by one of them because the teacher's income is low while there are many needs that must be met.

In addition, low financial literacy also affected the decision to take illegal lending services.

"As many as 28 percent of the victims of this loan, they said they did not know, could not distinguish between legal and illegal ones," said Halimatus.

Therefore, OJK has a number of initiatives and strategies to realize people who are literate, inclusive and protected, one of which is through the issuance of financial literacy series books for several levels of society.

Strengthening synergies and strategic alliances is also carried out by increasing synergies between ministries/agencies, regulators, players in the financial services industry and all stakeholders.

On the same occasion, educator and founder of the School of Cikal Najeela Shihab said that currently there is a fairly high growth in financial access, but the literacy level has not been followed.

According to him, increasing financial literacy must be studied early through the family environment and school.

"The quality of relationships in the family determines the quality of financial literacy," said Najeela.


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