Aiming For The Financial Literacy Index To Increase To 70 Percent, This Is The OJK's Way

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) targets the financial literacy index to increase and be maintained at the level of 65-70 percent. this is to close the distance with the financial inclusion index.

Director of Financial Literacy and Education of OJK Horas Tarihoran said, OJK also wants to increase the student financial literacy index which in 2022 is still 45.93 percent or lower than the national average literacy index.

In 2022, the National Financial Literacy and Inclusion Survey (SNLIK) released by the OJK shows a national financial literacy index of 49.68 percent or below the financial inclusion index of 85.10 percent.

"We are pursuing at least the same as other countries, our literacy index has reached 65 to 70 percent so that we are a bit relieved that our literacy and inclusion gap is not too high," he said, quoting Antara, Tuesday, February 28.

He views that millennials are important to educate so that financial literacy increases in general.

"Because now 1 in 4 Indonesians or around 69 million people are millennials," he said.

In the future, he estimates that by 2040 to 2045 the millennial community will reach half of the total Indonesian people so that increased financial literacy needs to be accelerated.

Based on the OJK survey, only 10.7 percent of millennials can save, while 51.1 percent spend their income on consumption.

"If something like COVID-19 happens, only 32 percent say they can last a month if they lose their jobs and as much as 28 percent say they can only last a week," he said.

OJK currently also has a learning management system financial education platform (LMSE) that can be accessed for free.

He said that in March 2023, the platform will be released as a learning medium for Pre-Work Card participants.

"We and the Coordinating Ministry for Economic Affairs will work together so that everyone can take advantage of this module," he said.