The financial literacy index reached only 38 percent and the financial inclusion index touched 76 percent in 2019.Padang, W Sumatra, (ANTARA) - Only 38 out of every 100 Indonesians really understand the products offered by the financial services industry, according to a survey conducted by the Financial Services Authority (OJK).
"The financial literacy index reached only 38 percent and the financial inclusion index touched 76 percent in 2019," chief of the OJK office in West Sumatra, Misran Pasaribu, said during the peak commemoration of the West Sumatra Financial Inclusion Month on Monday.
He said 76 out of every 100 Indonesians have used the products offered by the financial services industry, ranging from savings, time deposits, shares, to insurance.
Both financial literacy and inclusion indexes in Indonesia have risen compared to 2016, when the financial literacy and inclusion indexes stood at 29 percent and 67 percent, respectively, Pasaribu said.
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The climbing indexes will aid national economic recovery with a higher number of people using products offered by the financial services industry as the technology is in place, he added.
The Financial Inclusion Month features activities ranging from a mass campaign for financial service products to dissemination of information on student savings, he said.
This year has been difficult for Indonesia due to the COVID-19 pandemic, he noted. However, the financial industry has continued to improve financial inclusion, while at the same time, urging the public to benefit from financial services, he said.
At the commemoration event, the OJK also handed Rp1.4 billion in aid to help handle COVID-19 cases in West Sumatra.
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Translator: Ikhwan Wahyudi, Suharto
Editor: Yuni Arisandy Sinaga
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