… the financial literacy of Indonesian people is only 49.68 percent (as per data recorded) in 2022. Meanwhile, financial inclusion is at 85.10 percent…We are trying to narrow the gap.
Jakarta (ANTARA) - The Financial Services Authority (OJK) highlighted the need for increasing financial literacy and education among the people because there is a significant gap of 35.42 percentage points between the financial inclusion and financial literacy rates in Indonesia.

​​​​​​"So far, the financial literacy of Indonesian people is only 49.68 percent (as per data recorded) in 2022," Director of Regulation of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services at OJK Irfan Sanusi Sitanggang said.

Meanwhile, financial inclusion is at 85.10 percent. Thus, there is still a gap of 35.42 percentage points. "We are trying to narrow the gap," he said at the Indonesia Digital Summit 2023 here on Tuesday.

According to Sitanggang, the OJK is seeking to increase financial literacy through OJK's Regulation Number 3 of 2023 on increasing financial literacy and inclusion in the financial services sector for consumers and the community.

Under the regulation, financial service providers are required to make efforts to raise financial literacy among consumers or the public as part of annual programs. In addition, the efforts need to be carried out at least once every six months.

"However, it is not promotion. Thus, they must provide understanding and education to the community regarding the use of products in the financial services sector," he explained.

The OJK has also implemented several strategic programs that aim to narrow the gap between public financial literacy and financial inclusion.

The programs include the Financial Literacy Ambassador Development Program, the Financial Capability Village Program, and the Financial Literacy Program for People With Disabilities.

For Islamic financial education, the OJK has launched the Islamic Financial Education Program and the Islamic Financial Literacy Ambassador Program, he said.

"These are aimed at narrowing the gap so that people who use financial products understand and have the skills and confidence to use products in the financial services sector," he added.

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Translator: Bayu Saputra, Raka Adji
Editor: Rahmad Nasution
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