Jakarta (ANTARA) – Financial Service Authority’s (OJK’s) Financial Literacy and Education Director Horas Tarihoran targets to increase the financial literacy index to lie in the range of 65-70 percent to cover the gap with the financial inclusion index.In 2022, the Financial Literacy and Inclusion National Survey (SNLIK), released by OJK, shows that the national financial literacy index was at 49.86 percent or below the financial inclusion index that stood at 85.10 percent. During the “Financially Literate Millenials” webinar on Tuesday, he noted that the OJK is also seeking to increase university students’ financial literacy index. In 2022, university students’ financial literacy index was at 45.93 percent, which was lower than the national average literacy index. “We deem that it is important to educate millennials to improve financial literacy, in general, given that one out of four Indonesians, or around 69 million people, are millennials,” he explained. baca-jugaRelated news: Ministry, BSI forge cooperation to boost economic, financial literacy In future, he estimated that by the year 2040 until 2045, millennials will constitute half of Indonesia’s population, so it was crucial to expedite efforts to improve financial literacy. ccording to OJK’s survey, only 10.7 percent of millennials can save their money, while 51.1 percent spent their income for consumption. “If something like COVID-19 were to occur, then only 32 percent said that they can last for a month if they lost their job, and 28 percent said that they could only survive for a week,” Tarihoran highlighted. The OJK also currently has in place a financial education learning management system platform that can be accessed free of charge. In March 2023, the platform will be released as a learning media for Pre-Employment Card participants, he stated. “The OJK as well as the Coordinating Ministry for Economic Affairs will cooperate, so that everyone can utilize this module,” he remarked. baca-jugaRelated news: University students need to know financial literacy, inclusion: OJK Related news: KADIN Indonesia, Visa agree to strengthen financial literacy of MSMEs

Source: Antara News Agency