Investment Scams Rife; OJK Highlights Financial Literacy Importance

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) is targeting for Indonesia's financial inclusivity level to reach 90 percent by the end of 2024. OJK Board of Commissioners' Consumer Education and Protection member, Friderica Widyasari Dewi, said that improving financial inclusion is needed to achieve public welfare.

"Financial literacy is also important so that people are more knowledgeable about financial products and services," Friderica said during a press conference at the OJK's Soemitro Djojohadikusumo building on Friday, October 7, 2022.

To increase financial inclusion and literacy, OJK said the main thing is for people to be able to choose genuine and correct financial products and services. "Don't be tricked by fraudulent schemes under the guise of financial offerings."

Friderica said that the level of financial literacy and inclusion in rural communities is still below the national level. Therefore, as per Presidential Decree No. 114/2020, the main targets of inclusive finance are people living in 3T (outermost, frontline, and disadvantaged) zones.

"Many investment scams' victims are people living in villages. Our task is to increase financial literacy and inclusion in rural communities,” said Friderica.

Furthermore, Friderica said that financial inclusion will build financial stability through increased savings and investment that create a stable source of funding for the financial sector's development.

"It is actually a two-way street, financial inclusion leads to financial stability, and a stable financial sector is more inclusive,” said Friderica.

RIRI RAHAYU

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