TEMPO.CO, Jakarta - The Financial Services Authority (OJK) said that the financial education programs being carried by industry players cater to the wrong demographic. More than 27 percent of these programs are aimed at students, while over 30 percent are focused on the Greater Jakarta area.
Meanwhile, industries are only targeting 12.07 percent of SME industries, 15.23 percent of professional workers, and 7.26 percent consumers.
OJK board of commissioners' member for education and consumer protection Kusumaningtuti S. Soetiono said the statistics were revealed through the financial services industry's quarterly report submitted to the regulator.
Location-wise, industry players focus their financial education programs on Java (65.53 percent). There rest goes to Sumatera (11.98 percent), Bali and Nusa Tenggara (4.91 percent), Kalimantan (4.7 percent), and Sulawesi (3.13 percent).
Based on OJK's financial literacy survey in 2013, Indonesians have a financial literacy level of just 21.8 percent, with an inclusion level of 59.7 percent.
The OJK appreciates industries' initiative to organize financial education programs, but laments on how these programs are lacing structure and coordination.
Kusumaningtuti said the OJK plans to regulate financial education programs to have them more structured and coordinated.
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