Survey: Financial Literacy in Indonesia Only Reach 29 Percent

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  • TEMPO.CO, Jakarta - The result of the 2016 national literacy and financial inclusion poll shows that the majority of customers do not have a complete grasp on financial service products that they are actively participating in.

    The survey shows that only 29.7 percent out of 67.8 percent respondents that use financial products and services have a complete understanding of financial services products.

    Read: First Travel Case OJK to Enhance Education on Financial Products

    The national literacy and financial inclusion survey is held every three years by pollster Surveyor Indonesia.

    The result of the poll pushed the Financial Services Authority (OJK) to conduct financial literation seminars and holding public coaching clinic programs. “Large portion of the society is uninformed about the financial products that they purchase,” said Tirta Segara, member of OJK Board of Commissioners for the Education and Consumer’s Protection sector, on Wednesday, October 4.

    Read: Financial Inclusion Boosts Economic Growth Minister

    Tirta reasoned the ill-informed customers regarding financial products caused them to be easily deceived by bogus investment offers such as the recent First Travel investment fraud.

    Do to the financial illiteracy, many people requested that the OJK should be partially responsible for the fraud. OJK refused to be responsible for it since the product offered by First Travel is not included in OJK's financial services products.