18 May, 2017

Indonesian Financial Inclusion

18 May, 2017
An article published on the 16 January 2017 by the Jakarta Post speaks about the progression of financial inclusion among Indonesians. It also speaks about the Financial Services Authority (OJK) goal to further increase financial inclusion in Indonesia.
According to the National Survey on Financial Literacy and Inclusion (SNLIK) conducted by the OJK, financial literacy increased to 29.7 percent in 2016 from 21.8 percent in 2013 and the financial inclusion index rose to 67.8 percent in 2016 from 59.7 percent in 2013.
Meanwhile, the authorities are hoping to increase the financial inclusion rate to 75 percent by 2019. To tackle this, they will be introducing a new program involving public information campaigns and educational events which will require the involvement of financial service companies as well.
The lack of financial inclusion has been blamed for Indonesians having low savings. Singapore’s gross national saving to gross domestic profit (GDP) was at 46.73 percent. However, statistics from the Internal Monetary Fund (IMF) have also shown that Indonesia’s gross domestic saving to GDP was at 30.87 percent.
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