Boost Youth Financial Knowledge, This is the Reason of OJK
2018 higher education statistics show that the number of registered students reaches 9.8 million. This is one of the reasons for the Financial Services Authority (OJK) to increase financial knowledge in depth to the youth.
The Chairman of the OJK Board of Commissioners Wimboh Santoso added, based on the results of the 2016 OJK National Literacy and Financial Inclusion Survey showed that youth aged 18-35 years had a relatively higher level of financial literacy and inclusion compared to other age groups nationally. Namely, the literacy rate is 32.1% for ages 18-25 years and 33.5% for ages 26-35 years.
While the level of financial inclusion is 70.0% for ages 18-25 years and 68.4% for ages 26-35 years. Meanwhile, as part of the National Council of Inclusive Finance, OJK and related Ministries / Agencies have sought several initiatives, including the launching of Indonesia Savings Day which will be determined every August 20 through a Presidential Decree.
"The OJK together with the banking industry has also launched a Student and Youth Savings product (SiMUDA) equipped with insurance features and/or investment products in the past 2018," Wimboh said in Jakarta, Tuesday (07/30/2019).
He explained, Student and Youth deposits (SiMUDA) is a savings program initiated by OJK for the 18-30 year age group with insurance features and/or investment products offered by banks in Indonesia.
The objectives of the SiMUDA program include the introduction of insurance and investment instruments (mutual funds and gold) to students and youth. Then improve financial access that is easy to reach, low cost, and attractive features for students and youth.
And increase awareness of the need for financial planning tailored to financial goals (pensions, home purchases, education fees, and others). In addition, improving the culture of saving for youth and students in the context of financial management.
The SiMUDA product is an Indonesian citizen (WNI) student savings program intended for students and youth with several schemes including SiMUDA InvestasiKu, a savings plan that has a feature of investing in mutual funds on a regular basis and is protected by insurance protection.
Then SiMUDA EmasKu, financing ownership of gold by using a murabahah contract (buying and selling) and protected with insurance protection. And SiMUDA RumahKu, which is a savings plan to repay the mortgage down payment (DP KPR) and be protected by insurance protection. { Source }
The Chairman of the OJK Board of Commissioners Wimboh Santoso added, based on the results of the 2016 OJK National Literacy and Financial Inclusion Survey showed that youth aged 18-35 years had a relatively higher level of financial literacy and inclusion compared to other age groups nationally. Namely, the literacy rate is 32.1% for ages 18-25 years and 33.5% for ages 26-35 years.
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| Photo from: illustration |
While the level of financial inclusion is 70.0% for ages 18-25 years and 68.4% for ages 26-35 years. Meanwhile, as part of the National Council of Inclusive Finance, OJK and related Ministries / Agencies have sought several initiatives, including the launching of Indonesia Savings Day which will be determined every August 20 through a Presidential Decree.
"The OJK together with the banking industry has also launched a Student and Youth Savings product (SiMUDA) equipped with insurance features and/or investment products in the past 2018," Wimboh said in Jakarta, Tuesday (07/30/2019).
He explained, Student and Youth deposits (SiMUDA) is a savings program initiated by OJK for the 18-30 year age group with insurance features and/or investment products offered by banks in Indonesia.
The objectives of the SiMUDA program include the introduction of insurance and investment instruments (mutual funds and gold) to students and youth. Then improve financial access that is easy to reach, low cost, and attractive features for students and youth.
And increase awareness of the need for financial planning tailored to financial goals (pensions, home purchases, education fees, and others). In addition, improving the culture of saving for youth and students in the context of financial management.
The SiMUDA product is an Indonesian citizen (WNI) student savings program intended for students and youth with several schemes including SiMUDA InvestasiKu, a savings plan that has a feature of investing in mutual funds on a regular basis and is protected by insurance protection.
Then SiMUDA EmasKu, financing ownership of gold by using a murabahah contract (buying and selling) and protected with insurance protection. And SiMUDA RumahKu, which is a savings plan to repay the mortgage down payment (DP KPR) and be protected by insurance protection. { Source }
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