UNAIR NEWS – The results of the 2020 Standard Chartered Survey showed that the millennial generation aged 25-44 years is the generation most affected financially by the pandemic. In response to this, Faculty of Economics and Business (FEB) Universitas Airlangga (UNAIR) collaborated with the Financial Services Authority (OJK) and PT Pegadaian (Persero) to hold an Online Seminar on the Indonesia Millennials Financial Summit 2021.
In a virtual Zoom Meeting, the seminar was held on Thursday, March 25, 2021. Tirta Segara, SE., MBA, as a member of the OJK Board of Commissioners for Consumer Education and Protection, was the main speaker at the Indonesia Millennials Financial Summit 2021.
Dean of Faculty of Economics and Business (FEB), Prof. Dr. Dian Agustia, SE., M.Si., Ak., CMA., CA. said the Indonesia Millennials Financial Summit was a collaborative seminar between the Financial Services Authority (OJK) and PT Pegadaian (Persero). The aim is to improve education and financial literacy, especially in the youth, student and university segments.
“Financial inclusion and literacy is one of the government’s policies to intensify various efforts to improve public knowledge on the financial sector,” explained the Dean of the third best faculty in Indonesia ranked 401-450 globally in QS WUR by Subject 2021.
Tirta Segara, SE., MBA as Member of the OJK Board of Commissioners for Consumer Education and Protection, presented a material entitled “Financially Healthy in the Pandemic Era”. According to him, OJK has a role as a regulator in the financial services sector.
“The birth of OJK is a new era in the regulation and supervision of the financial services sector. The role of supervision in the financial services sector, previously carried out by BI and the Ministry of Finance, has since become the authority of the OJK, “he explained.
Furthermore, Tirta Segara shared tips on financial management for the younger generation. First, understand the financial condition. Then, the younger generation must understand the difference between necessity and wish and make a habit of saving before shopping.
“Be wise in borrowing money, prepare emergency funds, and ensure legality,” he explained.
According to Tirta, financial literacy and education programs are getting more important and crucial during a pandemic, especially for Gen Z and Millennial Generation. There are at least four reasons for the importance of financial literacy for the younger generation.
“First, the younger generation plays a role as critical economic players. In 2020, one in two Indonesians will be the younger generation, with a total of 145.4 million people, ” he explained.
Second, the level of financial literacy among the younger generation is still low. Based on a national survey in 2019, it showed that the financial literacy of the population of 15-17 years is 16 percent.
Then, the younger generation is also more vulnerable financially. The younger generation mostly spends money on pleasure rather than on saving and / or investing to increase assets.
“Finally, statistically, the younger generation is easier to be deceived by influencers. In making investment, the younger generation must pay attention to 2L, Legal and Logical, ” he said. (*)
Author: Sandi Prabowo
Editor: Khefti Al Mawalia
