In 2016, the Government of Indonesia established an ambitious target for 75% of the adult population to have access to financial services at formal financial institutions by the end of 2019, pursuant to the National Strategy for Financial Inclusion. With an estimated 106.8 million youth and college students (accounting for 41.9% of Indonesia’s population in 2015), this vibrant group is identified as a key target within the strategy.
The strategy acknowledges that young people in Indonesia need better access to financial services, increased consumer protection, and greater financial literacy to achieve more robust and full national financial inclusion.
In support of this effort, the Asian Development Bank (ADB) assisted the Financial Services Authority of Indonesia (OJK) to develop a national financial inclusion strategy for youth. To devise an evidence- based policy for youth financial inclusion, ADB, OJK, and the National Financial Inclusion Council (DNKI) also jointly designed a youth survey on the financial behavior, knowledge, and career aspirations of Indonesian youth. In this manner, the Youth Finsights survey was born. The objectives of the initial survey were to: (a) provide comprehensive insights on the financial inclusion status of Indonesian youth; (b) determine financial behavior, knowledge, and future goals of youth of specific age groups; and (c) offer an opportunity for Indonesian youth to directly contribute to the national financial inclusion initiatives in the country.
Please find attached files of Youth Finsights Report and Y-Bank Report.
Seminar on Youth Financial Inclusion “Enhancing Youth Digital Financial Inclusion to Accelerate Economic Recovery”
Wednesday, February 2nd 2022
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