Jakarta (ANTARA) - The Financial Services Authority (OJK) and the Organization for Economic Co-operation and Development agreed on increasing partnership and collaboration to enhance financial education initiatives and support the G20/OECD High-Level Principles on Financial Consumer Protection.
The agreement was reached during the OECD/International Network on Financial Education (INFE) Meeting and Conference, which the OJK hosted in Nusa Dua, Bali, on November 6-8.
"It is important for us to equip consumers with the knowledge, skills, and tools to make the right financial decisions," Deputy Chair of the OJK Board of Commissioners Mirza Adityaswara stated at the OECD/INFE-OJK Conference in Bali on Friday, according to a release from OJK.
Adityaswara underlined that consumers' empowerment through financial literacy is crucial, especially amid the digital era with the increasing complexity of financial services and products.
Executive head of OJK's Financial Services Business Players' Behavior, Education, and Consumer Protection Supervisory Agency, Friderica Widyasari Dewi, hoped for stronger OJK-OECD synergy to make people and consumers more empowered and create inclusivity so that financial resilience can be realized.
"OJK has received various benefits since joining the OECD/INFE. Through this forum, OECD/INFE members can share information, experiences, and challenges in the efforts to improve literacy and consumers' protection," she remarked.
The OJK continues to conduct various financial education activities to improve literacy further and protect consumers. During the period from January 1 to October 28, 2024, the agency held 4,393 financial education activities, reaching 5,795,083 participants in Indonesia.
Deputy Secretary-General of OECD Yoshiki Takeuchi on that occasion highlighted that with a sound understanding of sustainable finance, the community can make wise decisions, avoid excessive debt problems, and strengthen financial resilience.
Meanwhile, Chair of the OECD INFE, Magda Bianco, highlighted the OECD INFE's commitment to continuing to build and develop the best strategies to improve literacy and consumer protection in the financial services sector.
She underscored that financial literacy plays a role in increasing people's participation and public trust to be more involved in the financial services sector and make good financial decisions.
Furthermore, she noted that financial literacy makes people more ready financially to face uncertainties in the future.
