 2024 in Jakarta, 8 November 2024, emphasizing the importance of financial literacy in navigating economic uncertainties. The event, held in collaboration with the Ministry of Finance, Bank Indonesia, the Financial Services Authority, and the Deposit Insurance Corporation, featured insights from UOB ASEAN Economist Enrico Tanuwidjaja and UOB Indonesia’s Head of Deposit and Wealth Management, Vera Margaret.){kind=link}
Recently UOB Indonesia organized a talk show event dubbed the Financial Literacy Indonesia Terdepan (Like It) 2024 in Jakarta, 8 November 2024, emphasizing the importance of financial literacy in navigating economic uncertainties. The event, held in collaboration with the Ministry of Finance, Bank Indonesia, the Financial Services Authority, and the Deposit Insurance Corporation, featured insights from UOB ASEAN Economist Enrico Tanuwidjaja and UOB Indonesia’s Head of Deposit and Wealth Management, Vera Margaret.
Enrico highlighted that global inflation and economic uncertainty are driving people to prioritize savings as a safeguard against potential financial risks. He noted that this trend is not unique to Indonesia but is a common response worldwide. He also pointed out a significant increase in non-essential spending among Indonesian millennials, particularly in categories such as travel, skincare, electronics, and sweet foods. While this reflects economic growth, it also poses a risk to savings rates. The UOB ASEAN Consumer Sentiment Study (ACSS) 2024 revealed that 76% of Indonesian respondents are worried about their financial situation, with 61% expressing concerns about job security. Additionally, 49% are uncertain about their ability to save consistently.
Emergency Funds and Financial Planning talks were next in line with Vera stressing the importance of maintaining an emergency fund, ideally covering six months of expenses. She also shared UOB’s Risk-First Approach to financial planning, which includes protecting against unexpected life events, building a stable financial portfolio, and enhancing investment growth.
Conclusion: The event underscored the need for increased financial literacy to help individuals manage their finances wisely, especially in uncertain economic times. UOB Indonesia remains committed to educating the public on the importance of savings and long-term investments to achieve financial stability.
