Indonesia's Financial Literacy Rate Reached 65.43% in 2024, Inclusion at 75.02%

The results of the National Survey of Financial Literacy and Inclusion (SNLIK) conducted by the Central Bureau of Statistics (BPS) and the Financial Services Authority (OJK) show that Indonesia's financial literacy index was 65.43% in 2024. Meanwhile, the financial inclusion index was 75.02%.

According to *Antaranews*, the Acting Head of BPS, Amalia Adininggar Widyasanti, stated that this achievement meets the criteria for being "well literate".

"So, 65.43% of the Indonesian population meets the well-literate criteria, and 75.02% of Indonesian society has access to financial products and services," she said during the SNLIK results release at the BPS office in Jakarta on Friday (2/8/2024).

The financial index for conventional services is higher than the financial literacy index for sharia services. Specifically, the conventional financial literacy and inclusion indices were 65.08% and 73.55%, respectively.

Meanwhile, the Indonesian population's sharia financial literacy index was 39.11%, and the sharia financial inclusion index was 12.88%.

Based on the OJK's release, the financial literacy index for women is higher than that for men, at 66.75% and 64.14%, respectively. The financial inclusion index for women is also higher than that for men, at 76.08% and 73.97%, respectively.

By region, the financial literacy and inclusion indices for urban areas were 69.71% and 78.41%, respectively. These figures are higher than those for rural areas, which were 59.25% and 70.13%, respectively.

Amalia noted that the 2024 SNLIK results cannot be compared to previous years due to differences in data collection methodology.

The sampling methodology used in SNLIK 2024 was stratified multistage cluster sampling. Amalia believes this methodology better represents the overall level of financial literacy and inclusion in society. This year's methodology utilizes the population profile of Indonesian society.

Meanwhile, the 2022 SNLIK used purposive sampling and simple random sampling, resulting in a sample of respondents that tended to be biased towards urban areas and highly educated groups.

"Therefore, the financial literacy and inclusion indices from the 2024 SNLIK cannot be directly compared to those from 2022," she said.

SNLIK 2024 uses financial literacy parameters consisting of knowledge, skills, beliefs, attitudes, and behavior, while the financial inclusion index uses the parameter of usage of financial products and services. The use of these parameters is in accordance with the indicators used in the OECD/INFE International Survey of Financial Literacy.

The field work for SNLIK 2024 was conducted from January 9 to February 5, 2024, in 34 provinces covering 120 districts/cities, including 8 OJK office regions (1,080 census blocks). The SNLIK 2024 sample consisted of 10,800 respondents aged 15-79 years.

SNLIK 2024 is a key factor for the OJK and other stakeholders in formulating policies, strategies, and designing financial products and services that meet the needs and capabilities of consumers in order to improve the welfare of the population.