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Financial Illiteracy Traps Many Teachers in Illegal Online Lending Schemes

Cindy Mutia Annur 24/11/2022 17:30 WIB

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According to research by NoLimit Indonesia, 42% of people ensnared by illegal online loans are teachers.

Proportion of Victims of Illegal Online Lending Based on Employment Status (2021)

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Proportion of Victims of Illegal Online Lending Based on Employment Status (2021)

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According to a research report by NoLimit Indonesia, a portion of the population still cannot distinguish between legal and illegal online loans (pinjol).

This lack of financial literacy has apparently resulted in many people falling victim to risky illegal online loan platforms.

NoLimit Indonesia monitored social media conversations containing keywords such as 'pinjol', 'online loan', 'illegal loan', 'illegal pinjol', and so on. Monitoring was conducted from September 11th to November 15th, 2021, resulting in 135,681 data points containing related keywords.

From the analysis of these conversations, they found that the majority, or 42%, of people ensnared by illegal online loans are teachers.

Illegal online loans also ensnared victims of layoffs (PHK), housewives, employees, traders, students, barbers, and online motorcycle taxi drivers, with the proportions shown in the graph.

According to NoLimit Indonesia's findings, these victims fell prey to illegal online loans for various reasons, such as needing money to pay off debts, meeting urgent needs, or even buying gadgets.

"The most frequent risk associated with using illegal online loan services is the borrowers and their families being terrorized. 35% of social media conversations monitored discussed this," said NoLimit Indonesia in their report, *Development of Online Loan Issues on Social Media* (2021).

"Other risks frequently discussed from using illegal online loan services include the spread of personal data, harassment by debt collectors, debt accumulation, and even job loss," they continued.

Regarding this, the Financial Services Authority (OJK) plans to conduct a financial literacy education program in 2023, targeting women, especially housewives, as the primary audience.

"It's often said that if you educate a woman, you educate a nation," said Friderica Widyasari Dewi, Member of the OJK Board of Commissioners for Education and Consumer Protection, as reported by *CNBC Indonesia*, Tuesday (November 22, 2022).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Financial Illiteracy Traps Many Teachers in Illegal Online Lending Schemes

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Financial Illiteracy Traps Many Teachers in Illegal Online Lending Schemes

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