Indonesia's Financial Literacy Index Rose in 2023
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Research by the Katadata Insight Center (KIC) shows that Indonesia's financial literacy index reached 69.7 points out of a possible 100 in 2023. This is an increase from 66.5 points in 2020.
Financial literacy is assessed based on three components. First, financial behavior, scoring 34.3 points out of a possible 45. Second, financial knowledge, scoring 23.3 points out of a possible 35. Third, financial attitude, scoring 12.1 points out of a possible 20.
All components showed improvement compared to 2020. Specifically, financial behavior scored 31.5 points, financial knowledge 18.5 points, and financial attitude 16.5 points in 2020.
This research uses the 2018 OECD/INFE measurement framework for financial literacy and inclusion.
The survey was conducted online from June 12-26, 2023, using non-probability sampling via the tSurvey data collection platform. 5,000 Indonesian respondents aged 18-55 from all 34 provinces were surveyed, proportionally representing the population distribution. The sample comprised 56.6% males and 43.4% females. The margin of error is approximately 1.39% at a 95% confidence level.
(Also read: Financial Literacy and Inclusion of Indonesian Citizens Increased in 2022)
"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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