Financial Literacy Seminar at Unisba Warns Against 'Doom Spending'

A financial literacy seminar, co-organized by Republika, Universitas Islam Bandung (Unisba), and the West Java Financial Services Authority (OJK), brought together hundreds of students and pupils to discuss crucial financial management topics. The event, held at Unisba's auditorium, focused on raising awareness about the potential pitfalls of modern financial practices.

Key experts at the seminar highlighted the growing concern of "doom spending," a phenomenon where individuals resort to excessive shopping as a coping mechanism for stress. Speakers included Yuzirwan from OJK West Java, Iwan Prastyo from bank bjb, Saji Sonjaya of the Anti-Loan Shark Task Force, and Unisba psychologist Ilmi Hatta, alongside OJK West Java Head Darwisman and West Java Provincial Diskominfo Secretary.

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Without good financial literacy, it will be difficult for us to distinguish between needs and wants.

Unisba Rector Prof. Harits Numan pointed out that while digitalization simplifies financial transactions, many users lack a deep understanding of their consequences. He stressed the importance of financial literacy in distinguishing between needs and wants, particularly for Generation Z, who are tech-savvy but susceptible to FOMO (Fear of Missing Out). "Hopefully, with this literacy, they will have insights and a picture of the impacts, and then follow existing norms when making transactions or loan processes, considering the future impact," Numan stated.

The seminar's organizers hope the event will not only broaden participants' financial knowledge but also inspire a tangible shift in their financial behavior and decision-making processes. The initiative aims to equip young people with the tools to navigate the complexities of digital finance responsibly.

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Hopefully, with this literacy, they will have insights and a picture of the impacts, and then follow existing norms when making transactions or loan processes, considering the future impact.