Indonesia's financial access widens, but literacy struggles to keep pace, raising scam risks

Indonesia is experiencing a rapid expansion of financial services access, with the national financial inclusion index reaching 80.51%. However, this surge in accessibility is not matched by a corresponding growth in financial literacy, which stands at 66.46%, according to the 2025 National Survey of Financial Literacy and Inclusion (SNLIK).

This gap between access and understanding is especially evident among young Indonesians aged 18 to 25. While nearly 90% of this demographic has access to financial products and services, their financial literacy rate is only 73.22%. This means a significant portion of the youth population is engaging with financial systems without a full grasp of the associated risks and decision-making processes.

The widening chasm between financial inclusion and literacy presents a considerable challenge for Indonesia's economic development and its burgeoning financial services sector. As more people gain access to financial products, the ability to comprehend risks and make sound financial choices becomes increasingly critical. Companies in the financial industry, particularly brokerage firms, bear a responsibility to ensure their clients understand these risks before engaging in transactions.

Finex CEO Agung Wisnuaji emphasized the importance of transparency and education, stating, "The independence of Indonesia inspires us to support the independence of every trader, which is the freedom to make their own decisions and build their financial future. Therefore, we build systems that prioritize the interests of traders and are committed to always being by their side." This commitment aims to empower traders while mitigating the risks associated with increased access.

Furthermore, the disparity heightens the vulnerability of the population to fraudulent financial offers. The Indonesia Anti-Scam Centre (IASC) has reported over 515,000 scam-related incidents since its inception in late 2024, with approximately IDR 585.4 billion (around US$36 million) in victim funds blocked. Impersonation of legitimate entities has been identified as a common modus operandi, highlighting the urgent need to bolster financial literacy alongside access.

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The independence of Indonesia inspires us to support the independence of every trader, which is the freedom to make their own decisions and build their financial future. Therefore, we build systems that prioritize the interests of traders and are committed to always being by their side.