Indonesian Financial Authority Warns Youth Against FOMO-Driven Financial Mismanagement

Indonesia's Financial Services Authority (OJK) is issuing a strong warning to the nation's youth, urging them to resist the allure of 'fear of missing out' (FOMO) and 'fear of other people's opinions' (FOPO) when handling their money. This advice comes as digital financial services continue to expand rapidly.

Dicky Kartikoyono, Head of OJK's Supervision of Financial Services Business Actors, Education, and Consumer Protection, stressed that financial literacy extends beyond merely comprehending financial products. He highlighted the critical need for developing disciplined money management habits and strong self-control. "The goal of increasing financial literacy and inclusion by OJK is to build personal character that is disciplined, patient, self-controlled, and capable of managing finances to avoid FOMO and FOPO habits amidst the development of the digital economy and finance," Kartikoyono stated.

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The goal of increasing financial literacy and inclusion by OJK is to build personal character that is disciplined, patient, self-controlled, and capable of managing finances to avoid FOMO and FOPO habits amidst the development of the digital economy and finance.

The OJK also emphasizes the importance of cultivating saving habits from an early age. This practice, they explain, involves consistently setting aside a portion of income, rather than just saving what's left over. Such discipline allows for better planning of future needs. Friderica Widyasari Dewi, Chair of the OJK Board of Commissioners, encouraged individuals not to wait until they have substantial amounts of money to start saving, asserting that consistent small savings can lead to significant wealth accumulation.

To foster these habits, OJK has implemented programs like "One Account One Student" (KEJAR), which has facilitated the opening of 679,000 new student accounts between September 2025 and June 2026. Additionally, over 270,000 "Bank Goes to School" events have been conducted. While national financial inclusion stands at 93.61% and literacy at 69.57%, OJK notes that these rates remain lower among students and require further strengthening.

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Saving from an early age is very important for your future. You don't have to wait until you have a lot of money to save. In fact, to have a lot of money, you have to save little by little.