OJK Encourages Financial Literacy at GIIAS 2026, Warns Against FOMO and Doom Spending

Indonesia's Financial Services Authority (OJK) is emphasizing the importance of enhancing financial literacy to guide the public in making prudent financial decisions, particularly when seeking credit for vehicle purchases. This initiative was highlighted during an educational session at the Gaikindo Indonesia International Auto Show (GIIAS 2026) in Tangerang.

The OJK, in collaboration with PT Toyota Astra Financial Services (TAF), launched a program titled "Financial Literacy and Inclusion: Smart Financial Management, Worry-Free Future." The program aims to provide consumers with a solid financial understanding before they engage with financing services. Ezar Kumendong, Director of TAF, stated that financial literacy is the bedrock of healthy financing, enabling customers who fully understand products and their financial situations to make better decisions, ultimately fostering a more sustainable portfolio quality for the industry.

This educational push occurs amidst positive growth in the national automotive industry. Gaikindo data shows domestic car sales reached 436,564 units in the first half of 2026, a 15.9% increase year-on-year. Correspondingly, the financing industry also saw positive trends, with OJK data indicating financing receivables at Rp511.26 trillion in June 2026, an annual growth of 1.88%. This indicates sustained demand for financing as the vehicle market recovers.

However, a significant gap remains in financial literacy and inclusion. The 2025 National Survey of Financial Literacy and Inclusion (SNLIK) reported Indonesia's financial literacy index at only 66.46%, while the financial inclusion index reached 80.51%. This disparity highlights that many individuals use financial services without fully comprehending their benefits or risks. To bridge this gap, the OJK continues its National Smart Financial Movement (GENCARKAN), reaching millions through educational activities and digital content.

Furthermore, the OJK cautioned the public against consumerist behaviors driven by social media trends, such as fear of missing out (FOMO), fear of other people's opinions (FOPO), and YOLO (you only live once), and doom spending. These behaviors can harm financial health if not balanced with proper spending plans. Participants also received education on various forms of digital financial crime, including illegal online loans, fraudulent investments, and scams.