2024 SNLIK Results: Financial Literacy Improves, while Financial Access Needs Strengthening

The Financial Services Authority (OJK) has once again conducted the National Survey on Financial Literacy and Inclusion (SNLIK), which is regularly released to measure the public’s understanding of and access to financial services in Indonesia. For the first time in 2024, this survey was carried out in collaboration with the Central Bureau of Statistics (Badan Pusat Statistik or BPS), involving 10,800 respondents aged 15-79 across 34 provinces.

The latest survey results reveal a positive trend in financial literacy among Indonesians, which has significantly increased over the years. Since 2013, the financial literacy index has grown from 21.84 percent to 65.43 percent in 2024. This improvement reflects a growing understanding of financial products and services, supported by collaborative educational initiatives from the government, financial institutions, and industry players.

However, when analyzed by region, the 2024 data still shows a noticeable gap in financial literacy and inclusion between urban and rural areas. In urban regions, the financial literacy index reached 69.71 percent, while in rural areas, it was lower at 59.25 percent. Similarly, the financial inclusion index was higher in urban areas at 78.41 percent, compared to 70.13 percent in rural areas.

Enhancing financial literacy and inclusion in rural areas should be a major priority to ensure equitable access to financial services throughout Indonesia. Despite the rising financial literacy index in rural regions, ongoing educational efforts must be strengthened. This includes digital programs, the development of financial infrastructure, and collaboration between the government, financial institutions, and local communities to expand understanding and access to more inclusive financial services in these regions.

At present, two age groups—those aged 15-17 and 51-79—face the greatest challenges in terms of financial literacy and inclusion, indicating a need for focused attention on these groups. Teenagers aged 15-17 tend to be less engaged with financial products due to their lack of steady income, while those aged 51-79 often face difficulties in adapting to the digitization of financial services due to limited digital literacy and infrastructure access, particularly in rural areas. This creates a growing divide in understanding and utilizing modern financial services.

To bridge this gap, strategic efforts are required, such as expanding financial education through integrating financial literacy content into school curricula and promoting campaigns on social media. Furthermore, collaboration between the financial industry and regulators must continue to strengthen, while efforts to provide equal digital access across all regions are essential. This would enable people of all ages to better understand and utilize financial services effectively.

How is Jalin Contributing to Advancing Financial Literacy and Inclusion?

Jalin plays a pivotal role in driving financial literacy and inclusion in Indonesia. This is evident through its collaboration with more than 70 banking and national fintech members. These partnerships deliver a range of digital financial services that not only enhance public understanding of financial products but also broaden access to financial services. Among the innovations available to the public are ATM Link, GPN Debit, domestic and cross-border QRIS, mobile banking transactions, e-money, and the Indonesian Credit Card (KKI).

Jalin also focuses on supporting the digitalization of Micro, Small, and Medium Enterprises (MSMEs). This is reflected in the rapid growth of QRIS transactions through the Link network, which increased by more than 570 percent in 2023 compared to the previous year. Access to QRIS services enables MSMEs to conduct transactions more easily and efficiently, thereby improving their operations, enhancing competitiveness, and expanding their market reach.

Through these initiatives, Jalin actively contributes to creating an ecosystem that supports the growth and innovation of MSMEs in Indonesia, thereby strengthening the national economy. Indonesia’s Finance Minister Sri Mulyani has noted that the MSME sector contributes up to 61 percent of Indonesia’s Gross Domestic Product (GDP), a figure that is significantly higher than in other ASEAN countries and selected G20 nations, underlining the critical role of MSMEs in the country’s economic development.

Furthermore, Jalin's ATM Link services, with over 50,000 ATM and CRM units spread across Indonesia, ensure that people from all regions have easy access to financial services. By ensuring widespread access, Jalin not only facilitates daily transactions, especially for customers of Himbara banks (BNI, Bank Mandiri, BRI, and BTN), but also helps people engage with the formal financial system, thus promoting greater inclusivity.

Jalin continues to enhance financial literacy through various impactful Corporate Social Responsibility (CSR) programs. For instance, during the 2023 Financial Inclusion Month, Jalin introduced financial literacy to the coastal community of Pantai Bahagia. The ABM EduBP learning station, part of Danareksa’s Holding, located at Sarinah, Jakarta, provided visitors with in-depth financial knowledge. Jalin also supported educational initiatives for children in fishing villages and launched the Jalin Smart Library at Sekolah Alam Tunas Mulia to help young people better understand financial concepts.

At the end of 2023, Jalin partnered with Netzme and the PPKUKM DKI Jakarta to accelerate the adoption of cashless transactions among MSMEs and support the cashless society movement, providing business owners with the ability to conduct digital transactions. In its most recent effort, Jalin successfully organized the "Inclusion Adventure" event at the Museum Bank Indonesia (MUBI) in celebration of National Children’s Day 2024. The event, part of the #SemuaBisaSetara campaign, offered an educational experience for friends with disabilities, especially Deaf students from special high schools (SLB) in the Greater Jakarta area.

Aligned with the Indonesia Payment System Blueprint (BSPI) 2030 and Jalin’s vision of "The National Digital Highway," the company remains committed to enhancing financial literacy and promoting national financial inclusion. Jalin is continuously pushing forward strategic initiatives, including innovating digital services through industry collaboration, expanding access, improving transaction security, and fostering ongoing financial literacy. This commitment supports the Government’s efforts to increase digital financial literacy and build an inclusive digital financial ecosystem