BRI Research Institute conducted a survey on financial inclusion and financial literacy index in Indonesia. The results show that financial inclusion in Indonesia reached 84 percent, while the financial literacy index reached 39.6 percent. Bali has the highest financial literacy index in Indonesia, surpassing the capital city of Jakarta.
One of the findings of the research is that Jakarta is not the province with the highest financial literacy index, although it is recorded as the region with the highest financial inclusion. Bali is the province with the highest financial literacy index with a score of 53 percent.
Below Bali is the Special Region of Yogyakarta with a financial literacy rate of 47 percent. Then, the Riau Islands have a financial inclusion index of 46 percent, followed by DKI Jakarta with 45 percent, and East Kalimantan with 43 percent.
Papua is the province with the lowest financial literacy index at 33 percent. Papua is still below West Sulawesi, East Nusa Tenggara, and South Sulawesi with financial literacy indices of 36 percent each.
The survey results show that financial inclusion in Indonesia, based solely on account ownership, reaches 67.3 percent. Then, financial inclusion based on the use of financial products or services excluding BPJS reaches 70 percent.
“Financial inclusion based on the use of products or services including BPJS is 84 percent,” wrote the survey cited on Monday (27/3/2023).
The financial inclusion figure based on the BRI Research Institute survey is slightly above the result of the Coordinating Ministry for Economic Affairs survey, which was 83.6 percent in 2021.
Meanwhile, the financial inclusion figure from the BRI Research Institute survey is below the Financial Services Authority (OJK) survey regarding the 2022 financial inclusion index, which was 85.1 percent.
The BRI Research Institute survey also shows that financial inclusion in rural areas based on the use of products/services reaches 79.4 percent, lower than in urban areas at 88.2 percent.
Meanwhile, the areas with the highest financial inclusion are in DKI Jakarta at 97 percent, followed by Bali at 93 percent, West Sumatra at 91 percent, Riau, and East Kalimantan each at 90 percent.
The lowest financial inclusion is in East Nusa Tenggara Province, with financial inclusion reaching 63 percent. Above East Nusa Tenggara are North Maluku and Papua with rates of 68 percent each.
In addition to financial inclusion, the BRI Research Institute also reported on the overall index in Indonesia, which is still low at 39.6 percent.
“The financial literacy index in rural areas is 35.6 percent, lower than in urban areas at 43.3 percent,” wrote the BRI Research Institute.
The survey was conducted by the BRI Research Institute with 7,980 respondents in 15 provinces, 83 districts/cities, 266 sub-districts, and 798 villages/wards.