ENTREPRENEURS

BANK INDONESIA ENCOURAGES MILLENNIALS TO DRIVE NATIONAL GROWTH THROUGH STRATEGIC INVESTMENTS

Governor Perry Warjiyo Highlights Tailored Investment Approach and Financial Literacy at LIKE IT event

18.08.2023
BY JORDI HILDIANTO
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Perry Warjiyo, the Governor of Bank Indonesia (BI), has issued a call to action for the country's youth, particularly millennials, urging them to invest in support of Indonesia's domestic development initiatives.

To engage the millennial generation in investment activities, the government has taken steps to facilitate and introduce a range of investment instruments tailored to their preferences and circumstances.

Speaking at the Leading Indonesian Financial Literacy (LIKE IT) event, Warjiyo emphasized, "We now offer a variety of affordable investment products."

In a bid to foster a dynamic investment ecosystem, Bank Indonesia has embarked on digitization efforts, harnessing tools such as QRIS, BI-FAST, and SNAP, which allow for seamless and cross-border transactions. Warjiyo highlighted the comprehensive financial market infrastructure developed by the central bank.

Underpinning their strategy, Warjiyo outlined the 3P + I approach, focusing on Product, Pricing, Participant, and Infrastructure enhancements to appeal to younger investors.

The government is committed to expanding the spectrum of attractive investment products tailored to the millennial demographic. Bank Indonesia, in tandem, will continue to align the pricing of investment instruments with the financial capacity of young investors.

Moreover, a concerted effort will be made to bolster the participation of young individuals, thus facilitating their involvement in the nation's development through investment.

To provide millennial investors with smoother pathways, the government plans to fortify the investment ecosystem's infrastructure.

Warjiyo underscored that while millennials can indulge in the "You Only Live Once" (YOLO) ethos, it is crucial for them to integrate financial planning into their lifestyles.

"Embrace YOLO, but let it be rooted in careful planning," Warjiyo advised.

As part of his recommendations, Warjiyo underscored the significance of investment planning. Before embarking on investment journeys, he advised millennials to educate themselves about financial mechanisms, evaluate their income streams, allocate funds based on priorities, and set aside portions for investment purposes.

Warjiyo is optimistic that the annual LIKE IT event, a joint effort by Bank Indonesia, the Ministry of Finance, the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS), will empower millennials with invaluable insights and knowledge to embark on their investment endeavors.

LIKE IT, a program tailored to enhance financial literacy, particularly among the youth, encompasses educational components that cover financial planning and investment strategies.

The event features an array of segments, each delving into diverse topics. Notably, Warjiyo highlighted the diverse backgrounds of the event's speakers, who contribute comprehensive insights into effective financial planning.

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