IN recent years, the number of middle class residents in Indonesia has decreased significantly. Based on data released by the Central Statistics Agency (BPS), the number of middle class continues to decline from year to year. In 2019, 57.33 million people were recorded as being in this class. However, this number decreased to 53.83 million people in 2021, 49.51 million people in 2022, and in 2024, the figure decreased again to 47.85 million people.
This decline has a direct effect on people’s consumption behavior. To make ends meet, many people end up trapped in quick solutions such as easy-to-access online loans and fake investments that offer big profits in a short time. Increasingly difficult economic conditions, coupled with low financial literacy, have made many people tempted by these offers without considering the risks.
Responding to the increasing cases of illegal online loans and fraudulent investments, the Financial Services Authority (OJK) continues to strive to protect the public through various educational programs. One of the steps taken by the OJK was outreach which was held in Bandung Regency on Saturday, September 28 2024. This event was held in the PT Haji Saepudin Suwinta Hall with the theme “Socialization of Financial Services Counseling Related to Beware of Illegal Online Loans and Fraudulent Investments.”
This event was attended by various parties, including the Senior Deputy Director for Behavioral Supervision, Education and Consumer Protection at the OJK, Mr. Teguh Dinurahayu, as well as the Deputy Chair of the DPR RI Budget Agency, Mr. Cucun Ahmad Syamsurijal. Also present were various elements of society from Paseh and Majalaya Districts, Bandung Regency.
In his speech, Teguh Dinurahayu emphasized that financial services are something that is very close to everyday people. Starting from conventional banks to online loans, whether registered with the OJK or not, are increasingly easy to access thanks to technological advances. However, this convenience also carries risks if people do not have sufficient understanding of these financial products.
“Not understanding financial services can lead to choosing the wrong or even illegal products, which ultimately harms consumers,” explained Teguh. He also highlighted the importance of financial literacy so that people do not get trapped in products or services that do not suit their needs.
Also read: The government must overcome the decline in the number of the middle class
Deputy Chairman of the DPR RI Budget Agency, Cucun Ahmad Syamsurijal, on the same occasion, emphasized the importance of being careful in choosing financial services which are now very easy to access. “Don’t let people, because of economic pressures, choose the wrong service that is illegal,” said Kang Cucun, his nickname.
Cucun also added that this outreach was an important step for the government to educate the public. He hopes that similar activities can be carried out more evenly in all regions to prevent the increasing number of victims of illegal online loans and fraudulent investments. According to him, these cases often occur due to low financial literacy and economic conditions that make people trapped in high-risk instant solutions.
“Many victims of illegal online loans and fraudulent investments occur because of low financial literacy, especially in rural areas,” he concluded.
With the ongoing outreach and education by the OJK and the government, it is hoped that the public will be more alert and intelligent in choosing safe and trustworthy financial products, and avoid harmful illegal practices. (Z-8)
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