Financial Services Authority, Auckland, October 13, 2016: Member of Indonesia Financial Services Authority's Board of Commissioners, who is in charge of Consumer Education and Protection Department, Kusumaningtuti S. Soetiono, represented Indonesia at OECD/INFE (International Network on Financial Education) Advisory Board Meeting and OECD/INFE Technical Meeting from October 10 to 11, 2016, in Auckland, New Zealand.
The OECD/INFE was established in 2008 and serves as a forum for governmental organizations from various countries that concern about financial education. So far, there are 15 countries that sit in OECD/INFE Advisory Board and 96 institutions from 71 countries have held OECD/INFE full membership. The countries came from the following continents:
- Africa and MENA: 16 countries
- America: 13 countries (Latin America and the Caribbean: 10 countries and North America: 3 countries)
- Asia Pacific: 13 countries
- Europe: 29 countries
Now Indonesia Financial Services Authority (OJK) has become an OECD/INFE full member and the country has joined the forum's advisory board.
The meeting presented OECD/INFE working programs, which were divided into the following subgroups:
- Measuring financial literacy and well-being
- Core Competencies on Financial Literacy
- Financial Education for Long-term Savings and Investments (LTSI)
- The Role of Financial Education in Financial Inclusion
- Financial Education for Micro, Small and Medium Enterprises (M&SMEs)
The technical committee discussed the need for financial literacy rate measurement methods in order to achieve the public's financial well-being, including implementation of a national survey on financial literacy and inclusion to be conducted by the OJK this year as a follow-up to the 2013 national survey. The OECD/INFE also has received a mandate to carry out a survey on financial literacy and inclusion, using the OECD/INFE toolkit, and the results will be presented at the G20 summit under the German Presidency in 2017.
In addition, the OECD/INFE will develop an international benchmark on core competencies that investors and MSMEs should have. Development of these core competencies is a follow-up to those of youth and of adults published earlier.
The next discussion at the NZ-OECD High Level Symposium on Financial Education, which took on the theme of Today vs Tomorrow, was how to change the spendthrift society's mindset and behavior into a society that would be keen on saving for their future. Education on how to prepare for retirement has become OECD/INFE's focus given the aging 'world' and because governments only have limited resources for satisfying the needs of their countries' populations in facing old age.
To find out about OECD/INFE discussion, please visit http://www.oecd.org/finance/financial-education/
