Tirta Segara, SE., MBA when presenting the material "Financial Health in the Pandemic Period" at the 2021 Indonesia Millennials Financial Summit (25/3/2021). (Photo: Special)

Standard Chartered Survey stated that the millennial generation aged 25-44 years was the generation most financially impacted by the pandemic. In response to this, the Faculty of Economics and Business (FEB) Universitas Airlangga (UNAIR) collaborated with OJK and PT Pegadaian (Persero) to hold the 2021 Indonesia Millennials Financial Summit Online

Taking place at the virtual Zoom Meeting, the seminar ran smoothly on Thursday (25/3/2021). Tirta Segara, SE., MBA as member of the OJK Board of Commissioners for Education and Consumer Protection was present as the main speaker at the 2021 Millennials Financial Summit

Dean of FEB UNAIR Prof. Dr. Dian Agustia, SE., M.Si., Ak., CMA., CA. said the Indonesia Millennials Financial Summit was a collaborative seminar between the Financial Services Authority (OJK) and PT Pegadaian (Persero). The aim is to improve education and financial literacy, especially in the youth, student and student segments.

"Financial inclusion and literacy is one of the government's policies to intensify various efforts to increase public knowledge in the financial sector," explained the Dean of the third best faculty in Indonesia and ranked 401-450 in the world according to QS WUR.

Tirta Segara, SE., MBA as Member of the OJK Board of Commissioners for Education and Consumer Protection presented material entitled "Financial Health during the Pandemic". According to him, OJK plays a role as a regulator in the financial services sector.

"The birth of the OJK marked a new era in the regulation and supervision of the financial services sector. "The supervisory role in the financial services sector, which was previously carried out by BI and the Ministry of Finance, has since become the authority of the OJK," he explained.

Furthermore, Tirta Segara shared financial management tips for the younger generation. First, understand your financial condition first. Then, the younger generation must understand the differences in needs and desires and get into the habit of saving before shopping.

"Be wise in borrowing, prepare emergency funds, and ensure legality," he explained.
According to Tirta, financial literacy and education programs have become increasingly important and crucial during the pandemic, especially for Gen Z and the Millennial Generation. There are at least four reasons why financial literacy is important for the younger generation.

“First, the younger generation acts as critical economic players. "In 2020, one in two Indonesian residents will be the younger generation with a total of 145.4 million people," he explained.

Second, the level of financial literacy among the younger generation is still low. Based on a national survey in 2019, it shows that the financial literacy of the population 15-17 years old is 16 percent. Then, the younger generation is also more financially vulnerable. The younger generation mostly spends money for fun rather than saving and/or investing to increase assets.

“Lastly, statistically, the younger generation is more easily fooled by influencers' invitations. "In investing, the younger generation must pay attention to 2L, namely Legal and Logical," he said. (*)

Source: http://news.unair.ac.id/2021/03/26/dewan-komisioner-ojk-literasi-keuangan-milenial-dasar/