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Indonesian Financial Literacy


Saving Edition

Since we were children, we have been taught to save the money our parents gave. The money we saved was usually in the form of weekly or monthly allowance.

The simplest saving activity is putting our money in a ceramic piggy bank or in a can with a slit on top through which we insert our money.  

Why is it necessary for us to save money?
Saving money is a necessity so that we are ready with funds at certain occasions in the future. It is also to make us accustomed to modest lifestyle as there is no reason why we should use up all the money we have at one time.

Where should we save our money?
We can, of course, save our money at home in a moneybox. We can also save our money in a bank.

What is the difference between saving our money at home and saving our money in a bank?
When we save our money at home, the money will remain in the moneybox, whereas when we save the money in a bank, the money is kept in a strong and solid vault. Based on the savings, the bank will share profit in the form of interest rate. So, the savings may grow in time.

Which banks give interests?
A bank gives interests to a savings belonging to customers, as the bank uses customers savings to provide credit to other customers; and for this transaction those other customers pay interest to the bank. The bank shares this interest with the customers having savings accounts.

So, saving in a bank is more advantageous. Aside from the money kept in a much safer place, the customers earn interest from the bank. The savings are also guaranteed by the government.

Customers’ savings are guaranteed by LPS (Indonesia Deposit Insurance Corporation) if they meet this requirement:
The savings balance of each customer in one bank does not exceed IDR 2 billion and the interest rate received by the customer does not exceed the provisions regulated by LPS.

Credit Edition

To support ourselves, each one of us needs to fulfill our basic needs—namely food, clothing and shelter. To fulfill the first two of these primary needs, food and clothing, we aspire to have a job and build a career, which in turn rewards us with income. As for our other needs, like home and vehicles, to acquire them, we need much bigger funds.

When the income is not enough to acquire these items, whereas we are in need of them to support our activities, is there a solution for us?

How about taking the benefit of credit facility?
Taking a credit facility is feasible when the credit has lower value than that of the products/ goods purchased using the credit facility.
Example: renting a house vs. taking out a mortgage; using public transport vs. buying a motorcycle on installment; stocking goods vs. price increase

What are the requirements to be eligible for a credit facility or an installment plan?
Indonesian citizen; minimum age of 21 and maximum age of 55 years old, or married; have income and have collateral for the credit.

What is the time period for an installment plan?
The term may last from one year to 15 years (for Home loan)

How much is the normal interest rate?
The amount of interest is informed to the customer before the credit is approved. There are two types of interest used in the industry: fixed interest, which means the interest rate does not change during the credit period; and floating interest, which means the interest may change based on the interest rate in the market.

Activity Photos

Indonesia’s Financial Literacy activities by PaninBank Bogor





PaninBank Indonesia’s Financial Literacy Activities at Yayasan Pendidikan Teladan
Pematang Siantar