The development of digital financial services has given us many choices to access financial services, fulfill needs or other digital-based life activities.
The ease of financial services also increases financial inclusion in Indonesia. Based on the National Financial Literacy and Inclusion Survey conducted by OJK (2022), the level of financial inclusion in Indonesia has reached 85,10% in 2022. However, this is not directly proportional to the financial literacy index which only reaches 49,68%. In fact, especially for institutions providing financial technology services (fintech), the literacy rate only reaches 10,90%. This explains why many fall into illegal online loans.
This shows that the Indonesian people in general do not understand well the characteristics of various financial products and services offered by formal financial service institutions, even though financial literacy is an important skill in the context of community empowerment, individual welfare, consumer protection, and increasing financial inclusion (OJK). , 2021).
The low level of public financial literacy has also brought many problems. PRAKARSA's 2019 research shows that the over-indebtedness of online loan informants is mostly triggered by predatory lending practices that are rife in the illegal online lending ecosystem that take advantage of consumers' ignorance of the terms of the loan and the costs that must be borne.
Through this pocket book "Smart Consumers of Digital Financial Products" it is hoped that it can help increase digital financial literacy and help increase public financial inclusion to access products and services in the financial services sector safely.
Let's be wise, critical, and empowered consumers by increasing our financial literacy through this pocket book.