LPS Urges Young Generation to Manage Finances Wisely in the Digital Era

Makassar (ANTARA) - The Deputy Chairman of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS), Farid Azhar Nasution, has urged the younger generation to be wise in managing their finances, particularly amidst digital developments.

Speaking in Makassar on Saturday, Farid stated that low literacy levels directly impact the financial behaviour of the public, especially the youth. Various social phenomena, such as ‘fear of missing out’ (FOMO), ‘you only live once’ (YOLO), and ‘fear of other people’s opinion’ (FOPO), frequently influence individuals to make irrational financial decisions.

“The urge to follow trends, maintain prestige, or pursue certain lifestyles often causes individuals to ignore their actual financial capabilities. As a result, various forms of consumer financing become instant choices to satisfy short-term desires without considering long-term impacts,” he said.

This reality indicates a need to strengthen financial literacy and awareness from an early age, so that the public does not easily fall into various financial risks.

According to him, the greatest challenge is often not the amount of money one possesses, but rather the ability to manage one’s desires.