Student Savings Top Rp29 Trillion as Young People Save More

JAKARTA — Student savings trends in national banks continue to show positive growth alongside rising financial literacy, digital service penetration, and strengthened financial inclusion programs for students.

The Financial Services Authority (OJK) recorded that, as of Q1 2026, student savings accounts reached 59.03 million with total deposits of Rp29.13 trillion. The number of student accounts has also been rising, growing 1.25% year on year.

Head of Financial Services Conduct, Education and Consumer Protection at OJK, Dicky Kartikoyono, said the growth indicates broader access and participation of students in the formal financial system. He noted short-term fluctuations in savings amounts, but the overall trend remains positive and aligns with the dynamic nature of student savings accounts.

Although its contribution to total third-party funds (DPK) is relatively small, student savings hold strategic value in expanding the bank’s customer base in the future and fostering a savings culture from an early age.

“OJK is optimistic this positive trend will continue until the end of 2026, supported by strengthened KEJAR Program, improved financial literacy and inclusion, and collaboration with stakeholders,” he said.

Moving forward, OJK will focus on expanding access, increasing active account usage, and strengthening financial education for students to drive more sustainable growth in both account numbers and deposit amounts.

“It is hoped that the habit of saving will become deeply ingrained among students from a young age,” he added.

Meanwhile, PT Bank Mandiri (Persero) Tbk has noted a steady increase in its Student Savings (SimPel) accounts annually. On average, account growth from 2021-2025 reached 117,000 per year with a growth rate of 19.3%. The number of SimPel accounts reached 928,000, up 19.6% year on year. The positive trend continued into 2026, with 966,000 accounts as of March, a 12% increase from the previous year.

Bank Mandiri Corporate Secretary Adhika Vista said the growth in SimPel was driven by increasing public awareness of the importance of early financial literacy and inclusion.