There’s a Formula to Getting Rich Before You Grow Old, Revealed at the Educational Class LIKE IT

Jakarta, CNBC Indonesia - The Jogja Financial Festival 2026 featured Educational Class LIKE IT, or Literasi Keuangan Indonesia Terdepan, with the theme “Financial Survival for the Young Generation”. The session included Deni Ridwan, Director of Sharia Financing at the Ministry of Finance (DJPPR Kemenkeu); Andi Muhammad Yusuf, Acting Director of Financial Literacy and Education at the Financial Services Authority (OJK); Andi Reina, Deputy Head of Bank Indonesia’s Central Java Representative Office; and Ahmad Subhan Irani, Director of the Group Analysis of Financial System Stability at the Deposit Insurance Corporation (LPS). The discussions ranged from current economic conditions to safe and scam-free investment tips, delivered in a relaxed yet substantive manner that made heavy topics accessible for participants. The panel opened with an analysis of the current economy. Deni Ridwan noted that the government is actively striving to break out of the middle income trap. He explained that to escape the trap, Indonesia must achieve growth of more than five percent. He cited an initial 2026 quarterly growth of 5.61 percent year-on-year. “The implication is this: our hope is that within the next 20 years we will be in a rich-before-old situation. We could become a wealthy country before our population grows old. Therefore, we need growth higher than five percent,” he said during the Educational Class at Jogja Expo Center (JEC) on Friday (22 May 2026). To reach this target, he said the government is pursuing a range of efforts, including infrastructure investment and investment in human resources. Growth also needs to be accelerated through digital transformation. Bank Indonesia has launched a ‘patented’ innovation with QRIS (read: Kris). “The essence of QRIS is efficiency; it makes transactions incredibly efficient,” he told participants. Reina added that QRIS is Indonesia’s pride in its payment system. She even claimed that US President Donald Trump fears QRIS because it can reach a large number of transactions and merchants. As digital technology advances, scams targeting financial systems and misusing them to defraud the public have risen. Andi Muhammad Yusuf, Acting Director of Financial Literacy and Education at OJK, stated that 80% of Indonesians now have access to financial services. The challenge lies in the proliferation of sophisticated scams that target accounts and even people’s psychology. “Scammers exploit digital platforms; they not only rob accounts but also manipulate psychology,” he said. He noted that some scams now use AI to perform visual and voice impersonation of relatives to drain accounts. He urged the public to identify risks through two Ls: legal and logical. OJK and other agencies continue to protect the public from scams. LPS, meanwhile, remains committed to protecting depositors’ funds in banks. Ahmad Subhan Irani, Director of the Group Analysis of Financial System Stability at LPS, stated that LPS can guarantee deposits up to Rp2 billion per depositor per bank. “So, if you put money in a bank, it is guaranteed up to Rp2 billion per depositor per bank,” he said. The condition for protection by LPS is to ensure that the depositor’s funds are recorded and held in a bank, and that the interest rate does not exceed the LPS rate, and that there is no indication of fraud. Ahmad Subhan added that the guaranteed funds include not only rupiah-denominated deposits but also foreign-denominated deposits. The speakers emphasised that Indonesia’s economy still has substantial growth potential and that protecting and innovating the financial system are essential. The public, as participants in the financial system, must continually be educated and raise their financial literacy so that the shared dream of Indonesia becoming a developed nation can be realised. (dce) Add as a preferred source on Google [Gambas:Video CNBC]