Jakarta, August 16, 2024 – This year, for the fourth consecutive time, OCBC proudly launches the Financial Fitness Index (FFI) 2024. Indonesia's financial fitness score in 2024 has successfully stabilized at 41.25, indicating that the Indonesian population has managed to maintain its financial score results. A significant rise is observed as 25% of the younger generation possesses emergency funds (up from 17%), a progress that deserves appreciation. This could be an indicator of a change in attitude and mindset, especially among the young who still want to enjoy life. Carrying the theme FUNanciallyFIT, the launch of FFI this time conveys the message that leading a fun lifestyle while simultaneously staying financially secure is achievable.

Based on the latest data from FFI 2024, 39% of young people have a primary goal of saving for lifestyle needs. This indicates that the current generation is focused on short-term pleasures. Inspired by these findings, OCBC aims to encourage the younger generation to enjoy life (FUN) while also managing their finances appropriately through easily accessible and understandable banking services, and to promote financial discipline in the long term.

Amir Widjaya, Executive Director of Marketing & Lifestyle Business at OCBC, stated, The Financial Fitness Index (FFI) primarily aims to promote enjoyable financial fitness (FUNanciallyFIT) for everyone without exception, where this year's research results show an improvement in financial health in the income range of 5-15 million and an awareness of emergency funds. This is an achievement worth appreciating for the younger generation, where on the other hand, they must also understand how to utilize banking products for smart financial decisions. With the right information, inclusion of banking products, and good financial management, they can become smart spenders and smart savers. Ultimately, financial health can remain FIT with a FUN lifestyle, thereby creating a balance between current enjoyment and long-term financial well-being.

Strengthened by an ecosystem that continuously enriches financial health knowledge, OCBC provides various solutions such as the Ruang Menyala Classes and Nyala Coach for financial learning through diverse sessions. The latest feature through a lite version of the Financial Fitness Check-Up, makes it easy for everyone to check their personal financial condition on the OCBC Mobile app. Beyond financial condition knowledge, OCBC also offers a variety of products to meet evolving lifestyle needs including Global Debit & Credit Cards to cater to travel needs and daily lifestyle.

The FFI 2024 research results also indicate that 80% of young people spend money to keep up with their friends' lifestyles, an increase from 73% in 2023. This signifies that a strong portrait of FOMO (Fear of Missing Out) still exists among the younger generation. It underscores the need for better financial literacy to make wiser spending decisions. By understanding both banking products and services well, the benefits gained can be maximized.

Responding to this trend, Inggit Primadevi, Director Consumer Insights at NielsenIQ (NIQ) Indonesia, revealed that “Indonesian youth actually have shown a positive change in financial behavior with a high level of financial literacy, recording finances, and having an emergency fund. Among those who have recorded their finances, 41% already have an emergency fund (equivalent to 6 months' salary), this number has increased by 12% from the previous year. On the other hand, among the young people who have not yet recorded their finances, only 21% have an emergency fund. This indicates an increase in awareness of financial literacy, not just in knowledge but also in practice, by having an emergency fund and adopting the habit of recording their finances.”

Furthermore, young people who have the main goal of saving for lifestyle needs (luxury goods, luxury hobbies, traveling) but also save for non-lifestyle needs (capital & assets/protection funds/investments) tend to be healthier financially, where their financial wellness score is 44.16. Hence, the concept of FUNanciallyFIT is appropriate as a driver for the younger generation to continue enjoying life in a fun way, while still implementing solid financial security principles.

Furthermore, OCBC has also introduced the Nobody Award, a recognition given to anyone who can serve as an inspiration. Thus, the concept of FUNanciallyFIT, designed to integrate FUN with lifestyle while remaining FIT financially, demonstrates that financial independence can be achieved by everyone. Inspired by a similar concept, OCBC has also implemented it internally among employees through the #FinanciallyFit Hero campaign. This program seeks financial 'champions' to inspire others, starting with a Financial Fit Check Up for employees to evaluate and improve their financial health. The internal financial score of OCBC is 54.11, indicating a financial literacy above the average of the Indonesian population.

Through the #FUNanciallyFit campaign as a whole, we aim to contribute to the general public. However, we also do not forget our role as an institution that cares for employees internally. As a result of the survey from Harvard Business Review , when an individual has financial health, they experience overall better well-being and are able to show their best selves at work or anywhere else. Therefore, OCBC believes that financial independence is achievable for everyone and through FFI becomes part of our commitment to continuously strive together with the community to improve Indonesia's Financial Fitness Index, concluded Amir.

*full report FFI 2024, click here.

OCBC Financial Fitness Index
The OCBC Financial Fitness Index 2024 is an annual research resulting from a collaboration with NIQ that depicts the financial health condition of the young generation in Indonesia by examining their attitudes and behaviors in financial management. The OCBC Financial Fitness Index 2024 marks the fourth year of research since the previous study was released in August 2022, involving respondents aged 25-35 years residing in Jabodetabek, Surabaya, Medan, Bandung, and Makassar, who have an income above Rp5 million and possess a bank account.

About OCBC
PT Bank OCBC NISP Tbk ‘OCBC’ was established in Bandung in 1941 under the name Nederlandsch Indische Spaar en Deposito Bank. Over its 83-year journey, the Bank has undergone several name changes, from 'Bank NISP' to 'Bank OCBC NISP', and subsequently to 'OCBC' on November 14, 2023. As of June 30, 2024, OCBC serves customers through 200 office networks in 54 cities in Indonesia. Furthermore, customers can conduct transaction through the Bank's 492 ATMs, more than 90,000 ATM networks in Indonesia, and access more than 580 OCBC Group ATMs in Singapore and Malaysia. OCBC also serves customers through various digital channels, including mobile banking and internet banking – for both for individuals and corporations. OCBC is one of the banks with the highest credit ratings in Indonesia, namely AAA(^idn)/stable by PT Fitch Ratings Indonesia.

Brand & Communication Division, OCBC
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