Bandung, 26 September 2024 - Young people, especially millennials and Generation Z (Gen Z), face various financial challenges, ranging from income expectations that are often misaligned with their needs to building habits that ensure financial sustainability and help them achieve their financial goals.
This issue was highlighted during the talk show Jagoan Kampus: Tips for Managing Money and Starting a Career in the Digital Era at the Faculty of Communication, Padjadjaran University, Bandung. The event featured speakers Muhammad Pandu, Value Proposition Manager of PT Bank Jago Tbk, and Dwi Gelegar Gilang Ramadhan, Employee Branding Engagement Specialist at Bank Jago.
As a technology-based bank aspiring to enhance the growth of millions through life-focused digital financial solutions, Bank Jago invited hundreds of Padjadjaran University students to explore solutions for their financial problems.
Muhammad Pandu explained that a classic issue among many young people is the lack of financial management skills and low awareness of financial health. "We must learn to say no and prioritize before focusing on other things that can wait," he said.
Based on research by Bank Jago, there are four levels of financial maturity that are measured according to one's financial focus. The first level is financial security, which refers to being financially secure enough to cover personal basic needs, such as food, housing rent, or utility bills.
The second level is financial resilience, which involves having better financial stability because one's income is not only sufficient for daily needs but also includes emergency funds for unexpected events.
“The next level is financial control, or having control over one’s finances. This usually involves having one's own income and no longer depending on others. At this stage, people typically start having long-term savings,” Pandu explained.
The final level is financial freedom, or having full financial independence. “At this level, financial problems are generally resolved, there are retirement funds, and one can make others happy,” he added.
As a tech-based bank, Bank Jago has developed the Jago App, which can be customized and personalized according to each customer’s needs and financial goals. In managing finances, the Jago App uses a feature called Pockets.
Pandu explained that the function of Pockets is similar to the envelope system used in the past for allocating money. Customers can separate their funds into different categories based on their needs, desires, and financial goals.
“Jago App users can create up to 60 pockets, each with its own account number. This makes it easy to manage incoming and outgoing funds from the desired pocket. This prevents fund mixing and helps achieve financial goals as planned,” Pandu said.
Another unique feature is that the Jago App can be integrated into various digital ecosystems or apps commonly used in daily life, such as the GoTo ecosystem (Gojek, GoPay, Tokopedia-TikTok) and digital investment platforms Bibit and Stockbit. Pandu added that this collaboration and integration not only facilitates easier access to digital services but also simplifies financial management and investment for users in a fast and seamless manner.
In the same event, Dwi Gelegar Gilang Ramadhan discussed the challenges young people face in the workforce. According to him, almost all industries are innovating their products and services to meet the needs of consumers in today’s digital era. As a result, the demand for talent with digital expertise continues to rise.
“If we look at the current trends, industries are increasingly seeking human resources with strong analytical and creative thinking skills, resilience, flexibility, and agility to adapt to rapid changes,” Gilang explained.
He noted that young people face significant challenges in preparing themselves for an increasingly competitive job market. In response, Bank Jago is committed to sharing its knowledge and experience in building a tech-based bank by establishing the Jago Digital Academy, a self-learning program.
Jago Digital Academy is a platform designed to help digital talents develop the knowledge and skills needed in the digital financial business world. Through the academy, Bank Jago aims to enhance the relevance of university curricula to the needs of the industry.
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About Bank Jago
Specifically built as a tech-based bank embedded within Indonesia’s digital ecosystem, Bank Jago aspires to enhance the growth of millions through life-centric digital financial solutions. Bank Jago develops banking products and services, both conventional and sharia, that can be used by everyone, including retail (consumer), mass market, or micro, small and medium enterprises (MSME).
Bank Jago develops Jago App, which is designed to be embedded within various digital ecosystems, and can be customized and personalized so it can be compatible with their ecosystems, and also with the users’ personal needs. The collaborations with various ecosystems enable users to live their life more conveniently.
For further information please contact:
Marchelo
Corporate Communication
