Financial literacy makes people “financially literate”, namely understanding how to manage money, pay off debts, interest rates, insurance, retirement savings, taxes, and financial products such as credit/loans. So that it can use financial products to achieve economic stability. Some of the real benefits of financial literacy for Micro, Small and Medium Enterprises (MSMEs) include forming long-term investments, choosing the right financial strategies and decisions, being responsible for economic decisions, and influencing financial wealth. Sony revealed this sentence from Bank BJB.

“MSMEs are currently experiencing several challenges, including access to financing/capital from financial institutions and other sources, product marketing, and business promotion for MSME players. In addition, there are obstacles supporting information technology that make it easier for MSME players to carry out business activities and financial transactions. The last one is trained human resources and good business management,” added Sony.

Sony stated this sentence at the Community Service (Pengmas) event for MSMEs in Depok City, which took place on Tuesday, 5 December 2022 at the Floating Room at the University of Indonesia. Pengmas chaired by Dr. Andreo Wahyudi Atmoko with Satrio Budi Adi, SE, M.Sc. This program is organized by the Faculty of Administrative Sciences, the University of Indonesia in a triple helix collaboration: Depok City Government, Bank BJB, Indonesian Classification Bureau, and Madani National Capital.

Furthermore, Sony said that businesses always experience upheaval and are unstable, so it is crucial to managing MSMEs. This is intended so MSME actors know turnover and can analyze appropriate strategies to develop their businesses. Financial literacy, said Sony, is how to manage money by understanding banking, investment, personal financial management, managing customers and utilizing this knowledge in everyday life.

“There are several accesses to capital to help fund your business, all of which are your own funds consisting of savings, asset sales, and inheritance; the second is investors; financial institutions such as banking, cooperatives, others; as well as other sources such as loans and others,” said Sony.

At the end of the session, Sony emphasized to the attendees to be careful when seeking capital from online loan sources, which are currently experiencing many cases of fraud involving various levels of society. For information, this event was attended by 70 Depok MSME actors.

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