LITERASI PASAR MODAL MASYARAKAT INDONESIA

Abstract

The objectives of this study are: (i) to find out how low is the literacy levels of Indonesian society regarding the capital markets, (ii) to examine the causes of low literacy levels, (iii) to determine what policies have been and will be made by the government and capital market authority. Methods of data collection are by using literature as well as other sources. While the analysis is performed by using tables, graphs, images and descriptive qualitative approach. The findings of this study are: First, the level of literacy of society regarding the capital markets is very low and is lowest in the financial sector resulted in low public participation in the capital market. Second, the causes of the low level of community literacy in the capital market are: (i) Most people assume that to trade in the stock market requires a big ammount of  capital (hundreds millions or billion of rupiah), (ii) lack of technical knowledge of capital markets, (iii) public perception that the exchange transaction in capital market is a gamble and it contains usury and its Legal is illegitimate (haram), (iv) the existence of the events that harm the investors' shares in the stock due to fraud committed by the brokerages in the past lead to a false perception in the community that play stocks is vulnerable to fraud, (v) the amount and quality of human resources in the Financial Service Authority (FSA) and Self Regulatory Organization (SRO) are inadequate in improving literacy levels of society to capital markets. Third, the government has made some policies in order to improve the literacy of society regarding the capital markets, such as: (i) a FSA trilogy of policy instruments that are financial inclusion, financial literacy (including capital markets), and consumer protection, (ii) the three pillars of the National Strategy for Literacy Financial, namely financial literacy, strengthening of infrastructure for financial literacy, and the development of financial products and services, (iii) the inclusion of local government and non-governmental organization to undergo a socialization of the financial sector and the capital market to the public good that is done by the Indonesian Stock Exchange (BEI), Indonesia's Central Securities Depository (KSEI), Indonesian Clearing and Guarantee Corporation (KPEI,) and other non-government community agencies, such as the banking and non-profit organization.