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<\/h3>\n<\/h3>\nGeorge Lucas, Raiz CEO<\/em><\/p>\n <\/p>\n Enhancing financially literacy has always been integral to the Raiz Invest story. From the time we first hung out our shingle in March 2016 under the Acorns banner, we appreciated that the millennials signing up in their droves were often as thirsty for financial information as they were for the technology that allowed them to save and invest their small change.<\/p>\n It seemed to me we had really hit a sweet spot. Financial advice was largely out of their financial reach (even more so post the Financial Services Royal Commission), as were fund managers. Bank interest rates were (and are) derisory, just like the customer service they offer.<\/p>\n So, a micro-investing platform \u2013 mobile phone or web app \u2013 that not only allows millennials to save their loose change on a regular basis but to invest in a portfolio of funds was just what they wanted. But it wasn\u2019t just the practical application of our technology, or the ease in which millennials could access it.<\/p>\n No, it was they way we engaged with them, using social media to explain the roll-out of new services and products that meet their changing needs. And underpinning it has been an educational-centric focus from day 1 \u2013 and that will never change.<\/p>\n <\/p>\n But if it\u2019s been an exciting \u2013 and rewarding \u2013 journey in Australia, then Indonesia, where we have received a licence to distribute mutual funds, will be much more so, especially when it comes to spreading the financial literacy message.<\/p>\n Like so many businesses looking to expand in the fourth most populous country in the world, we had no concept of the enormity of the opportunity \u2013 or the magnitude of the task. Now we appreciate both.<\/p>\n The numbers tell it all. Currently there are about 100 million bank accounts in Indonesia, but the number of mutual fund investors is less than a million. The simplistic \u2013 and wrong \u2013 explanation for the disparity between these two numbers is that Indonesia is a poor country.<\/p>\n It\u2019s wrong because as the respected Boston Consulting Group points out, the emerging middle, middle and upper middle-class consumers in Indonesia are estimated to be 168 million by 2030 \u2013 and that\u2019s out of a total population of 270 million.<\/p>\n <\/p>\n <\/p>\n For Raiz, this is only half the story. Although this country missed the PC revolution, it is certainly embracing the smart phone. Research shows there are about 180 million users, and of this number at least 120 million are active on social media. It\u2019s tailor made for us.<\/p>\n We will use social media to enhance financial literacy. Instead of people having to learn about it (and that approach has struggled globally), with Raiz they get hands-on experience via a medium they understand. As in Australia, many young people who never thought they could save can now do so by automating the process.<\/p>\n Once they start saving, they want to know how it\u2019s invested. It\u2019s a natural progression. Instead of seeing investment as the preserve of the rich, it becomes something they can relate to in their lives. In this way we are actively helping remove a barrier to wealth creation and will potentially improve the lives of many.<\/p>\n Don\u2019t get me wrong. We think Indonesia is an exciting business opportunity. But commercial goals and having a positive impact on young people\u2019s savings and investing habits don\u2019t have to be mutually exclusive. For once, that old clich\u00e9, a win-win situation, is valid.<\/p>\n <\/p>\n <\/p>\n Download it for free in the App store or the Webapp below:<\/p>\n <\/p>\n Important Information<\/strong><\/span><\/em><\/p>\n The information on this website is general advice only. This means it does not take into account any person\u2019s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.<\/em><\/p>\n A Product Disclosure Statement for Raiz Invest and\/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.<\/em><\/p>\n The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.<\/em><\/p>\n Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.<\/em><\/p>\n Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" George Lucas, Raiz CEO A defining aspect of the Raiz story Enhancing financially literacy has always been integral to the Raiz Invest story. From the time we first hung out our shingle in March 2016 under the Acorns banner, we appreciated that the millennials signing up in their droves were often as thirsty for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[128,467,98,332,615,1785,151,224,245,233,620,313,97,82,117,166,125,239,1784,1743]}A defining aspect of the Raiz story<\/h3>\n
Enhancing financial literacy in Indonesia<\/h3>\n
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