GajiGesa offers features that enable employees to invest in gold earlier without waiting for their payday. This innovation is expected to assist rising generation in avoiding consumptive habit.
Heaptalk, Jakarta — The easy access to apply for online loans has contributed to the rapid growth of this industry. However, the speed of the industry penetration is not aligned with people’s financial literacy. This gap, further, leads to new financial issues in society, particularly millennials and Gen Z.
Refers to research conducted by GajiGesa and the Institute For Development of Economic and Finance (INDEF), Indonesia’s online loans had significantly uplifted up to 71% as of December 2022 due to the surge of online shopping in the post-pandemic, specifically among a rising generation who tend to be more consumptive.
Furthermore, in June 2023, the data also indicates that the average loan for youth under 19 years old reached Rp2.3 million, while for people aged 20-34 years, the output has reached Rp2.5 million per month.
To overcome this issue, a financial management platform GajiGesa rolls out Earned Wage Access (EWA) service to minimize the negative impact of online loans in the country.
“This problem is increasingly worrying because young people’s income is lower than their debt from online loans. Therefore, concrete action is needed to overcome the rise of illegal online loans,” Researcher at the INDEF’s Center of the Digital Economy and SME, Nailul Huda.
In addition to EWA, GajiGesa also presents gold investment as another way to reach financial prosperity. As stated in the report, investment in gold has become more popular as 35% of employees prefer to invest in gold.
The combination of these features will help employees to use their wages on a prorated basis to buy and sell digital gold through the application. This feature also allows users to invest through EWA without waiting for their payday.
“GajiGesa’s gold investment feature allows employees to use their earnings to invest in gold without being limited by the conventional salary payment cycle. In this method, employees can buy gold at the optimal price and maximize the potential profits from their investments,” The Country Head of GajiGesa Indonesia, Ade Saragih, stated.
For information, GajiGesa is a financial management platform which was founded in 2020. In less than two years, the company has backed around 27,863 employees in resolving online loan dilemmas by providing these financial management services. Even, the company’s report reveals that 25,928 GajiGesa’s users have increased their savings since utilizing the EWA service.
