By Kusnandar & Co., Attorneys At Law – Jakarta, Indonesia
The recent policy move by Finance Minister Purbaya Yudhi Sadewa to revise regulations on state receivables, along with his warning to younger generations about stock investing, reflects a clear underlying theme: the government aims to strengthen asset management while encouraging society, especially Gen Z, to become more financially responsible.
The revision under PMK No. 23 of 2026 represents a relatively progressive step. The state is now allowed to directly take control of seized assets and utilize them without going through lengthy auction procedures. These assets even include modern instruments such as stocks and cryptocurrencies, signaling that the government is adapting to the realities of a digital economy.
From an efficiency standpoint, this policy deserves recognition. Previously, the settlement of state receivables was often delayed by bureaucratic processes, causing asset values to deteriorate over time. With this new mechanism, the government gains greater flexibility to immediately optimize assets for public benefit. In a rapidly changing economic environment, such flexibility could significantly improve state financial management.
However, this expanded authority must be carefully monitored. Granting the state the power to directly seize and utilize assets carries potential risks of misuse if not accompanied by strong transparency and accountability measures. The “as is” principle, which requires recipients to accept assets in their current condition, may also create new complications, particularly if the assets have underlying legal or technical issues. In this sense, regulatory reform must go hand in hand with stronger oversight.
On another front, Purbaya’s message to Gen Z about stock investing is highly relevant in today’s context. A significant portion of capital market investors in Indonesia now comes from younger generations, indicating growing enthusiasm for investing. However, this surge in participation is not always matched by adequate financial literacy.
The reminder that investing is not a shortcut to instant wealth is particularly important. Many young investors are drawn into the allure of quick profits without fully understanding the inherent risks of the market. The principle of “high risk, high return” is not merely a slogan—it is a reality that is often underestimated. Encouraging young people to learn before they invest is therefore a rational and necessary approach.
Initiatives such as mutual fund investment programs that promote gradual investment strategies also offer practical solutions. Methods like dollar-cost averaging can help beginner investors manage risk and avoid the pressure of market timing. More importantly, they foster a long-term investment mindset rather than short-term speculation.
Looking at the bigger picture, these two issues are closely interconnected. On one hand, the government is working to strengthen public financial management. On the other, individuals, particularly young people—are being urged to take greater responsibility for their personal finances. Together, they reflect a broader economic direction aimed at building a more stable and resilient system at both macro and micro levels.
That said, significant challenges remain. Financial literacy in Indonesia is still relatively low, even as access to investment platforms becomes increasingly easy through technology. Without proper education, this accessibility could backfire, leading young investors to make impulsive and potentially harmful financial decisions.
Therefore, government efforts should not stop at issuing regulations and public warnings. Financial education must be expanded systematically, from schools to digital platforms. Only then can these policies translate into meaningful, long-term impact.
Ultimately,
the success of these initiatives will depend on two key factors: integrity in
implementation and the readiness of society to respond wisely. Without both,
regulatory changes risk becoming mere formalities, and warnings to Gen Z may
simply go unheeded.
By : K&Co - April 28, 2026
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