Finance Minister: 47% Of Malaysian Millennials Have High Credit Card Debt
Due to growing up in an age where social class is everything, many young adults tend to spend more to appear stylish and up-to-date with the latest trends.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz shared that 40% of young Malaysians are spending beyond what they can afford.
Based on reports by BERNAMA, he also said that Bank Negara Malaysia states 47% of millennials are experiencing high credit card debts.
“So think thoroughly about what is necessary and prioritise your purchases, whether it’s a new outfit or new phone, or, like what one of my nephews wants, a PS5, and you will find that every ringgit will go a long way,” he explained.
“Warren Buffett famously said, ‘do not save what is left after spending, but spend what is left after saving’. In other words, pay yourself first and use the power of compounding to your advantage.”
Tengku Zafrul also gave Malaysian youngsters an example of what to expect when trying to save money, saying that if a twenty-year-old wishes to have RM1 million in savings by the time he or she turns 60, they’d have to save approximately RM500 a month.
However, he said that according to the Employees Provident Fund (EPF), EPF members have lower than the average of RM240,000 that members should have in their basic savings when they reach the age of 55. In fact, 50% of them have less than RM200,000.
Considering how badly this economy can turn, as seen throughout this pandemic, it’s really about time we save more than we spend.
What do you think about this? Let us know in the comment section.
Also read: “Even to buy food, we have no money” Poor Johor Family Feeds Autistic Son Condensed Milk
Here’s Everything You Need to Know About PM’s PEMERKASA Announcement
Earlier this evening, Prime Minister Muhyiddin Yassin held a press conference to announce the new special aid package, named ‘PEMERKASA’....
PEMERKASA: Govt To Increase Allowance Limit For OKU Workers From RM1,200 To RM1,500
In today’s live broadcast by Prime Minister, Tan Sri Muhyiddin Yassin, he announced that the government has agreed to increase...
PEMERKASA: Local SMEs To Receive RM1,000 Monetary Aid To Resume Operations
In today’s live broadcast by the Prime Minister, Tan Sri Muhyiddin Yassin, he announced monetary aid to help small and medium...
PEMERKASA: RM500 One-off Aid For B40 Individuals Who Lost Their Income
In today’s live broadcast by the prime minister, Tan Sri Muhyiddin Yassin, he announced a monetary initiative to help those who...
Popular Massage Parlour in Subang Jaya Raided By Police Officers During Ops Noda
On 13 March, a team of police from Subang Jaya’s D7 BSJD Branch has carried out a raid on a...
Lazada Turns 9 & They’re Launching The New ‘Lazada Bonus’ Feature Plus a Line-up of Surprises This March!
Having served the Malaysian online shopping community since 2012, Lazada celebrates its 9th anniversary this year with a new ‘Lazada...
Here’s How M’sians Can Show Their Skin Some Love & Achieve Their Skincare Goals By CNY
According to facial Feng Shui beliefs, clear and smooth skin is reflective of good intentions and smooth sailing for the...
MCO: Here’s How These M’sians Managed To Thrive & Sell 6,000-8,000kg of Produce a Month Thanks To Lazada
Just a few days ago, it was announced that the MCO will be reinstated and enforced on all states except...