It’s undeniable that most Malaysians are struggling to make ends meet because of the unpredictable economy but at the end of the day, we somehow manage to pull it together in order to survive.
However, a recent report revealed that the financial condition of working Malaysians could be even worse than we have expected. The Malay Mail reported that the Credit Counselling and Debt Management Agency (AKPK) shared that, in the last six months, two out of 10 Malaysians couldn’t save any money at all. Not a single cent!
The report also shockingly revealed that almost three out of 10 Malaysians have to borrow money to buy important items. We’re so broke, we don’t even have money for the essentials. 🙁
This means that 28 per cent out of 3,540 people aged 20 to 60 surveyed by AKPK had to borrow money to buy essential items. FYI, AKPK conducted its Financial Behaviour Survey 2018 from May to August 2018.
Adding on, 53 per cent of people who were involved in the survey earned less than RM2,000 thus they are not able to afford the emergency expenses worth RM1,000. gg.com
During the launch of the survey report at the inaugural Financial Literacy Symposium, AKPK chief executive Azaddin Ngah Tasir was quoted as saying,
“According to the survey on financial well-being, we found that on average, the Malaysian working adult has not reached the comfortable level of well-being.”
He added that AKPK’s research found out that two out of 10 Malaysians who are working have saved less than 5 per cent of their monthly income.
Azaddin shared that the agency’s survey focused on the two groups mentioned below:
- The self-employed
- Those who earn below RM2,000 monthly
He explained that the aforementioned groups are the most vulnerable because they are heavily challenged by the economy, especially in terms of “financial well-being”.
Azaddin finally emphasised,
“A lot of research has stated that financial education is responsible in producing good financial behaviour.”
“Hence, to ensure that knowledge is translated into desired behaviour it is imperative that we understand the current landscape of financial behaviour of consumers.”
The findings of this report are very worrying and we hope that Malaysians can find a solution to this predicament. What do you think of this report’s findings? Let us know in the comments below!
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