Have Malaysians changed their money-management habits after nearly two years of dealing with the Covid-19 pandemic? Are we on the verge of financial recovery as the economy slowly reopens?
Let’s find out how Malaysians are doing financially this year versus last year*:
• 56% save less than RM500 monthly or do not manage to save at all – an increase of 7%
• 21% failed to save money each month – an increase of 19%
• 15% managed to save at least RM1,500 each month – a decrease of 5%
Having said that, Malaysians have been taking emergency funds and are aware that EPF savings will not suffice for retirement. On top of that, about half of the respondents admitted that they’ve not started planning for retirement. As alarming as the facts it’s clear that many people do not know where to begin.
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*RinggitPlus Malaysian Financial Literacy Survey 2021