fbpx
Connect with us

Social Stories

Survey: 70% of M’sians Only Managed To Save Less Than RM500 a Month In 2022

Published

My Post 1 2022 12 07T140150.806
Source: 123RF & 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

It’s no secret that our country’s economy this year has been severe, to say the least. This has left a large majority of Malaysians with a not-so-ideal amount of savings for their futures.

Let’s see just how bad things have been in 2022.

In a report by RinggitPlus, they described Malaysians’ finances to be ‘on the brink of disaster‘, as 70% (7 out of 10) of people only managed to save less than RM500 a month. The data from the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) also showed that 63% of Malaysians can only survive for up to 3 months with their savings.

189429894 L

On top of that, only 5% of Malaysians have managed to save more than RM1,500 a month, though this is a 15% drop from 2021 and a 20% drop from 2020.

Sadly, 55% of locals have been living paycheck to paycheck, by spending the exact amount or even more than their incomes every month.

Despite all of this, 71% of the respondents believe that they are in control of their cash flows, even though 43% of the 71% are spending exactly or more than their monthly income.

160148276 L

And considering the fact that we save to ensure a comfortable and convenient retirement, 82% believe that their EPF savings are not enough for the retirement. On top of that, 41% of Malaysians have yet to even start financially planning for their retirement.

Even with such a situation, 66% of people would still consider applying for more EPF withdrawals should the government allow it.

 

This is insanely concerning, especially considering how quickly the prices of necessities are rising and how little people are managing to save for their futures.

We genuinely hope that 2023 will be better for everyone.

 

Also read: Months After Joking About It With BF, Girl Gets Surprised With A Pink Sparkly Porsche In KL!

My Post 1 2022 12 06T162505.805

Source: 123RF
Source: 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Collage 31 1 Collage 31 1
News16 hours ago

PDRM Fires Shots at Tapah R&R in Self-Defense After 2 M’sians Try to Flee & Ram into Officer’s Car

On November 5, 2 suspects attempted to ram into a police vehicle that was trying to stop them at the...

Feat Image Socket Feat Image Socket
News17 hours ago

Loke: Use of Sockets on All Express Buses is Temporarily Banned After Fatal Electrocution Case in Penang

Transport Minister Anthony Loke Siew Fook has announced that the Land Public Transport Agency (APAD) has issued a temporary ban...

Collage 30 1 Collage 30 1
News18 hours ago

Honest Driver Gives Bag Containing RM1 MILLION Cash to PDRM After Finding it on Jalan Hulu Kelang

The police made a recent discovery on November 6 regarding a missing bag that contained RM1 million in cash, which...

Collage 1 1 Collage 1 1
News19 hours ago

16-Year-Old High School Student in Seremban Tragically Falls to His Death from 4th Floor of School Building

Chung Hua High School in Seremban released an official statement this morning to announce heartbreaking news – a 16-year-old male...

Collage 28 1 Collage 28 1
News20 hours ago

PDRM Arrests Mechanic for Beating Dog to Death at Keningau Workshop, Allegedly to Cook and Eat It

A man from Keningau, Sabah, who was seen in a viral video allegedly beating a dog to death with an...

Feat Image Pas Trump Feat Image Pas Trump
News20 hours ago

PAS Congratulates Trump on US Election Win, Urges Him to Foster Global Peace & Not Yield to Israel

As Donald Trump was named the winner of the 2024 US Presidential Election in a historic comeback to the White...

Collage 27 1 Collage 27 1
News22 hours ago

MACC Freezes RM1.1 Million Bank Accounts of FashionValet Founders & Seizes Items Worth RM200,000

The Malaysian Anti-Corruption Commission (MACC) has frozen multiple bank accounts, both personal and business, tied to the husband-and-wife founders of...

Collage 30 Collage 30
News23 hours ago

“I hope we’re not entering a dark time” – Kamala Harris Accepts Defeat & Will Help Trump in Power Transition

4 years after leaving office, Donald J Trump cleared the 270 electoral vote threshold and reclaimed the White House after...

Announcement

Latest Videos



TRENDING TODAY