fbpx
Connect with us
TOPICS

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

Ft Ismail Ft Ismail
News2 days ago

Former PM Ismail Sabri Says He is Ready to Quit Politics & That GE15 Was His Last Election

Following UMNO’s surprisingly disappointing results during the 15th General Election, the survival and the future of the party was questioned....

Ft Igp Ft Igp
News2 days ago

IGP: Public Must Follow Dress Codes at Police Stations Except in ‘Life or Death’ Emergencies

It was recently reported that a woman had complained that she had been denied entry into Kajang police station over...

Ft Kelantan Ft Kelantan
News3 days ago

Kelantan Corporation Responds to Backlash After Employment of State MB & Deputy’s Children

Recently, the employment of the Kelantan Menteri Besar and his deputy’s children in the Kelantan State Economic Development Corporation (PKINK)...

Nga Kor Ming Legalise Fireworks Nga Kor Ming Legalise Fireworks
News3 days ago

Federal Government Agrees To Legalise Fireworks & Firecrackers, Says Nga Kor Ming

When the festivities are near, we will definitely hear many people playing with firecrackers and fireworks even though it is...

My Post 1 97 My Post 1 97
News4 days ago

KL High Court Rejects Zahid Hamidi’s Bid to Permanently Regain Passport For DPM Duties

Datuk Seri Dr Ahmad Zahid Hamidi failed in his application at the Kuala Lumpur High Court to get his passport...

Collage Fahmi Collage Fahmi
News5 days ago

“Don’t be shy, join me” – Communications Minister Says He Doesn’t Want A Dedicated Lift

Did you know that besides riding in a car amidst an entourage of blacked out cars and police vehicles, Malaysian...

My Post 1 90 My Post 1 90
News6 days ago

Petaling Street Listed Under USA’s Report of Most Notorious Markets For Counterfeit Products

For many, visiting Petaling Street aka Chinatown in Kuala Lumpur is an experience of food, culture and business. But, what...

Collage Shark Collage Shark
News6 days ago

Influencer in China Who Cooked and Ate Great White Shark Fined Close to RM80,000

There’s a lot of debate about what animals we humans can eat and what we can’t eat. However, the general...

Announcement

Latest Videos



TRENDING TODAY