BNM: Almost Half of M’sians Can’t Even Save RM1k, Many Go Into Debt During Emergencies

Bank Negara Malaysia (BNM) recently revealed some rather damning statistics regarding financial literacy in our country, whereby a considerable number of Malaysians are still adopting a short-term mindset.

Shared by BNM Governor Datuk Abdul Rasheed Ghaffour in a speech at the Johor Financial Literacy Carnival (KCK Johor) in Kulaijaya on Saturday (28 October), it was revealed that many Malaysians have a lackadaisical attitude in managing their financial risks, including when facing unforeseen situations.

Abdul Rasheed asserted,

“Almost half of Malaysians have difficulties in setting aside RM1,000 for emergency purposes and 1 in 3 Malaysians are not interested in learning about insurance and takaful.”

Worse, the BNM Governor revealed that according to data from the Credit Counseling and Debt Management Agency (AKPK), many Malaysians have to go into debt when they’re in need of money during emergencies.

Furthermore, AKPK data also showed that 1 in 3 Malaysians is burdened with debt even though most of them have a reasonable level of income.

Abdul Rasheed said that when BNM researched the matter, they found that many struggle with financial issues due to poor financial management since they were young.

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Besides that, the BNM Governor also shared that many Malaysians are also ignorant about cybersecurity, with research showing that 37% of the population share their passwords and PIN numbers with families and friends.

So, what do you guys think of these statistics shared by Abdul Rasheed? Share your thoughts with us in the comments.

Also read: “Our parents have no savings” – M’sian Siblings Share Struggles of Paying for Everything at Home