Deputy Finance Minister Reveals that Most Malaysians Don’t Have Enough Savings

Deputy Finance Minister Datuk Othman Aziz recently stated that most Malaysians are not saving enough money and could very likely face some financial problems in the event they lose their jobs, according to The Star,

Datuk Othman went on to say,

“Based on a study, only 6% of Malaysians have savings to last them six months. This would mean that they will be facing a bleak future six months after becoming unemployed.”

Source: the star

He pointed out that poor financial literacy is definitely one of the reasons behind this problem, saying that most Malaysians have trouble separating wants from needs when making purchases.

Datuk Othman stated that a Financial Education Network will be launched in collaboration with the Education Ministry and other agencies.

This network is said to help educate Malaysians about saving money and making investments.

Source: the malay mail

Bank Negara Malaysia, the government and other agencies will also be collaborating in efforts to educate the public on managing their finances.

Primary schools have also started educating students about managing finances in 2014, and this will be continued at the secondary school level by 2021. The deputy finance minister said,

“In order to encourage prudent savings, we will continue to promote financial literacy and sound financial management education among primary and secondary students.”

Also read: Malaysian Policemen Revealed To Spend Money They Cannot Afford, Now In Heavy Debts