fbpx
Connect with us

News

Report: 2 Out of 10 Malaysians Couldn’t Save a Single Cent in the Last 6 Months

Published

on

Report: 2 Out Of 10 Malaysians Couldn't Save A Single Cent In Last 6 Months - World Of Buzz
Source: Iluminasi & The Malay Mail

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

It’s undeniable that most Malaysians are struggling to make ends meet because of the unpredictable economy but at the end of the day, we somehow manage to pull it together in order to survive.

However, a recent report revealed that the financial condition of working Malaysians could be even worse than we have expected. The Malay Mail reported that the Credit Counselling and Debt Management Agency (AKPK) shared that, in the last six months, two out of 10 Malaysians couldn’t save any money at all. Not a single cent! 

The report also shockingly revealed that almost three out of 10 Malaysians have to borrow money to buy important items. We’re so broke, we don’t even have money for the essentials. 🙁

This means that 28 per cent out of 3,540 people aged 20 to 60 surveyed by AKPK had to borrow money to buy essential items. FYI, AKPK conducted its Financial Behaviour Survey 2018 from May to August 2018.

Adding on, 53 per cent of people who were involved in the survey earned less than RM2,000 thus they are not able to afford the emergency expenses worth RM1,000. gg.com

During the launch of the survey report at the inaugural Financial Literacy Symposium, AKPK chief executive Azaddin Ngah Tasir was quoted as saying,

“According to the survey on financial well-being, we found that on average, the Malaysian working adult has not reached the comfortable level of well-being.”

12 Akpk 1497144903

Source: nst

He added that AKPK’s research found out that two out of 10 Malaysians who are working have saved less than 5 per cent of their monthly income.

Azaddin shared that the agency’s survey focused on the two groups mentioned below:

  • The self-employed
  • Those who earn below RM2,000 monthly

He explained that the aforementioned groups are the most vulnerable because they are heavily challenged by the economy, especially in terms of “financial well-being”.

Gh

Source: lowyat

Azaddin finally emphasised,

“A lot of research has stated that financial education is responsible in producing good financial behaviour.”

“Hence, to ensure that knowledge is translated into desired behaviour it is imperative that we understand the current landscape of financial behaviour of consumers.”

The findings of this report are very worrying and we hope that Malaysians can find a solution to this predicament. What do you think of this report’s findings? Let us know in the comments below! 

 

Also read: Malaysian Youths Are So Broke, 65,000 Were Declared Bankrupt Since 2013

- World Of Buzz


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



Just In

Scientist Found Real Life Spongebob And Patrick In The Atlantic Ocean Scientist Found Real Life Spongebob And Patrick In The Atlantic Ocean
News18 hours ago

Marine Scientist Discovers Real Life SpongeBob SquarePants And Patrick Star Deep In The Atlantic Ocean

A majority of us can almost immediately answer this question, “Are you ready, kids?”, loudly as we probably would have grown...

Saudi Arabia Donates Vaccine And Medical Stuff To Malaysia Saudi Arabia Donates Vaccine And Medical Stuff To Malaysia
News19 hours ago

Saudi Arabia Contributes Over 1 Million Doses Of AstraZeneca & Medical Supplies Worth About RM21 Million To M’sia

Senior Minister Datuk Seri Hishammuddin Hussein shared on his official Facebook page today (30 July) that Saudi Arabia has donated...

My Post 2021 07 30T170530.366 My Post 2021 07 30T170530.366
News23 hours ago

Local Activist Released After Arrested Without Warrant In Connection With The #Lawan Movement

20-year-old activist, Sarah Irdina, was arrested under Section 4(1) Sedition Act and the Communication and Multimedia Deed, following a tweet...

My Post 2021 07 30T142321.567 My Post 2021 07 30T142321.567
News1 day ago

Report: Unemployed Fresh Graduates In Malaysia Increased By 22.5% In 2020

The Covid-19 outbreak has turned almost every aspect of our lives, country and economy into pandemonium. The implementation of various...

My Post 2021 07 30T095247.145 My Post 2021 07 30T095247.145
News1 day ago

LRT 3 Construction Iron Scaffolding Collapses In Klang, Kills A Worker & Injures Four Others

A Bangladeshi construction worker was killed after the scaffolding at the Bandar Bukit Tinggi, Klang, Light Rail Transit 3 (LRT...

Badminton Ft Badminton Ft
News2 days ago

China’s Chen Long Defeats Lee Zii Jia In Nail-Biting Match To Advance To Quarter-finals

We’re still proud of you no matter what, Zii Jia!  Malaysian badminton player, Lee Zii Jia faces defeat after losing...

Live Now Lee Zii Jia Vs Chen Long Live Now Lee Zii Jia Vs Chen Long
News2 days ago

LIVE NOW: Lee Zii Jia vs. Chen Long Tokyo 2020 Olympics

Lee Zii Jia is playing against defending champion Chen Long in the Tokyo 2020 Olympics round of 16 to secure...

My Post 2021 07 29T181154.562 My Post 2021 07 29T181154.562
News2 days ago

Parliament Postponed To 2 August Due To Covid-19 Cases, Ministers Undergo Swab Tests

Following the first parliament sitting of 2021 on Monday (26 July), just four days in and the sessions are once...

Announcement

Latest Videos



TRENDING TODAY