PETALING JAYA – More than 50% of Malaysians spend exactly or more than what they earn each month, living from paycheck to paycheck.
According to the RinggitPlus Malaysian Financial Literacy Survey (RMFLS), 94% of respondents were actively doing something to address their financial situation.
The three most popular activities are spending less on leisure (57%), eating out less (56%) and tracking their expenses (55%).
The survey was conducted in three languages, English, Bahasa Malaysia, and Chinese, covering all central, southern, northern and East Malaysian regions. The survey sampled 3,211 respondents aged 18 and above.
The survey also revealed that 32% of respondents believed that their financial situation was worse than in 2022, while 55% felt anxious, frustrated or embarrassed about their financial situation.
RinggitPlus revealed that of the respondents, 71% said they could only save RM500 or less every month, while 67% claimed they could only survive for less than three months with their own savings.
It was also found that due to a combination of low workforce participation and a growing wage disparity, Malaysian women are more exposed to financial shocks.
More female respondents are saving less compared to men – 75% of female respondents save less than RM500 per month, compared to 66% of men.
In addition, 69% of female respondents can survive for less than three months with only their savings compared to 64% of men.
Other key findings of the survey revealed that 44% of respondents do not own a medical card, while 13% rely on their company-issued medical card.
RinggitPlus added that the survey revealed that 51% of the respondents have not started investing, while only 17% believe their EPF savings are sufficient for retirement. – The Vibes, October 28, 2023
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