Bank Negara: 75% Malaysian Are Actually Doesn’t Have Saving More Than RM1,000
According to the Bank Negara survey, around 75% of Malaysian don’t have saved more than rm1,000. The General Manager, Operations Division of The Credit Counselling and Debt Management Agency (AKPK) Puan Nor Fazleen Zakaria told local news that a survey of 2 out of 10 citizens do not have any emergency funds of more than 6 months this is because the city has a lacking concept in financial planning, especially emergency funds.
Most of them will have short term emergency funds whereby during the end of the month when their salary is not yet out. They will tend to use some advance salary payment.
There are a few reasons where it causes us failed to do saving:
- Lack of knowledge and skills in financial planning
- The limited source of income
- Inflation
- Change in spending habits
Even RM50 has a different value comparing 10 years ago and now. E-commerce also changing our buying habits. People tend to spend more on the e-commerce platform. It’s advisable that if personal or household income is RM5,000. He/she/ they should have a emergency fund of RM15,000 to RM 30,000.
Credit : Moneycrasher, Moneylover, Straits Times