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More Than Half Of Malaysians Say Their Savings Wont Last Them For More Than 3 Months

More Than Half Of Malaysians Say Their Savings Wont Last Them For More Than 3 Months

The percentage is larger for youths under 35.

Hakim Hassan

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The RinggitPlus Malaysian Financial Literacy Survey (RMFLS 2020) shows that 53% of Malaysians think they would not be able to survive more than 3 months on their savings.

Youths under 35 are even more pessimistic as 60% admitted that their savings won’t last more than 3 months.

As the pandemic swept the country, the survey noted that 27% of Malaysians realised the importance of an emergency fund.

Spending habits have also changed with the spread of Covid-19 as 88% of Malaysians prefer contactless or cashless payment methods. In fact, 90% of the respondents say that they have e-wallets on their mobile devices.

The data also shows that 39% of the respondents prefer to do more online transactions now.

Looking to the future, Malaysians are less optimistic with their savings as 68% believe that their EPF savings can only last them for less than 10 years, while 70% think that their EPF savings alone is not sufficient for retirement.


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