The percentage is larger for youths under 35.
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.
Unkempt in both stories and appearance, Hakim loves tech but tech left him on read, previously he used to write about tall buildings and unoccupied spaces that he canâ€™t afford, and legend has it that he still canâ€™t afford it to this day