71% of Malaysians Save Less Than RM500 Monthly
This year’s survey reveals an unexpected trend whereby most Malaysians can weather the financial crisis by taking proactive steps to improve their financial situations.
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In our increasingly challenging global economic situation, it is crucial for everyone to exercise prudence in managing their finances.
Moreover, individuals must also be adept at saving for emergency purposes.
RinggitPlus has recently disclosed the findings of the RinggitPlus Malaysian Financial Literacy Survey 2023 (RMFLS), offering insights into Malaysians’ financial behaviour and the prevalent challenges they face.
According to the report, 32% of respondents believe that their financial situation is worse compared to 2022, with over half (55%) confessing to experiencing anxiety, stress, or financial embarrassment in their current circumstances.
71% of Respondents Can Save Less Than RM500 Each Month
Additionally, this year, 71% of respondents only manage to save less than RM500 from their monthly earnings.
Meanwhile, 67% of respondents affirm that their emergency savings would sustain them for three months or less.
55% of Respondents Spend Equal to or More Than Their Monthly Income
Meanwhile, 55% of respondents admit to spending as much as or more than their monthly earnings.
In short, there are no provisions for unforeseen emergencies or future planning on a monthly basis.
However, this year’s survey results were somewhat surprising as they found that most Malaysians can weather the financial crisis by taking proactive steps to improve their financial situations.
3 Primary Actions Undertaken by Malaysians to Improve Their Financial Situation
RinggitPlus reports that, according to their survey, a staggering 94% of respondents have proactively taken three core steps: cutting spending on recreational activities, eating out less, and closely monitoring their expenses.
As part of the RMFLS 2023 initiative, RinggitPlus has partnered with GXBank, CTOS, and Capital Dynamics to craft an educational content series centred on diverse aspects of personal finance, designed for future social media platforms.
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