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A random online survey reveals that a majority of Malaysians are feeling the financial crunch of the Covid-19 crisis.
According to a quick poll done by the Credit Counselling and Debt Management Agency (AKPK), 88% of respondents had opted-in for the Covid-19 loan repayment moratorium program.
The six-month program allows individuals and small businesses (SMEs) to essentially skip out on loan repayments from April to September 2020, with no compounding interest.
AKPK’s survey showed Malaysians having varied reasons as to why they had chosen to delay their loan repayments.
Some are using the moratorium period to save up for a rainy day, with 48% of respondents say that they’re saving up money for emergency funds.
Some (21%), are simply using the extra cash to spend on daily essentials.
Others are using the opportunity to strengthen their financial standings, with 16% of respondents choosing to invest money that they managed to save, and another 11% are using the chance to restructure their loans and make additional borrowings.
The rest (4%), say that they took on the moratorium with no plans or intentions.
Additionally, the online survey also reveals that 35% of Malaysians were financially stressed out by the shock of the recent nationwide Movement Control Order (MCO) period as they were unprepared and had no emergency savings to get them by.
Previously, the government said that it would be discussing with the country’s financial institutions on extending the moratorium period. However, the Finance Ministry also noted that it had no control over the banks’ final decision.
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