Monday, December 1, 2014

Majority of Malaysians with Zero Savings?

Reading the article on MSN last week, I was quite surprised that majority of Malaysian are with zero savings. A few days later, followed by another 2 more related article here and here. The savings mentioned in these articles excludes forced savings such as KWSP@EPF, because according to the researchers, household do not have access to forced savings during emergencies.

As a rakyat biasa (ordinary people), I do believe that many Malaysians are having difficulty to save a portion of their income for emergency purposes. With rising cost of living, stagnant or low salary increment, it is getting tough for most Malaysian to earn enough to have a surplus after taking care of their basic needs. Another factor could be poor financial management among fellow Malaysians. I strongly believe that, proper financial literacy will provide guidelines for all Malaysians to better manage their personal finances.

Let's better equipped our fellow Malaysians, especially the young Malaysian, with proper financial literacy so that we can improve on our 'money saving skills'.

photo credit: wajakemek | rashdanothman via photopin cc

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