A survey conducted by RinggitPlus revealed a staggering reality: Malaysians are NOT at all prepared for the global recession nor are we equipped with enough savings to float above the rising inflation.
The survey also indicated that 63% of the respondents would not be able to survive more than 3 months with their current savings. It seems that Malaysians' financial freedom has plummeted down significantly following the global pandemic during which they were forced to fork out their savings to survive and sustain high medical bills. According to the survey, 55% of the respondents are forced to succumb to the living-paycheck-to-paycheck trend following rising cost of living.
7 out of 10 Malaysians save less than RM500 per month.
...and some, not at all. "The financial effects of the pandemic have been devastating and our survey findings this year reaffirm that Malaysians have real financial challenges to address." said Co-Founder and Director of RinggitPlus, Hann Liew.
To conclude, Malaysians are "at their worst-ever" now when it comes to their financial situation, which is obviously NOT good. The question is: what could have been different? Could we have benefited from better policies? Or does our financial illiteracy to be blamed?
Why do you think we're struggling to save money?
