RINGGITPLUS recently released the findings of their Malaysian Financial Literacy Survey 2023 (RMFLS), providing insights into Malaysians’ financial behaviour as well as the most common challenges they face.
According to the report, 32 percent of respondents believe their financial situation is worse than it was in 2022, with more than half (55 percent) admitting to experiencing anxiety, stress, or financial embarrassment in their current circumstances.
Furthermore, 71 percent of respondents save less than RM500 from their monthly earnings this year. Meanwhile, 67 percent of respondents say their emergency savings will last three months or less. At the same time, 55 percent of respondents admit to spending their monthly earnings or more.
In short, there are no monthly provisions for unforeseen emergencies or future planning.
However, the results of this year’s survey were somewhat surprising, as they discovered that most Malaysians are able to withstand the financial crisis by taking proactive steps to improve their financial situations.
Finally, RinggitPlus reported that a staggering 94 percent of respondents have taken three proactive steps to combat rising inflation: cutting spending on recreational activities, eating out less, and closely monitoring their expenses.
