A survey in the past six months by Agensi Kaunseling and Pengurusan Kredit (AKPK) revealed a troubling result. According to the survey, three out of 10 working adults in Malaysia had to borrow money just to buy essentials goods.
This AKPK’s inaugural financial behaviour survey involved more than 3,500 working adults in Malaysia. The survey that took place from January to July 2018.
Azaddin Ngah Tasir, AKPK CEO said that those that fall in these categories are earning less than RM2,000 or are self-employed.
The survey report was launched on Thursday (Nov 15) by Deputy Prime Minister Datuk Seri Wan Azizah Wan Ismail during AKPK’S inaugural Financial Literacy Symposium 2018.
Azaddin was quoted saying;
As shown by the survey, the financial well-being of the respondents was at dismal levels. “Many do not set aside money for emergency needs and medical expenses, and they would not be able to cover three months’ expenses if retrenched.
The survey also found that a high cost of living was the main reason why many working adults were unable to save. It also found that government employees form the highest percentage of borrowers of personal loans.