Managing Money In The Era Of Easy Credit
Business Today Malaysia|August 2017

How well are Malaysians really managing their finances?

Tan Sri Izzuddin Bin Dali
Managing Money In The Era Of Easy Credit

The rising level of debt remains a huge concern among many Malaysians in today’s economic situation. Quite simply, Malaysians do not fully understand financial management and the implications of their purchasing decisions and habits.

A global survey by the World Bank in 2016 found that only 36% of Malaysians are financially literate. The report coincides with the 2016 Bank Negara Financial Inclusion and Capability Study, stating that only 18% of Malaysians could survive more than three months financially if they lost their main source of income.

These figures are supported by the increase in Malaysians filing for bankruptcy, with more than 20,000 reported over the past five years. While there could be many factors that have led to this (e.g. business failure), much of it chalks up to the lack of financial management and literacy.

Despite being in an environment where information is easily accessible, the lifestyle habits and priorities – especially among Malaysian millennials – have shifted drastically to produce a spendthrift society that thrives on immediate gratification. The practice of saving in anticipation of a new mobile phone is no longer a norm as many now use the option of “charging it to our card”, without thinking twice about the implications that come with that purchasing decision. Financial management and stability is not a priority.

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Diese Geschichte stammt aus der August 2017-Ausgabe von Business Today Malaysia.

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