Selangor Journal

30% – 40% citizens do not have sufficient savings

KUALA LUMPUR, JAN 3: More than 30% to 40% of Malaysians do not have sufficient savings. This will ultimately affect them in the event of difficult situations, be it due to economic downturns or unforeseen circumstances.
The Malaysian Consumer Association Coalition (FOMCA) Deputy President Mohd. Yusof Abdul Rahman said there are not many Malaysians who are financially prepared to cover short-term expenses if they lose their jobs.
“This will cause them to lose their savings in a short amount of time. I think between 30% to 40% are totally not prepared to face situations such as retirement or emergencies.
“This is a fact from research done by FOMCA and other agencies,” he said as reported by Astro AWANI.
He said, to prevent things from getting worse, citizens in this country are advised to manage their finances well.
“Among that is to have savings to cover expenses for at least three to six months. Every month when we receive our salaries, we should allocate 5% to 10% for savings.
“From that, we divide 5% for emergencies and another 5% for medium-term. If the money is kept, we will be safe” he said.

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