Malaysians Not Financially Savvy
A survey on Malaysian’s money-management skills has revealed the scores of respondents do not possess adequate financial literacy to steward their personal funds towards a solid financial plan. The Citi Financial Quotient survey of 400 people aged above 18 showed that 63% respondents do not consciously save a portion of their salaries, while 70% felt they had average to poor understanding on how to manage and invest their money. About 80% say they do not have a formal retirement plan while half are uncertain about their retirement funds. On average, Malaysians say that their current savings would last 10 weeks if they were to lose their jobs but still had to pay all their regular day-to-day expenses.
Source: Personal Money (Issue #79)