Monthly Income: More Spending Equal to or More of Their Salaries Now

The recent RinggitPlus 2023 Financial Literacy Study (RMFLS) in Malaysia revealed that 55% of respondents admitted to spending as much as or more than their monthly income, leaving many unable to build emergency savings. The study also found that 71% of respondents could only save less than RM500 per month, and 67% stated that their emergency savings would last for three months or less.

Monthly Income

Despite global financial challenges, the survey indicated that Malaysians can withstand financial crises at present. Furthermore, the study revealed that 93% of respondents took proactive steps to improve their financial situation this year, including reducing leisure spending, eating out less, and regularly reviewing personal expenses.