Malaysians on the brink of financial disaster, RinggitPlus survey confirms

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MALAYSIANS are in their worst-ever financial position to prepare for recession and continued inflation in 2023.

Data from the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2022 revealed several painful truths about the rakyat’s current financial state, including depleted savings, cash flow issues, and other concerning trends.

70% of the 3,144 respondents polled indicated that they save less than RM500/month or do not manage to save at all. This is the worst-ever result tracked by the RMFLS in five years.

On the contrary, the amount of Malaysians who manage to save more than RM1,500/month has dropped significantly. From 20% in 2020, the figure dropped four times lower to just 5% in 2022.

RMFLS 2022 results indicated that more Malaysians are struggling with less savings in hand, as 63% of respondents stated that they can survive for three months or less with only their savings.

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