Nearly 70% of Malaysians need financial literacy assistance, according to the latest survey conducted by the financial literacy platform Multiply.
The platform was launched by the Creador Foundation recently, aimed at overcoming the problem of financial literacy gap.
According to the Creador Foundation in a statement today, the survey was attended by 3,333 respondents.
Of that number, about 21% are labeled as ‘Finance Newbies’ i.e. those who do not know the basics of personal finance while 48% are categorized as ‘Finance Cadets’ i.e. those who have just understood the basics of personal finance.
In addition, only 31% are considered as ‘Money Boss’ which is someone who understands well about the concept of personal finance.
Based on the survey, estimates of expenses and savings are the issues that need the most help.
A total of 41% of respondents stated that they could not manage their monthly salary and were often worried about having enough money until their next salary.
About 6% of respondents rely on credit cards to cover their monthly expenses while another 48% say they have no emergency savings.
The survey also showed that 32% of respondents prefer to keep excess money in a savings account rather than invest.
Clearly the platform, this year is the most challenging year in terms of personal finance and it is not surprising if Malaysians are so worried about their financial position.
