This morning, I happened to read a news article from Star Online regarding some findings by Citi’s Financial Quotient (Fin-Q) 2008 Survey, which was conducted from Oct 15, 2008 ~Oct 30, 2008.
Below is a summary of the findings:
- 39% Malaysians actually save
- Less than 28% make and stick to a monthly budget
- A majority of Malaysians saved up to 20% of their monthly income (excluding 11% EPF contribution)
- 12% said they do not save anything at all
- In the event of job loss but with continued regular expenses, 20% indicated their savings would last for only 4 weeks
- On average, Malaysians reported having 11 weeks of savings in reserve.
- 56% felt somewhat better off now then they were a year ago
- 37% were worried about their financial future
- 86% of Malaysians attempt to follow a budget, but less than 28% actually stick to the budget
- 30% Malaysians indicated they would "know exactly" and 60% have a "good idea" what to do if they were given six months salary to invest
- A 6% increase in the number of Malaysians who have a formal retirement plan
- 56% are confident or somewhat confident that their savings will lead to a comfortable life in retirement
- 35% Malaysians believed that money can buy happiness
Labels: Investment, News, Saving, Survey