Wednesday, November 26, 2014

88% Of Malaysians Have ZERO Savings

A staggering 88% of Malaysian households DO NOT HAVE ANY SAVINGS at all! In other words a lot of our fellow Malaysians would be in deep trouble once they need cash immediately! It is saddening but that's the brutal hard fact-in the event of income emergencies, a lot of Malaysians will be struggling because they do not have any financial assets or any savings account. This revelation is not only scary but at the same time very pathetic!

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There goes your piggy bank

In a shocking report commissioned by the Household Income Survey (HIS), an unbelievable 90% of rural households have zero savings; Likewise households in urban areas as much as 86% do not have any savings at all. That works out to be 88% after calculating the min for both of the figures. It means more than 5 out of 6 households in Malaysia do not have any savings at all. NOTHING~ZERO! My Goodness. What is going on with our country? Yet, we are saying that we will become high-income nation by year 2020?

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Heart-wrenching figures!

In another report carried out by United Nations Development Programme (UNDP), 53% of Malaysian households have no financial assets. This report could paint a more positive outlook because it takes into account other tangible assets such as fixed investment or insurance investment that can be withdrawn immediately in the event of emergencies. Still this means that 1 of our 2 household do not have any liquid assets or savings when they need to use money! Not really a rosy picture after all aye? So what is happening to our nation? Vision 2020?

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More and more Malaysians will be counting pennies...

Of course both reports did not take into account forced savings (deduction) such as the Employees Provident Fund (EPF) as households will not have immediate access to their very own money should they need to use it. More worrying is that the inequality in EPF is really, really extreme: The top 1.7% of depositors in EPF has more savings than the savings of the entire bottom 57% combined! How pathetic right? What does this mean? Our education and government are really screwing Malaysians!

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At this rate...a lot of Malaysians will not be able to even buy this in the future
[By Gary Chen: 21st November 2013 at Padang Tembak]

Although my family is one of the "lucky" households to have savings and financial assets to tide up through the rainy days...I could not help but feel very, very sad for my other fellow Malaysians who have to struggle on a day-to-day basis! All this is happening because most of Malaysians are earning peanuts; most of our fellow Malaysians are low-income earners who have to work their socks off every day just to make ends meet, let alone having a slightly more comfortable life. So what is happening?

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The government is not helping those who REALLY need help...

With GST going to be implemented next year, prices of goods will be skyrocketing in one way or another despite the government's assurance that the needy will be aided; worse still...more and more Malaysians would not be able to afford to buy a house! So what is happening to our country? The answers are quite obvious aren't they...who has been governing our country for the past 57 years? Does that mean Barisan Nasional has failed to improve the quality of life for the majority of Malaysians? The answer is a resounding YES, isn't it?

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Tekkaus is the founder and editor of Tekkaus and World Lense. I am a lifestyle blogger who write just about anything, emphasizing on blogging tips, social media, gadgets, music, my family and more. Learn more about me here. Subscribe to my feed and my facebook page. Do connect with me on Twitter


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