“I work all night, I work all day, to pay the bills I have to pay. Ain't it sad? And still there never seems to be a single penny left for me”. ABBA said it right in their hit song Money, Money, Money.
In a recent survey by Dalia, a group of millennials between 18 to 30 years old were interviewed. 54% of them said they need more information about how to use the money they have. (Maybe not buying bubble tea is an option). Fortunately, not all hope is lost as 100% in the same age group said they have a savings account and 82% of them use mobile banking regularly.
Unlike maths, geography and history, investment was not taught in school (unfortunately, in our opinion). Worryingly, 31% Malaysian millennials do not have an investment strategy while it was found that 43% of millennials in Malaysia said they aren’t investing at all, with only 16% who invest once every year. Basically, Malaysian millennials are still saving rather than investing.
In the survey, it was also found that 90% of millennials set monthly budgets and 70% of them stuck to it, indicating that Malaysian millennials are quite disciplined financially (really ah?).
This survey came about in light of the National Strategy for Financial Literacy 2019-2023, which was launched by the Malaysian government. The programme is aimed at providing Malaysians with the necessary information and knowledge to be able to make informed financial decisions.
Photo: Malay Mail
Millennials in Malaysia make up 60% of the working population and are seen as the main
drivers of the country’s economy.
"With issues concerning Malaysian millennials, the main issue isn’t underbanking but underinvesting. Along with the growth experienced by the millennial population, both in productivity and age, they need to start looking for ways to invest their money. Not just for the sake of getting more money, but through investing they will also be working towards financial freedom in the long run. More importantly, this helps ensure they have significant funds waiting for them once they retire, which is one of the goals for millennials," said David Low, General Manager of Southeast Asia, Luno.
Will you be investing any time soon?
By: Celestine Foo
