Is Saving Money Just For Boomers?
Is saving money in the bank a good strategy to grow your wealth?
Well, that might have been true a few decades ago when interest rates were higher. Nowadays, you’d be lucky to get over 2% a year on your fixed deposit returns. That’s hardly enough to beat inflation, let alone help you grow your wealth to reach financial goals.
So it’s not surprising to know that Malaysians – especially young Malaysians – have flocked to investing for higher returns. Last year, Bursa Malaysia recorded a surge in new stock account openings, with an 132% increase from the previous year. Around two in three new account openings were from those aged 25 to 44 years old.
There’s also a lot of interest in alternate forms of investments like cryptocurrency. Digital asset exchange platforms in Malaysia have recorded big upticks in the volume of Bitcoin, Ethereum and other crypto assets being traded.
But investing isn’t all fun and games. Assets like stocks and cryptocurrencies can potentially deliver better returns than just saving in the bank, but they can also be volatile. You’d also need to spend time researching and monitoring your portfolio.
Wouldn’t it be great if you could have the ease and convenience of saving, while still being able to reach financial goals? Well, there’s another way to grow your wealth. Read on to find out how PRUCash Enrich can help.