Only 6% of Malaysians have savings to last them six months, revealed the Finance Ministry.
Deputy Finance Minister Datuk Othman Aziz said most Malaysians did not save up enough for a rainy day and would face a bleak future if they lost their jobs.
“This would mean they will be facing a bleak future six months after becoming unemployed,” he said in Parliament on Thursday.
Low financial management literacy and poor savings attitude were the top reasons cited by the minister as to why most Malaysians lacked sufficient savings.
“It boils down to attitude as most are unable to differentiate between needs and wants.
“They get wide-eyed and end up spending whatever money they have without thinking about the future,” he said.