UOB has recently launched their flagship ASEAN Consumer Sentiment Study (ACSS) 2023, and the results showed that many Malaysians still carry a positive.
This is despite many think that an economic downtown is coming and they will have a tough time increasing their savings.
According to a press release from UOB, the study showed that while many Malaysians are planning to decrease or maintain their spending due to rising inflation, they are still remaining positive for their long-term financial health by utilising facilities such as investments, savings, and insurance.
Study reveals many believe an economic dip is on the way
The press release also stated that two out of three respondents expect themselves to be in a better financial position by June next year.
Even though the study also revealed that three out of four respondents felt that Malaysia will probably face an economic dip within the next six to 12 months, the doom and gloom regarding the economy that was hanging over Malaysians has softened.
Armed with this feeling of optimism regarding their economic futures, 30% of respondents stated that they will be focusing on securing their finances through increased allocations for savings, investments, and insurance.
3 out of 4 Malaysians expect to spend more on essentials
The study also revealed the differences in priorities displayed by different generations, as the Baby Boomers are more likely to spend on insurance while Gen Z and Y are looking more towards increasing their savings.
Meanwhile, Gen X are looking to prioritise their investments over everything else.
When the study asked about their spending habits, three out of four Malaysians stated that they are seeing an increase in their expenditure; with 37 per cent surveyed indicating they had increased spending on essentials such as groceries, with another 35 per cent had spent more on utilities.
Speaking on the results of the survey, Ronnie Lim, the Managing Director and Country Head of Personal Financial Services of UOB Malaysia, said that UOB is encouraged to see that more Malaysians are increasingly aware of the need to secure their financial future, and that UOB will continue to support their financial goals through their products and services.
