Why Is A Contingency Fund So Important? | iMoney
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Home › Latest Articles › Fixed Deposit › Why Is A Contingency Fund So Important?

Why Is A Contingency Fund So Important?

December 21, 2015
Fixed Deposit, Infographic, Investment
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CIMB(1) CIMB(2) CIMB(3)

Written by Emmanuel Surendra

Life is full of unexpected surprises, and not all of them pleasant. A car repair, sudden illness and unemployment can catch you off-guard and leave you financially stranded.

Having a contingency fund can help you weather these unfavourable situations should they occur.

Unfortunately, many Malaysians are not sufficiently equipped for these challenges. A 2012 Financial Literacy Barometer survey conducted by Visa involving over 900 participants in Malaysia showed that one in five respondents had no savings at all, and over 70% cannot get through a personal emergency of over three months.

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That’s pretty alarming, considering that disaster can strike anytime. Not convinced? Here are a few surprises that should motivate you to start or add to a contingency fund:

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