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Malaysian’s Primary Financial Concerns Post MCO

by sam.h
Malaysian's Primary Financial Concerns Post MCO

A survey participated by 720 Malaysians provides insight into Malaysian’s Primary Concerns

720 Malaysians participated in a recent survey. Results showed they were even more concerned about their financial health for when the movement control order (MCO) ends than during the nationwide lockdown when most businesses had not been allowed to operate.

The 720 respondents were largely residents in urban areas and mostly from the Klang Valley. Here is the split of the surveey demographic:

  • 59% in urban areas 41% in rural areas
  • 70% from Selangor/Kuala Lumpur, 18% from Johor, 12% from other states
  • 63% female, 37% male
  • 82% Malay/Bumiputera ethnicity
  • Largest age group being 24-34 at 42%.

Medical emergencies, monthly commitments, retirement savings

The survey reveals that the respondents showed increased concern for all types of financial worries for the post-MCO period. All of them apart from the worry of not being able to afford a medical emergency. Also, not being able to afford lifestyle expenses with less respondents expressing concern.

There were increased concerns of financially supporting their family. Furthermore, a similar pattern of heightened future worry was seen for other financial commitments: Unable to repay loans — 177 (during MCO) and 194 (post MCO). Not having enough to pay monthly bills — 165 (during MCO) and 190 (post MCO). Unable to pay rent or mortgage — 144 (during MCO) and 173 (post MCO). Not being able to support own business — 64 (during MCO) and 69 (post MCO).

A large amount of demographic saw overall decrease in personal income following the MCO period. Some of them seeing a drastic decrease of more than RM1,000.00 It remains to be seen what the situation will be like after the dust settles.

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