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PETALING JAYA: The majority of millennials, or 74%, in Malaysia are struggling to cover daily expenses and are taking out more loans compared to other age groups since the Covid-19 pandemic attack.
They also find it difficult to monitor their bank balances compared to people over 45.
Some of the millennials (about 23%) have increased their loans in the last month, compared to 15% of those over 45, the latest global survey from Standard Chartered revealed.
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Millennials are between the ages of 25 and 44, according to the survey. It was carried out in 12 countries and covered 12,000 respondents worldwide.
The pandemic has affected everyone in one way or another and has taught many to save cash and be selective in their spending habits.
Recognizing the problem at hand, 61% (37% globally) of millennials surveyed in the country said they have changed their daily budgets compared to 58% of other age groups.
“Malaysian millennials are indicating a sense of responsibility for their finances after the pandemic. There is no doubt that the crisis is a formative phenomenon that will shape this generation for the rest of their lives, ” said Standard Chartered Malaysia CEO and CEO Abrar A. Anwar.
Despite the challenges, millennials are the generation most likely to be actively pursuing their long-term financial goals.
The survey revealed that 34% of Malaysian millennials are saving for a major purchase such as a new car or house (33% globally), compared to 20% of those over 45 (18% globally) ).
45% are trying to save more for retirement (35% globally), compared to 44% of people over 45 (29% globally).
Having an emergency fund to cover expenses between three and 12 months in case of emergencies is also vital in case of an emergency.
“Many people around the world did not have emergency funds to deal with the pandemic.
“Now that there is more clarity about the vaccine, it is also time to review and reevaluate one’s financial situation, as financial planning is vital and so is establishing emergency funds, as emergencies can occur at any time,” said a financial planner.
“Malaysian millennials are indicating a sense of responsibility for their finances after the pandemic. There is no doubt that the crisis is a formative phenomenon that will shape this generation for the rest of their lives, ” said Standard Chartered Malaysia CEO and CEO Abrar A. Anwar.
The survey revealed that across generations, the pandemic has made people more careful about their savings and spending.
More than half of those surveyed (54%) said they would save money in an emergency, while only 3% said they would use it for a vacation abroad.
Malaysian millennials are more likely than those over 45 to have started a digital piggy bank or coin jar, and 65% are likely to have also started using a budget or money management app, according to the survey.
People from Hong Kong, India, China, Singapore, Indonesia, Kenya, Pakistan, Taiwan, the United Arab Emirates, Great Britain and the United States participated in the survey. The online survey was conducted from September 25 to October 1.
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