Households are better off, Malaysians living longer, says Khazanah Research Institute

Khazanah Nasional Bhd's 12th annual review pamphlet. (Generic photo)

KUALA LUMPUR: Households were better off in 2014 compared with 2012 due to higher median income of RM4,585 and average income of RM6,141, according to Khazanah Research Institute.

Khazanah Research Institute’s fourth publication “The State of Households II” report, which was released on Monday, said the growth in the incomes of the lowest 40% of households had been the fastest compare with those for the middle 40% and top 20% of households.

However, low wages and youth employment are of concern. The median salary was only RM1,600 per month in 2014, although those who lived in an urban area or were educated earned more.

The report discusses the development of household well-being between the 2012 and 2014 Household Income and Basic Amenities Surveys.

It also features discussions on household and food, women in the workforce and ageing population.

Meanwhile, life expectancy was 77.4 years for women and 72.5 years for men. This is a far cry from 1970 when life expectancy for women was 65.5 years and 61.6 years for men.

“Coupled with longer life expectancy, falling birth rates means we are becoming an ageing nation,” it said. 

However, the report said disparities in wealth (measured by EPF and Amanah Saham Bumiputera savings) were more pronounced than that of income and there is a concern that many will not have saved enough for their retirement.