Savings trend among Malaysians not promising

FILE PHOTO: A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

PUTRAJAYA: The saving trend among Malaysians currently is not very promising with only RM6bil, or 0.9% of household savings recorded in 2014, based on Social Accounting Matrix (MPS).

Department of Statistics Malaysia (DOSM) chief statistician, Datuk Seri Dr Mohd Uzir Mahidin, said nowadays, the younger generation were specially happy to spend whatever they could even before the income was earned, for example, to buy a new car or change smartphones through credit.

“This is opposed to how the older generations managed their financials whereby they delayed their consumption to make way for savings,” he told reporters at the launching of the MPS and briefing on socioeconomic statistics for the third economic quarter on Monday.

The MPS provides important inputs for income and expenditure distributions in fiscal analysis. - Bernama