Malaysians: Their Main Concerns

VISA did a study on the main concerns of the Malaysian public.

What are these?

Cost of living, salary changes and personal debt are the top three financial worries

In the survey conducted between Aug 21 and Sept 23 last year, 69% of Malaysians said they were extremely concerned about the cost of living expenses while 62% and 59% were worried about salary changes and personal debt respectively.

Interestingly, the survey found that Malaysians were less worried about the value of their retirement fund and portfolio, and fluctuating interest rates.

On the other side of the spectrum, 25% of the respondents surveyed also said they were more confident about their personal financial situation compared to six months earlier although 52% felt there was no change.

Only 23% indicated they were less confident than earlier.

Sixty-six per cent of Malaysians also said they were more concerned about the impact of the global financial crisis on the local economy.

The survey involved 5,520 respondents aged between 18 and 65 years, of whom 500 were from Malaysia.

The rest were from Australia, China, Hong Kong, India, Indonesia, Japan, Korea, New Zealand, Singapore and Taiwan.

Visa country manager Stuart Tomlinson said Malaysians were being practical during the current economic climate by focusing on managing their concerns, providing themselves with a level of security and peace of mind.

“For Malaysians, potential changes in salary levels are also of concern,” he said, adding that across the region, consumers were looking to see how they could manage their expenses, savings and job security, rather than macro-economic conditions such as exchange and interest rates.

So, it looks like the 'here and now' is of importance rather than the fear of money depreciation or nest eggs.