Impulse spenders, trend-seekers, lazy, entitled…there’s no end to the unflattering labels heaped onto millennials. Young Malaysians, in particular, have gotten a bad rap for prioritising self-gratification over building up their savings.

But how bad is it, really?

What proportion of young Malaysians are actively saving money, and how much are they saving? Are millennials really spending all their disposable income on overpriced coffee and avocado toast?

That’s what we’ve tried to find out. In May, we ran a survey with Perbadanan Insurans Deposit Malaysia (PIDM) and 1,525 Malaysians, aged 24 to 35, responded to the survey to share their views with regards to saving money.

While this survey may not be representative of the entire millennial population in Malaysia, their responses can shed some light on what drives millennials to save money, the strategies they use in achieving their goals and the challenges they face in the process.

by Jen-Li Lim, iMoney, 5 August 2019