Overview
Discover data and insights on Malaysian millennials savings aspiration. Learn the challenges they face when it comes to saving money and the steps they are willing to take to achieve their saving goals.
Some points to take note of are:
- 24% of Malaysians millennials aged between 30 – 35 have not started saving yet.
- 41% of Malaysians millennials aged between 24 – 29 feel that it is difficult to save.
- 46% of those aged between 24-29 say it is difficult to save because their income is just enough to maintain their lifestyle (e.g. gym, eating out, socializing, hobbies).
- Millennials aged between 24-29 are saving to purchase a property(60%), and travel (49%).
- Millennials aged between 30 – 35 are saving for family planning (56%) and retirement (46%).
- 68% of millennials say it is difficult to save due to the rising cost of living, while 56% find it difficult as they still have loans to pay off.
- In efforts to achieve their saving goals, millennials say they would engage in freelance work / side business (52%), downgrade their lifestyle (48%) and invest their money in new skills / certification / personal development (40%).
- Majority (81%) of millennials acknowledge that PIDM’s protection is important and 50% from those say they would place less money in the bank if the protection did not exist.
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