We are concerned about Malaysians’ Financial condition. Many including millennials are finding it hard to keep up given the rising costs of living. Whether it is saving, investing, insurance, or managing money, the financial health status of an Average Malaysian highly depends on these fundamentals. Let’s see if you are doing better or worse than the average Malaysian level.
More Malaysians Are Getting Into Financial Trouble
According to a news report recently, a total of 294,000 Malaysians are currently embroiled in bankruptcy cases due to their failure to settle hire purchase loans, credit card loans, personal loans, housing loans and social guarantor debts (due to errant debtors).
This number has more than doubled from 101,537 cases just in a year ago, as stated by Insolvency Department. With around 8,000 to 20,000 individuals were declared bankrupt for various reasons every year, it is even more important for you to know if you are on the right track to achieve financial freedom or off track to endless financial pit hole.
Average Malaysians Financial Status Infographic
Millennials in Malaysia are facing high pressure in dealing with their finances and managing debts, Find out if you agree with some of the points shared in our interview with TraXX FM here.
Share this article with your friends and family to see if they are in the same shoes with you.
Read Also: 7 Common Money Misconceptions Malaysians Have About Money
The post Are You Better Off Or Worse Off Than An Average Malaysian? [Infographic] appeared first on Financial News and Advice in Malaysia.