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Why saving is important

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Saving money is one of the most important financial habits you can adopt. It can help you become financially secure and provide for you and your loved ones in case of an emergency.

According to The Star newspaper, only 34% of Malaysians are putting aside money regularly for their retirement funds besides their Employees Provident Fund contributions. 

Around 1 in 5 working adults have not saved in the past six months, and most of those who are able to, only do so for the short-term – the savings are typically withdrawn at the end of the month.

When it comes to saving, a survey1 from the Malaysia Department of Statistics found that

  • 63.2% of people who have been working less than 3 years
  • 56% of those working 4-10 years
  • 43.7% of those working 11-20 years
  • 38% of people working 21-30 years

do not have enough savings to last a month.

Saving money can help you:

  • Deal with unexpected costs and emergencies
  • Reach your short, medium and long term financial goals, like saving for a car, a house deposit or your retirement

Saving money is good for your health too. Studies throughout the world suggest that people who save for their future feel more positive, sleep better and experience better mental wellbeing than those with no savings.

For some, the thought of saving money can feel like a challenge, but there are small things almost anyone can do to save a little money each month, such as:

  • Planning your meals and cooking in batches to save money on food shopping
  • Using price comparison websites to see if you can reduce your bills
  • Setting the air-con a couple of degrees warmer

We've got even more tips on how to build up your savings.

Ready to start saving?

Check out some of our savings accounts and see if there's one that's right for you.

1Department of Statistics Malaysia Special Survey on Effects of COVID-19 on Economy & Individual, April 2020

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