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in the past six months, and most of those who are able to, only do so for the short-term – the savings are typically withdrawn at the end of the month.
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.
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.
Check out some of our savings accounts and see if there's one that's right for you.
Tips on how to stay out of debt and save
Explore the advantages that saving for retirement early may have on your financial wellbeing.
It’s a good idea to have a number of different types of savings. Learn what options you have for different goals.
Put money away for those unexpected events