Savings trend among Malaysians not promising

PUTRAJAYA: The saving trend among Malaysians currently is not very promising with only RM6 billion, or 0.9% of household savings recorded in 2014, based on Social Accounting Matrix (MPS).

Department of Statistics Malaysia (DOSM) Chief Statistician, Datuk Seri Dr Mohd Uzir Mahidin, said nowadays, the younger generation were specially happy to spend whatever they could even before the income was earned, for example, to buy a new car or change smartphones through credit.

"This is opposed to how the older generations manage their financials where they delay their consumption to make way for savings," he told reporters at the launching of the MPS Launching and Briefing on Socioeconomic Statistics for Third Economy Quarter today.

The MPS provides important inputs for income and expenditure distributions in fiscal analysis. — Bernama