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Navigating A Challenged Economy. Malaysian’s Financial Outlook 2024

In this chapter, we examine recent and projected expense patterns among Malaysians, explore spending behaviors, assess financial confidence, and identify key influencing factors.

Vase.ai
Vase.ai

Jul 10, 2024

Understand Malaysian’s Financial Outlook

In Q1 2024, Malaysia's economy grew by 4.2%, driven by strong private expenditure, higher household spending, improved employment, and a positive turnaround in exports. Significant improvements were seen in manufacturing and services. Given the current economic conditions, we aim to further understand Malaysians' recent, current, and future financial outlooks and their spending patterns across various areas.

We conducted a survey with 1,060 nationally representative Malaysians to explore their recent, present, and future financial outlook, as well as the factors influencing their financial situations. Our survey aimed to understand spending patterns across various areas of life, particularly focusing on the rising cost of living in Malaysia, and the prioritization of essential, semi-essential, and non-essential goods. Additionally, we sought to identify the popular platforms Malaysians use for product discovery and purchases.

The report is divided into several key sections to provide a comprehensive analysis of the current financial landscape in Malaysia.

Chapter 1_ReportPreview

Key Insights from Chapter 1: Malaysians' Financial Outlook

#1 Rising Expenses and Future Caution:


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  • Over the past six months, 75% of respondents have noticed an increase in expenses.
  • 57% expect to be even more cautious with their spending over the next six months, indicating persistent concerns about rising costs.

#2  Satisfaction with Financial Situation:

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  • Only 31% of respondents are satisfied with their current financial situation.
  • The remaining respondents are either just managing or feeling uncertain about their financial future, influenced by the rising cost of living, limited personal savings, and personal or family circumstances.

#3 Spending Expectations:

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  • 40% of Malaysians expect to be more cautious with their spending in the next six months.
  • Conversely, 20% anticipate they will be able to spend more freely.

#4  Discretionary Spending:

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  • After covering essential expenses, 47% of respondents have RM300 or less left for discretionary spending, highlighting the limited financial flexibility many face.

#5  Factors Influencing Financial Confidence:

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  • The top three factors influencing Malaysians' financial confidence for the next six months are:
    • Cost of living/inflation (62%)
    • Personal savings (61%)
    • Personal/family situations (51%)
  • These factors underscore the critical role of economic conditions and personal financial management in shaping financial confidence.

These insights provide a deeper understanding of the financial challenges and behaviors of Malaysians, reflecting broader economic trends and individual circumstances.

 

Download the full report of this study for more insights and data.

 

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