16.2% worse off, 52% ZERO financial growth. Yeah, Malaysians in KL.

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We often hear of Malaysians complaining that they could not survive financially in Kuala Lumpur. There are many real cases due to some unforeseen circumstances usually but some are complaining while holding the latest smartphone in their hands. They could not afford both the cost of living as well as looking inferior in front of their peers if they were to use older smartphones. As for how could people survive financially, here’s an earlier article: Choices, Choices, Choices, really. As for those in need of just a small room to minimise their rental, here’s a choice: Just RM100 per month, maximum of 18 months. They could also save on their travelling costs via the MY100 or the MY50. Details here. Here’s another survey on KLites’ financial standing.

Article in edgeprop.my here. UCSI Poll Research Centre’s consumer sentiment index showed that a total of 16.2 per cent of respondents polled in a recent survey here said they were worse off financially in the last 12 months. Another 52.2 per cent of the respondents had expressed zero financial growth in the last 12 months.  Pollster’s chief executive Assistant Professor Dr Noppadon Kanika told Bernama, “Factors found in the qualitative approach affecting their negative sentiment vary from a high living cost, a low wage growth, a mismatch of skilled workers in the labour market, to a perceived negative-income distribution.”

Fortunately, there are positive side to the survey too. 31.6 per cent of the respondents said that they were better off compared to a year ago. Dr Noppadon said the majority of respondents expected business owners and investors to experience a positive year ahead, and many of them felt that they would be better off. In terms of future outlook within the next 12 months, 47.1 per cent  of the respondents felt they would remain financially stagnated; 34.6 per cent expected to be better off; and 18.3 per cent predicted a gloomier outlook. The UCSI Poll Research Centre’s both qualitative and quantitative approaches were conducted between May 13 and 22. The survey took a sample of 531 people targeting those living in Kuala Lumpur.    Article in edgeprop.my here.

I checked. The unemployment rate of Malaysia did not show any sudden increase for the past few months. In other words, most of these KLites surveyed should be holding a job and earning a stable monthly income. What would help the survey tremendously is to ask the respondents to also state ‘how much they could actually save if they really cut all the unnecessary expenses every month.’ If we look into just room, travel and eating cheaply, even someone earning RM3,000 could still save some money. It meant that they could not be worse off or have zero financial growth within the past 12 months. I know, everyone have their own way on how to spend their money. I could only wish their very best then. Final reminder? Save to Invest yeah…

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

Next suggested article: Best property investment? Buy Low and Sell High

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