RinggitPlus has released the findings of the 2023 RinggitPlus Malaysian Financial Literacy Survey (RMFLS), providing insights into the financial behaviors of Malaysians and shedding light on the challenges faced by the public.
This year’s survey delves into digital financial literacy, scam prevalence, gender disparities, and the financial outlook of Gen-Z individuals.
Despite ongoing global economic challenges and rising inflation, Malaysians have shown remarkable resilience in managing their finances. While 32% of respondents believe their financial situation has worsened since 2022, 55% admit to feeling anxious, frustrated, or embarrassed about their finances. Surprisingly, 94% of respondents took proactive measures to improve their financial situations, including cutting back on leisure activities and tracking expenses.
The survey also highlighted the prevalence of scams, with 94% of respondents reporting encounters with potential scams or fraud attempts. This underscores the urgent need for digital financial literacy among Malaysians.
The shift towards trusting social media for financial insights raises concerns about misinformation and unaccredited online “financial gurus,” emphasizing the importance of reliable financial information sources and online security awareness.
The survey revealed financial vulnerabilities faced by Malaysian women due to low workforce participation and wage disparities. Initiatives from the government, such as those in the Madani Economy Framework and Budget 2024, aim to address these disparities, offering financing support for female entrepreneurs and tax incentives to encourage women to re-enter the workforce.
Contrary to popular belief, Gen-Zs display financial responsibility, with 48% of respondents already investing, indicating a focus on building wealth despite entering the workforce during a pandemic and facing a high cost of living.
RinggitPlus CEO Yuen Tuck Siew noted the need for collaborative efforts from the government, financial services industry, and the public to overcome these challenges.
RinggitPlus is actively working to enhance digital financial literacy in Malaysia by collaborating with partners to create educational content focused on personal finance, aiming to empower Malaysians one wallet at a time.
