Malaysians continue to face financial challenges in 2023 - RinggitPlus

KUALA LUMPUR — Malaysians continue to face financial challenges in 2023, says RinggitPlus Chief Executive Officer Yuen Tuck Siew.

He said the RinggitPlus Financial Literacy Survey 2023 revealed that the financial situation worsened this year, with over half of Malaysians feeling negatively regarding their finances.

"Saving money remains a struggle for most, as a substantial percentage are saving less than RM500 per month," Yuen said at Etiqa Tower, Bangsar, today.

He also pointed out that Malaysians could only survive for three months or less on their current savings.

On a positive note from the survey, Yuen highlighted that Malaysians had actively taken steps to address their financial situations.

"These steps include cutting back on leisure activities, dining out less, and budgeting more diligently," he added.

Furthermore, he revealed what was important for RinggitPlus was to help Malaysians improve their financial well-being.

"We've always believed since day one that one of the best ways to do that is by empowering Malaysians through financial education and financial literacy.

“Along this 11-year journey, we've achieved some fantastic milestones, such as our admission into the Bank Negara FinTech Regulatory Sandbox for Digital Insurance Distribution in 2017," he said.