
Why Are Young Malaysians Not Saving?
Here’s an alarming statistic: nearly 65,000 Malaysians between the ages of 18 to 44 have been declared bankrupt since 2013. What’s going on? Why are millennials spending more than they are saving? Here are 5 concerning reasons why.
The Influence of Social Media
Social media isn’t just for connecting with friends and family—it’s also fertile ground for advertisers. Tempting products marketed on social media lure millennials in, and thus they are indirectly pressured to buy.
Coupled with the fact that Malaysian millennials spend 27 hours a week looking at their phones, this creates a potent recipe for financial ruin. Further research reveals that:
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57% of millennials spend money they hadn’t planned to because of what they saw on social media.
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61% of millennials feel inadequate about what they have in their life based on what they saw on social media.
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88% of millennials compare themselves to others on social media.
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