Many Malaysians are earning less than enough to survive, yet they are spending more on unnecessary items.
“And so long as salaries do not rise in tandem with the increase in the cost of living, many more will run into financial difficulties,” he toldAccording to a recent report, the Covid-19 pandemic has driven many more Malaysians into debt. A total of 21,804 individuals declared bankrupt were aged 35 to 44 while those aged 45 to 54 accounted for 15,272 cases.
However, low income is not the only factor. Neoh said many people also tend to spend whatever disposable income they have on unnecessary items. Those who do not have the ready cash end up buying on credit.
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