Malaysians Overspending Despite Tough Times

Times are bad, yet Malaysia ns are spending more. As a matter of fact, we have become used to spending money that we have yet to earn, and for analysts such as Kimberly Law and Yugendran Sivakumaran, this is a worrying trend. "There are too many temptations and a lot of pressure to maintain a certain lifestyle," Law, a co-founder of financial adviser Uno Advisers, told FMT Business. She attributed the propensity to overspend to a lack of understanding and comprehension of personal finance.

This weakness in financial literacy is reflected in many aspects of Malaysian life. Many feel a need to spend just to keep up with the Joneses. From credit cards to easy payment schemes such as the buy-now-pay-later (BNPL) facility, it has become so much easier to spend today and pay tomorrow. However, many end up unable to make the payments. The extent of uncontrolled purchases is best reflected in credit card spending. As of July 2023, Malaysians collectively owe RM3

Malaysia Overspending Financial Literacy Credit Cards Buy-Now-Pay-Later Debt

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