Bernama: Over 90 per cent of Malaysians have savings accounts for rainy days, says BNM Governor

KUALA LUMPUR, Nov 27 (Bernama) -- Governor of Bank Negara, Tan Sri Dr Zeti Akhtar Aziz, Thursday clarified that over 90 per cent of Malaysians have some form of savings accounts.

She described 'as partial information' a recent report on household income, which revealed that more than 80 per cent of Malaysians had no savings.

Speaking at a media workshop organised by the central bank, in the capital, she said the report did not really reflect the entire perspective of the population and could be translated as 'misleading'.

"They (the report) probably looked at savings in the banking system but they don't look at savings (in the non-bank financial intermediaries) like Tabung Haji and cooperatives," she said.

The central bank's data covers the overall financial inclusion, she said.

The report also revealed that nearly 90 per cent and 86 per cent of the rural and urban households, respectively, had no savings.

It showed 57 per cent of Malaysian households reported zero earnings from investments, with the figure for urban households at 50 per cent and rural households at 66 per cent.

Zeti stressed that people would surely have savings or would save when they have individual purposes such as pilgrimage in Tabung Haji and MBSB.

However, she said, due to the recent hike in prices and rising cost of living, people have been tapping into their savings.

The governor said for almost 20 years, the central bank has been promoting the importance of savings among Malaysians, but it cannot be realised if people still live with bad spending habits.

"People need to know that this is the period of sacrifice and we should live within our means.

"We need to adjust our spending behaviour," she added.

--BERNAMA

> Related stories:

The Malaysian
Insider: Zero
savings

The Star: MHDR
authors defend
findings

The Malaysian
Insider: Zero
savings is true

Durian Asean:
Socio-economic
inequality

#MHDR

The inclusive future includes you

Join the national dialogue

       

Get included
Which policy reform do you think will help Malaysia the most?

Get the full report
Download MHDR 2013

Spread the word
Share key issues raised in the MHDR with your friends

 

It is essential that Malaysia continues to prioritise inclusive growth and social cohesion, and moves forward with the second generation policies that are needed to support this.
-Frances Stewart


Print