Wednesday, December 2, 2015
Sunday, November 22, 2015
Borrowing just to survive
KUALA LUMPUR (Nov 16): The Ministry of Finance said in the Economic Report 2015/16 that household debt rose to 88.1% of nominal gross domestic product (GDP) in August from 86.8% at the end of last year, though it noted at the time that it grew at a more moderate rate than years prior, and assured that total household financial assets are still more than double the debts.
Tuesday, August 11, 2015
Ever widening income disparity between rich Malaysians and the rest, says economist
Posted by color of inequality at 1:28 AM
Sunday, August 9, 2015
Posted by color of inequality at 8:23 AM
: The household debt in Malaysia is very high compared to other countries is a cause of worry said economist Dr Muhammad Abdul Khalid.
He said 50 per cent of the income of Malaysians goes into paying debts.
Although this is acceptable for those with savings, it is worrying for Malaysians who do not have savings.
"What is alarming is that 90 per cent of Malaysians have no savings. And 70 per cent of those who have investment like Amanah Saham Berhad, only have RM500 in the accounts," he said at the 9th Malaysian Students Leaders Summit here, today.
"Young people coming out of university have debts of RM25,000. If they come from a foreign university, this figure is higher.
"Knowing this, the young people, who has no income, still spend their money for other things first before paying off their debt last. This should be first instead.
He said financial management among youths are also low.
However, he admitted that the while the government has done a lot to reduce household debts like setting up rules that one cannot take personal loan for more than 20 years, he said companies that offer loans should do much more.
"Companies that provide loans usually do not publish the full interest amounts when offering loans. They just publish weekly interest rates which are low and consumers fall for that," he said.
He said what is lacking now is financial and consumer literacy.
Posted by color of inequality at 8:14 AM
Thursday, June 11, 2015
Friday, May 29, 2015
Their “bebalism” — or collective stupidity, as coined by another great Malay intellectual, Professor Syed Husin Alatas, has grievously tarnished the reputation of their cohorts, and the younger generation. Kerana nila setitik rosak susu sebelanga
Posted by color of inequality at 3:34 AM
Wednesday, May 20, 2015
Majority of Bumiputeras, or specifically the bottom 72% of ASB unit holders, only recorded average savings of RM536 in their ASB accounts last year, a measly amount that is not even near RM1,000.
Not only is the number miniscule, it is also decreasing, by 12% since 2012, which is in reverse of the rising trend in overall savings of total ASB unit holders.