Are You Placing Your Personal Financial Position On The Right Track?
The survey of Federation of Malaysian Consumer Associations (FOMCA) showed that 30 to 40 percent of Malaysians do not have sufficient savings for emergency situations and retirement (Malaysian Digest, Almost Half Of Malaysians Have Zero Savings, Are You One Of Them?, 12th January 2017) . More than 50% of Malaysians between 18 to 55 years old do not financially ready for retirement (The Sun, A study on 1,000 Malaysian found more than 50% not financially ready for retirement, 28th November 2017) . A total of 294,000 Malaysians are involved in bankruptcy cases due to their failure to settle hire purchase loans, credit card loans, personal loans, housing loans and social guarantor debts (due to errant debtors). According to the Department of Insolvency's statistics, 70 per cent of bankruptcy cases involved individuals between the age of 35 and 45, and around 8,000 to 20,000 individuals were declared bankrupt for numerous reasons in a year (Malaymail, Bankruptc...