25th August 2020 - 3 min read
A recent survey conducted by Standard Chartered has painted a resilient picture of the Malaysian public despite the significant blow on personal finances amidst the Covid-19 pandemic. The study – intended to offer insights into people’s financial and employment wellbeing during this challenging time – involved 12,000 respondents from across 12 countries, including Malaysia.
According to the survey, 29% of Malaysians are already earning less due to the pandemic, and more than half expect further impact to their income and employment. However, most of the Malaysians polled also signalled that they are confident in being able to adapt and are willing to work harder in the post-Covid-19 economy for more opportunities.
“A majority of younger Malaysians have also expressed that they’re keen to start a new business or set up a second income stream in the wake of the pandemic but want to learn how to manage their finances better,” said the managing director and chief executive officer of Standard Chartered Malaysia, Abrar A Anwar.
Abrar’s comment was supported by data from the survey, which indicated that 62% of Malaysians aged between 18 to 44 would consider starting a new business compared to 44% of those aged 45 and above. Meanwhile, 79% of Malaysians aged between 25 to 34 would set up a second income stream compared to 69% of those aged 55 and above. Additionally, 77% of Malaysians aged between 18 to 44 said that they are willing to re-skill themselves to adapt to new circumstances, compared to 63% of those at the age of 55 and above.
In light of this, Abrar emphasised that banks have a role to play in supporting these aspiring entrepreneurs. This includes helping them to manage their money and providing tools that make banking easier so they can focus on leading the way to recovery.
Aside from this, the survey also showed that Malaysians of all ages are confident in their digital skills to thrive in the post-Covid-19 world. 77% of those between the age of 18 to 34 said that they have what it takes to do well, whereas 93% of Malaysians aged 55 to 64 felt that they are well-equipped.
Other data revealed in the survey includes the fact that 83% of Malaysians want to better manage their money to make it go further, and that there has been a 66% increase in the use of mobile devices for banking services in Malaysia. 73% of Malaysians also indicated that they want banks to improve people’s confidence at managing money digitally as preference for online banking increases.
Outside of Malaysia, Standard Chartered’s survey noted a global trend that signalled greater willingness to upskill and adapt among the younger generation and in emerging markets. For instance, 88% or more of people in Kenya, Mainland China, India, and Pakistan said that they prefer to work harder to get ahead. These figures are higher in comparison with the UK at 62%, and the US at 67%.
You can read the full report of Standard Chartered’s survey on its website.
(Source: The Borneo Post)
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