A new study conducted by the Asian Institute of Finance (AIF) has found that the Gen Y in Malaysia are experiencing significant financial stress early in their life with many living beyond their means and trapped in emotional spending.
The research highlights that the majority of respondents are relying on high cost borrowing with 38% reporting taking out personal loans and 47% engaged in expensive credit card borrowings, while, only 28% felt confident in their financial literacy.
The study was done to better understand Malaysia’s Gen Y financial intelligence and their attitude towards finance. The “Finance Matters: Understanding Gen Y – Bridging the Knowledge Gap of Malaysia’s Millennials” surveyed more than 1,000 young professionals aged between 20 and 33 years old in Malaysia.
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The research highlights that the majority of respondents are relying on high cost borrowing with 38% reporting taking out personal loans and 47% engaged in expensive credit card borrowings, while, only 28% felt confident in their financial literacy.
The study was done to better understand Malaysia’s Gen Y financial intelligence and their attitude towards finance. The “Finance Matters: Understanding Gen Y – Bridging the Knowledge Gap of Malaysia’s Millennials” surveyed more than 1,000 young professionals aged between 20 and 33 years old in Malaysia.
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