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Malaysians feeling financial pinch more than neighbours, survey says only one in five living comfortably

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Publish date: Thu, 13 Jun 2024, 07:36 PM

KUALA LUMPUR, June 13 — A recent Ipsos Malaysia survey reveals that nearly one-third of respondents — at 32 per cent — felt that the cost of living crisis in Malaysia is more severe than in other South-east Asian countries.

According to the “What do Malaysians think about our current inflation and economic situation?” report, only two out of every ten Malaysians claimed to be living comfortably, while the majority express feeling financial strain due to the escalating cost of living.

“There is a clear disparity between Malaysians’ perception of the economic situation and the economic growth data,” said its managing director Arun Menon and research manager for public affairs Atticus Poon in an accompanying statement.

“Therefore, it is important for the Malaysian public to have regular, clearer, and more accurate information communicated to them to ease their concerns about their own financial well-being and the nation’s.”

In contrast, citizens of Singapore, Indonesia and Thailand are more likely to express satisfaction with their cost of living experiences compared to their neighbouring countries.

Singapore had the highest rate of satisfaction for cost of living, with almost half — at 45 per cent — of respondents saying that it was better than before.

The report also showed that financial management emerged as a challenge for many Malaysians, with 24 per cent of respondents saying they were struggling financially, followed by 53 per cent who said they were getting by and 21 per cent claiming to be financially comfortable.

Despite these challenges, the survey indicates some optimism regarding inflation normalisation. About 45 per cent of Malaysians believe inflation will normalise between 2023 and 2025.

Similarly, in Singapore, 42 per cent stated that inflation will normalise within the next two years.

The survey was based on interviews with over 500 adults aged 18 and above in Malaysia; 24,801 online adults under age 75 across 33 countries, in March 22-April 5, 2024.

Ipsos is a market research company present in 90 markets while employing more than 18,000 people.

Yesterday, Finance Minister II Datuk Seri Amir Hamzah Azizan said the Malaysian economy is projected to grow between four and five per cent in 2024, supported by export recovery and resilient domestic demand.

This article is part of a series from Ipsos Malaysia’s “What do Malaysians think about our current inflation and economic situation?” Read the first article here:

 

https://www.malaymail.com/news/malaysia/2024/06/13/malaysians-feeling-financial-pinch-more-than-neighbours-survey-says-only-one-in-five-living-comfortably/139594

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