{"id":3881,"date":"2020-12-17T03:06:01","date_gmt":"2020-12-17T03:06:01","guid":{"rendered":"https:\/\/www.ibpo.com.my\/?p=3881"},"modified":"2023-10-02T03:07:04","modified_gmt":"2023-10-02T03:07:04","slug":"financial-planning-during-pandemic-an-urge-to-malaysians","status":"publish","type":"post","link":"https:\/\/www.ibpo.com.my\/bm\/financial-planning-during-pandemic-an-urge-to-malaysians\/","title":{"rendered":"Financial Planning During Pandemic \u2013 An Urge to Malaysians"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3881\" class=\"elementor elementor-3881\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-603aae4 elementor-section-full_width xts-section-stretch-content elementor-section-height-default elementor-section-height-default\" data-id=\"603aae4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-513a4fa\" data-id=\"513a4fa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1436404 elementor-widget elementor-widget-html\" data-id=\"1436404\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t[xts_html_block id=\"3506\"]\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-86c14ad elementor-section-full_width elementor-section-height-default elementor-section-height-default xts-section-disabled\" data-id=\"86c14ad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c446df\" data-id=\"5c446df\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a1e5a17 elementor-widget elementor-widget-shortcode\" data-id=\"a1e5a17\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\t<div class=\"ibpo-articles xts-single-post-header\">\r\n\t\t<div class=\"xts-post-meta\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"xts-post-categories\">\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t<a  class=\"xts-post-category\" href=\"https:\/\/www.ibpo.com.my\/bm\/category\/articles\/\" rel=\"category tag\">\n\t\t\t\t\t\tArticles\t\t\t\t\t<\/a>\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t<a  class=\"xts-post-category\" href=\"https:\/\/www.ibpo.com.my\/bm\/category\/articles\/personal-finance\/\" rel=\"category tag\">\n\t\t\t\t\t\tPersonal Finance\t\t\t\t\t<\/a>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"xts-post-date\">\n\t\t\t\t\t\t\t<time class=\"published\" datetime=\"2020-12-17T03:06:01+00:00\">\n\t\t\t\t\t17 Disember 2020\t\t\t\t<\/time>\n\t\t\t\t<time class=\"updated\" datetime=\"2023-10-02T03:07:04+00:00\">\n\t\t\t\t\t2 Oktober 2023\t\t\t\t<\/time>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\r\n\r\n\r\n\t<\/div>\r\n\r\n\t\t\t<h1 class=\"ibpo-articles xts-post-title xts-entities-title\">\r\n\t\t\t\tFinancial Planning During Pandemic \u2013 An Urge to Malaysians\t\t\t\t<\/h1>\r\n\t\t\r\n\r\n\r\n\t\r\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60bed14 xts-scheme-inherit xts-textalign-inherit elementor-widget elementor-widget-text-editor\" data-id=\"60bed14\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 23-07-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><p>One would think that the pandemic and its effects on the economy would force any sensible person to rethink their financial behaviour and future plans. We can\u2019t expect to coast through life living paycheck to paycheck, no matter how much we hope for a plain sailing journey with no hiccups.\u00a0<\/p><p>Chances are, we will inevitably run into situations when we would need to spend a necessary amount of money to solve an unexpected problem, or we could have our source(s) of income cut off due to no fault of our own.\u00a0<\/p><p>The\u00a0<em>prolonged presence of COVID-19 in Malaysia<\/em>\u00a0caused both of these problems to many citizens.\u00a0<strong>Many employees were laid off, while businesses saw profits drop steeply, some walked straight into financial ruins.\u00a0<\/strong><\/p><p>We do not blame anyone for this, because surely no one could have foreseen the magnitude and longevity of the pandemic, we can only plan so much ahead of time. However, this is not to say that there is nothing we can do to\u00a0<em>soften the blow<\/em>\u00a0or\u00a0<em>cushion our landing<\/em>.\u00a0<\/p><p>Had most people prepared an emergency fund way ahead of time, they would have been able to buy more time for themselves to seek solutions to their problems.\u00a0<\/p><p>So, did Malaysians learn anything about good financial planning during the pandemic?\u00a0<strong>According to a recent survey from\u00a0<a href=\"https:\/\/ringgitplus.com\/en\/blog\/ringgitplus\/covid-19-taught-us-something-about-money-but-are-malaysians-behaving-any-differently.html\" target=\"_blank\" rel=\"noopener noreferrer\">Ringgitplus<\/a>, yes and no.\u00a0<\/strong><\/p><p>\u00a0<\/p><h3><b>Spending Behaviour and Savings<\/b><\/h3><p>Based on the survey results,\u00a0<em>76% of the respondents<\/em>\u00a0believed they are\u00a0<strong>in control of their finances<\/strong>, which surprisingly, is an increase from last year.\u00a0<\/p><div id=\"attachment_1629\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-1629 size-medium\" src=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-300x300.jpg\" sizes=\"(max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-300x300.jpg 300w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-1024x1024.jpg 1024w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-150x150.jpg 150w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-768x768.jpg 768w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-1536x1536.jpg 1536w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-146x146.jpg 146w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-50x50.jpg 50w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-75x75.jpg 75w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-85x85.jpg 85w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-80x80.jpg 80w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-90x90.jpg 90w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-370x370.jpg 370w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-750x750.jpg 750w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319-1140x1140.jpg 1140w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/3190319.jpg 1920w\" alt=\"Spending Illustration\" width=\"300\" height=\"300\" aria-describedby=\"caption-attachment-1629\" \/><p id=\"caption-attachment-1629\" class=\"wp-caption-text\">Designed by<a href=\"https:\/\/www.freepik.com\/vectors\/money\">Freepik<\/a><\/p><\/div><p>However,\u00a0<em>almost half (46%) of them<\/em>\u00a0reported that they are\u00a0<strong>spending exactly what they earn<\/strong>\u00a0each month, or even more, which isn\u2019t a telling sign that many have lost their jobs in the pandemic.\u00a0<\/p><p>More alarmingly,\u00a0<em>over half the respondents (53%)<\/em>\u00a0stated that they\u00a0<strong>wouldn\u2019t be able to survive more than 3 months<\/strong>\u00a0with their current savings should they lose their source of income.\u00a0A majority of this group of respondents are\u00a0<strong>younger people below the age of 35<\/strong>, which is a worrying trend for the future.\u00a0<strong>19% even said that they still do not have monthly savings!<\/strong><\/p><p>\u00a0<\/p><h3><b>Immediate Consequences<\/b><\/h3><p>One immediately measurable consequence of a lack of savings is how many people have stated they are\u00a0<strong>not ready to resume loan repayments when the moratorium ends<\/strong>.\u00a0<\/p><div id=\"attachment_1632\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-medium wp-image-1632\" src=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-300x225.jpg\" sizes=\"(max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-300x225.jpg 300w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-1024x768.jpg 1024w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-768x576.jpg 768w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-1536x1152.jpg 1536w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-2048x1536.jpg 2048w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-195x146.jpg 195w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-50x38.jpg 50w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-100x75.jpg 100w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-960x720.jpg 960w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-750x563.jpg 750w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-1140x855.jpg 1140w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/anxious-boi-scaled.jpg 1920w\" alt=\"Portrait Of Troubled Devasted Young Male Who Lost Job, Holding Hands On Head And Frowning, Feeling Worried And Anxious While Seeing Terrible Accident, Standing Upset Over Gray Background\" width=\"300\" height=\"225\" aria-describedby=\"caption-attachment-1632\" \/><p id=\"caption-attachment-1632\" class=\"wp-caption-text\">Designed by<a href=\"https:\/\/www.freepik.com\/photos\/people\">Freepik<\/a><\/p><\/div><p>16% indicated they are not ready for repayment, that\u2019s\u00a0<em>1.2 million out of 7.7 million borrowers<\/em>. Yet, only 640,000 borrowers have applied for post-moratorium assistance, the\u00a0<strong>remaining will be at risk of defaulting their loans<\/strong>.\u00a0<\/p><p>When large numbers of borrowers default, the banking sector will be hit hard, while defaulters will find it<em>\u00a0hard to obtain any credit in the future<\/em>, and might have\u00a0<em>personal property seized<\/em>.\u00a0<\/p><p>\u00a0<\/p><h3><b>Long Term Prospects<\/b><\/h3><p>The survey also highlighted some problems that might arise in the long term,\u00a0<em>mainly concerning retirement<\/em>.\u00a0<\/p><p><img decoding=\"async\" class=\"alignnone size-medium wp-image-1669\" src=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-300x195.jpg\" sizes=\"(max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-300x195.jpg 300w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-1024x666.jpg 1024w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-768x500.jpg 768w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-1536x999.jpg 1536w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-2048x1333.jpg 2048w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-224x146.jpg 224w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-50x33.jpg 50w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-115x75.jpg 115w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-750x488.jpg 750w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-1140x742.jpg 1140w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/old-couple-figure-standing-top-coin-stack-with-city-backgrounds-scaled.jpg 1920w\" alt=\"Old Couple Figure Standing Top Coin Stack With City Backgrounds\" width=\"300\" height=\"195\" \/><\/p><p><em>70% of all respondents<\/em>\u00a0claimed that\u00a0<strong>EPF savings alone won\u2019t be enough<\/strong>\u00a0to cover retirement, but still\u00a0<em>45% of them<\/em>\u00a0have\u00a0<strong>yet to begin planning for retirement<\/strong>.\u00a0<\/p><p>This indicates an understanding of the problem, but a\u00a0<em>lack of action to solve it<\/em>. Perhaps a majority are still unfamiliar with services such as private retirement schemes (PRS.)\u00a0<\/p><p>This will hopefully change with the increasing efforts from bodies such as the\u00a0<em>Financial Education Network (FEN)<\/em>\u00a0on\u00a0<strong>increasing financial literacy in the country<\/strong>.\u00a0\u00a0<\/p><p>\u00a0<\/p><h3><b>Positives<\/b><\/h3><p>Fortunately, the survey also highlighted some positive points such as Malaysians\u2019 usage of\u00a0<em>contactless payment and e-wallets<\/em>.\u00a0<em>90% of the respondents<\/em>\u00a0shared that\u00a0<strong>they have e-wallets<\/strong>, likely\u00a0<em>driven by government handouts<\/em>\u00a0and\u00a0<em>germs on paper currency<\/em>.\u00a0<\/p><div id=\"attachment_1651\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1651\" src=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-300x169.jpg\" sizes=\"(max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-300x169.jpg 300w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-1024x576.jpg 1024w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-768x432.jpg 768w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-1536x864.jpg 1536w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-2048x1152.jpg 2048w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-260x146.jpg 260w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-50x28.jpg 50w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-133x75.jpg 133w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-1200x675.jpg 1200w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-750x422.jpg 750w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-1140x641.jpg 1140w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2020\/12\/close-up-customer-paying-her-coffee-bill-scaled.jpg 1920w\" alt=\"Paying Coffee Bill at Contactless Terminal\" width=\"300\" height=\"169\" aria-describedby=\"caption-attachment-1651\" \/><p id=\"caption-attachment-1651\" class=\"wp-caption-text\">Designed by<a href=\"https:\/\/www.freepik.com\/photos\/coffee\">Freepik<\/a><\/p><\/div><p>39% also stated they are\u00a0<strong>more receptive of online transactions<\/strong>\u00a0now, perhaps paving a road for a more\u00a0<em>digitised<\/em>\u00a0consumer market and economy.\u00a0<\/p><p>The government sanctioned loan moratorium has had an impact on alleviating financial woes of certain income groups.\u00a0<em>14% of the respondents<\/em>\u00a0were able to\u00a0<strong>save RM 2,001 and above<\/strong>, compared to\u00a0<em>just 9% last year<\/em>.\u00a0<\/p><p>In addition, another silver lining to this is that Malaysians were\u00a0<em>introduced to various new financial terms<\/em>, including\u00a0<em>\u201cmoratorium\u201d<\/em>\u00a0itself,\u00a0<em>\u201cdebt restructuring,\u201d<\/em>\u00a0and\u00a0<em>\u201crescheduling &amp; restructuring.\u201d<\/em>\u00a0<\/p><p>\u00a0<\/p><h2><b>Conclusion from Findings<\/b><\/h2><p>The silver lining to the current financial crisis would be that it has forced some Malaysians to\u00a0<strong>learn about financial services and terms<\/strong>\u00a0previously unknown to them.\u00a0<\/p><p>However, Malaysians really\u00a0<strong>have not changed their personal finance habits<\/strong>\u00a0much from last year. Whether this is down to an inability to adapt to a lifestyle change, lack of resources, or unfortunate circumstances (eg: sole breadwinner on low pay etc.) something has to change soon as we\u2019re still\u00a0<em>not expecting the pandemic to end anytime soon<\/em>.\u00a0<\/p><p>So, Malaysians, it\u2019s time to\u00a0<strong>adapt to the new norm<\/strong>, not just\u00a0<em>socially and hygienically<\/em>,\u00a0<strong>but also financially!<\/strong><\/p><p>\u00a0<\/p><h6>Sources:<\/h6><p class=\"entry-title\"><em><a href=\"https:\/\/ringgitplus.com\/en\/blog\/ringgitplus\/covid-19-taught-us-something-about-money-but-are-malaysians-behaving-any-differently.html\" target=\"_blank\" rel=\"noopener noreferrer\">Covid-19 Taught Us Something About Money, But Are Malaysians Behaving Any Differently?<\/a><\/em>\u00a0\u2013 RinggitPlus (2020)<\/p><p><a href=\"https:\/\/drive.google.com\/file\/d\/1Q4vpCqhEfcQdWKBaDDjnYjqhW0TPevfy\/view\" target=\"_blank\" rel=\"noopener noreferrer\"><em>RinggitPlus Malaysian Financial Literacy Survey (RMFLS 2020)<\/em><\/a>\u00a0\u2013 RinggitPlus (2020)<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>[xts_html_block id=&#8221;3506&#8243;] One would think that the pandemic and its effects on the economy would force any sensible person to rethink their financial behaviour and future plans. We can\u2019t expect to coast through life living paycheck to paycheck, no matter how much we hope for a plain sailing journey with no hiccups.\u00a0 Chances are, we [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3882,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,73],"tags":[64,107],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Planning During Pandemic \u2013 An Urge to Malaysians - IBPO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ibpo.com.my\/bm\/financial-planning-during-pandemic-an-urge-to-malaysians\/\" \/>\n<meta property=\"og:locale\" content=\"ms_MY\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Planning During Pandemic \u2013 An Urge to Malaysians - IBPO\" \/>\n<meta property=\"og:description\" content=\"[xts_html_block id=&#8221;3506&#8243;] One would think that the pandemic and its effects on the economy would force any sensible person to rethink their financial behaviour and future plans. 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