According to Shi Hua Chinese newspaper on 6/7/12, the consumer survey revealed that more than half of the young people working in the city are heavily indebted. The monthly payments to service debts with his take-home income is more than 30%. 37% of them do not have sufficient income to cover their expenses.
Majority of this group are between 24 to 29 years old, degree holder, and their income is between RM2000 to RM3000. The main debts are housing loan, car loan, personal loan, study loan and insurance. Though heavily indebted, most of these interviewed are happy with the lifestyle they are having.
72% of them are employees, 10% has part-time jobs, 9.1% under contract, 5.2% are self-employed and 3.6% are jobless.
After 30 yrs old, most would have increased income, more mature in handling their finances, and thus can reduce their debts.
Interesting to find out that degree holders of the young have more debts than those without. This probably due to higher expectation when they purchase their house and cars.
Malay has the highest debt, followed by Indian and Chinese.
As for emergency saving, 14.6% do not have any, 20.2% can last one month, 16.4% can last 2 months, 13.8% 3 months and 4.7% 4 months.
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