23-2-2024 (KUALA LUMPUR) A growing number of young Malaysians are grappling with financial challenges, contending with high monthly debts and commitments exacerbated by the escalating cost of living. Many find themselves trimming down on hobbies and discretionary spending, and some are resorting to a diet of instant noodles in a bid to meet their monthly financial obligations.
Chloe, a 29-year-old marketing specialist, reveals that over half of her monthly income, approximately RM6,000, is allocated to settling debts and commitments. Despite earning a decent salary, she can only manage to save a mere 3%, often dipping into it as the month progresses. Chloe grapples with high PayLater bills from platforms like Shopee and Grab, amounting to around RM900 monthly, in addition to obligations like mortgage, student loans, car loans, insurance, and phone bills totaling RM2,600.
Nixon Lee, a 27-year-old design engineer, allocates one-third of his monthly income to credit card bills, a Shopee PayLater debt of approximately RM200, and a student loan of around RM500. The remaining portion is directed towards essential expenses like food and utilities. To stay on top of payments, Lee has curtailed discretionary spending, such as reducing expenses on hobbies like trading card games.
Asoka Heng, a 24-year-old foreman and technician, reveals that a substantial 65% of his monthly salary is consumed by commitments. Faced with financial constraints, he opted for a budget-friendly approach by ordering two boxes of instant noodles, sufficient to last him about three months.
Edith, a 25-year-old sales executive, dedicates 30% of her salary to servicing her car loan. Living with her parents allows her to save on rent, but she still practices financial restraint, avoiding unnecessary expenses on gadgets and choosing more affordable options when shopping for clothes. Even while dining out, Edith seeks budget-friendly options over expensive establishments.
