Drivers of future savings of Malaysian households
The households’ savings in Malaysia have shown a deteriorating trend that negatively impacts their financial security. The Financial Inclusion and Capability Study of BNM (2016) indicates that merely 6 percent of Malaysians could survive for more than six months and 18 percent up to three months...
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School of Economics, Finance and Banking, Universiti Utara Malaysia
2021
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Online Access: | https://repo.uum.edu.my/id/eprint/28180/1/document.pdf https://doi.org/10.32890/jes2021.3.1.1 https://repo.uum.edu.my/id/eprint/28180/ http://e-journal.uum.edu.my/index.php/jes/issue/view/555 https://doi.org/10.32890/jes2021.3.1.1 |
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my.uum.repo.281802023-05-21T14:35:16Z https://repo.uum.edu.my/id/eprint/28180/ Drivers of future savings of Malaysian households Ahmad, Nor Hayati Saha, Asish Lim, Hock Eam Musa, Muhammad Muhaizam HC Economic History and Conditions The households’ savings in Malaysia have shown a deteriorating trend that negatively impacts their financial security. The Financial Inclusion and Capability Study of BNM (2016) indicates that merely 6 percent of Malaysians could survive for more than six months and 18 percent up to three months if they lose their main source of income. Thus, it is imperative to examine the drivers of future savings of Malaysian households. A sample of 1,106 bank customers in three cities of peninsular Malaysia was recruited, and the descriptive statistics, correlation analysis, and Seemingly Unrelated Regressions (SUR) were employed. The results reveal that about 25 percent of households are not likely to make any changes in their savings profile in various financial and physical assets. The drivers of future saving are found to be socio-demographic parameters, such as age, education level, the number of working members in the household, and income, and other parameters, such as the percentage of income saved, and the period of the saving plan, which have a significant relationship with the change in future savings of the households. The policy implications of the findings are also presented. School of Economics, Finance and Banking, Universiti Utara Malaysia 2021 Article PeerReviewed application/pdf en cc4_by https://repo.uum.edu.my/id/eprint/28180/1/document.pdf Ahmad, Nor Hayati and Saha, Asish and Lim, Hock Eam and Musa, Muhammad Muhaizam (2021) Drivers of future savings of Malaysian households. Journal of Economics and Sustainability, 3 (1). pp. 1-11. ISSN 2637-1294 http://e-journal.uum.edu.my/index.php/jes/issue/view/555 https://doi.org/10.32890/jes2021.3.1.1 https://doi.org/10.32890/jes2021.3.1.1 |
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HC Economic History and Conditions Ahmad, Nor Hayati Saha, Asish Lim, Hock Eam Musa, Muhammad Muhaizam Drivers of future savings of Malaysian households |
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The households’ savings in Malaysia have shown a deteriorating trend that negatively impacts
their financial security. The Financial Inclusion and Capability Study of BNM (2016) indicates
that merely 6 percent of Malaysians could survive for more than six months and 18 percent up
to three months if they lose their main source of income. Thus, it is imperative to examine the
drivers of future savings of Malaysian households. A sample of 1,106 bank customers in three
cities of peninsular Malaysia was recruited, and the descriptive statistics, correlation analysis,
and Seemingly Unrelated Regressions (SUR) were employed. The results reveal that about 25
percent of households are not likely to make any changes in their savings profile in various
financial and physical assets. The drivers of future saving are found to be socio-demographic
parameters, such as age, education level, the number of working members in the household,
and income, and other parameters, such as the percentage of income saved, and the period of
the saving plan, which have a significant relationship with the change in future savings of the households. The policy implications of the findings are also presented. |
format |
Article |
author |
Ahmad, Nor Hayati Saha, Asish Lim, Hock Eam Musa, Muhammad Muhaizam |
author_facet |
Ahmad, Nor Hayati Saha, Asish Lim, Hock Eam Musa, Muhammad Muhaizam |
author_sort |
Ahmad, Nor Hayati |
title |
Drivers of future savings of Malaysian households |
title_short |
Drivers of future savings of Malaysian households |
title_full |
Drivers of future savings of Malaysian households |
title_fullStr |
Drivers of future savings of Malaysian households |
title_full_unstemmed |
Drivers of future savings of Malaysian households |
title_sort |
drivers of future savings of malaysian households |
publisher |
School of Economics, Finance and Banking, Universiti Utara Malaysia |
publishDate |
2021 |
url |
https://repo.uum.edu.my/id/eprint/28180/1/document.pdf https://doi.org/10.32890/jes2021.3.1.1 https://repo.uum.edu.my/id/eprint/28180/ http://e-journal.uum.edu.my/index.php/jes/issue/view/555 https://doi.org/10.32890/jes2021.3.1.1 |
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