PETALING JAYA: Due to low work force participation and growing wage disparity, Malaysian women are more vulnerable compared to men when it comes to financial shock.
According to RinggitPlus Malaysian Financial Literacy Survey (RMFLS), out of 3,211 respondents aged 11 and above, the survey found that 75 per cent of female respondents could save less than RM 500 per month, compared with 66 per cent of male.
The survey further stated that 69 per cent of women could only survive less than three months with their current savings compared to 64 per cent of men.
Many Malaysian women face challenges in saving and building their retirement funds, as only 44 percent have started investing, in contrast to 56 per cent of men.
RinggitPlus said only 51 per cent of women have begun planning for their retirement, which is 10% less than men.
RinggitPlus stated that government initiatives, like those in the Madani Economy Framework and the 2024 Budget, will be vital in addressing this concerning trend.