The majority of Malaysians are not financially prepared if the Movement Control Order (MCO) were to be extended. This data is based on a new survey released by the Department of Statistics Malaysia (DOSM).
More than half of survey respondents said they were most affected, financially
More than half of Malaysians (52.6%) said they were severely affected financially during the MCO period, whereas 24.8% respondents scored themselves as affected during the MCO. Another 16.4% said that they were moderately affected. However, only 6.2% said they were least affected.
MNCs and GLCs employees were considered the most prepared for MCO
Those working in multi-national companies (MNCs) and government-linked companies (GLCs) were considered the most prepared if MCO is extended. 63.8% MNC employees and 55% of GLC employees said they were financially prepared for an extension.
However, 71.4% of self-employed respondents said they have sufficient savings for less than one month. Only 18.1% of self-employed workers, 28.7% of employers and 34.9% of private sector employees shared that they are ready to face an extended MCO.
Self-employed workers were facing toughest time during MCO
According to the survey, many self-employed workers lost their jobs and reduced in income. Half of the self-employed workers respondents said they had lost their jobs due to the Covid-19 pandemic and almost 95% of self-employed workers reported a loss of monthly income.
71.4% of self-employed workers said they only had savings that could last less than 1 month
Generally, MNC and GLC workers with 75.2% and 78.9% respectively having enough savings to last up to 4 months. Meanwhile, 71.4% of self-employed workers said that they only had enough savings to last less than 1 month. For employers and private sector workers, 77.2% and 82.7% respectively said that they only had enough savings to last 2 months.
They survey by DOSM, “Effects of Covid-19 on the Economy and Individual – Round 1” has garnered a total of 168,182 respondents aged 15 years and above via online from March 23 to 31.