A majority of youth have expressed their interest to start a new business or even set up a second income stream given the pandemic occurred had affect many people, financially. Even better, more young Malaysians are aware of the importance to manage their finances carefully.
This survey was conducted by Standard Chartered Malaysia. According to its managing director and chief executive officer, Abrar A. Anwar, Malaysians in general have been affected by the economic impact of the pandemic. Findings showed that one-third of them already earning less due to the pandemic.
The survey involved 12,000 adults across 12 markets – Hong Kong, Taiwan, Mainland China, Singapore, Indonesia, Malaysia, India, the United Arab Emirates, Kenya, Pakistaan, the United Kingdom and the United States.
Banks should play their role in helping Malaysians manage their finances
“Although most of people are expecting their incomes and employment status to be further affected, however, their confident in their skills provide hope for the recovery.”
Abrar A. Anwar further explained that bank institutions have a role to play by helping Malaysians manage their finances and providing necessary tools or aids which could make banking easier so they can focus on leading the way to recovery.
The survey showed that youths are more willing or able to adapt to the current situation
Furthermore, the survey also revealed that Malaysians of all ages are highly confident in their skills. Those ages between 55 to 64 years old feel most equipped with 93% compared to those ages 18 to 34 by 77%.
However, with many graduates or school leavers in the midst of a global recession, youths are more willing or able to adapt to the current circumstances.
79% young Malaysians would prefer to set up a second income stream
The study also revealed that 79% of 25 to 34 years old Malaysians would prefer to set up a second income stream compared to 69% of those over 55 years old. 77% of 18 to 44 years old Malaysians on the other hand, would re-skill compared to only 63% of those ages 55 and above.
Youths are more likely to respond to the crisis by starting a new business with 62% of Malaysians ages 18 to 44 saying they would consider doing so in the next 6 months. While for people ages 45 and above, only 44% would like to do so.