Saving Management in Malaysia

Saving management is about empowering and enlightening consumers so that they are well prepared about finance in a way that is relevant to their lives. Koid (2008) denotes that challenges faced by Malaysian in disabling them to protect their finances are low level in mastering financial literacy, poor saving rates, complex products and services, access to a variety of financial products and costs of living. Savings can be lifesavers during an individual’s financial downturn. Today, financially we can be in a good position but nobody knows what will happen in the future. But one thing is for sure, our savings today would certainly save our financial pitfall in the future. Therefore, it is vital for an individual to empower themselves a good saving habit. Therefore, this paper endeavors to analyze the key determinants of saving management in Peninsular Malaysia. Survey forms were distributed to 2500 working adults in Peninsular Malaysia, ages ranging from 18 to 45 years old. Meanwhile, the method employed in this study is multiple regression analysis. Further, this study highlight that parents’ characteristic, investment skill, financial literacy and expenses management are the important factors in enhancing and increasing the level of saving skills in Malaysia.