The survey by a financial portal finds average market price of a property is RM372,801 although annual median household income is only RM188,208,
According to the survey, there are two discrepancies in the Belanjawanku guide which makes the budget challenging for single people to adhere to. iMoney also said that a home is only considered affordable if the median home price is less than three times the median household annual income. “Based on iMoney’s internal data and customer surveys, there has been a sharp rise in applications for personal loans between 2016 and 2018 with a 370% spike at the end of 2018,” it said.
He said there is a crucial need to improve financial literacy through providing more educational content and workshops.
True, a young graduate I know spent RM1200 to rent a room in Sunway as he works nearby. He offset it by not owning a car.
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