Malaysians spend 70 percent of income on daily needs

Malaysians spend big on daily needs. (Source: theborneopost.com)

Kuala Lumpur (VNA) – Malaysians on average spent 70 percent of their income on food, housing, necessities and travel, according to the Malaysian Minister of Finance Johari Abdul Ghani.

The minister said each Malaysian spends 31.2 percent of their income on food, 23.9 percent on gasoline, housing and necessities and 14.6 percent on travel.

Speaking at the 2017 Budget Focus Group Meeting on the cost of living, Johari said Malaysians’ needs now include cars, mobile phones, computers and internet and that families who have monthly income of about 940 USD and families who have monthly income of 940 USD to 2,030 USD, face more difficulties.

He said the Malaysian government has recently helped low-income groups with the BR1M programme, which provides assistance in education, housing and necessities. They also benefit from lower income tax.

The BR1M programme, which was introduced in 2012, supports families with an income of less than 3,000 ringgits each month with 500 ringgit per person.-VNA