Abdul Rasheed cited BNM's Financial Capability and Inclusion (FCI) Survey that was conducted in 2015, which found more than 75% of Malaysians said it was a challenge to raise even RM1,000 of immediate cash money in the event of an emergency.



Results from the survey also revealed that only 32% of Malaysians have enough money to cover a week's expenses, at most, should they lose their source of income.



If there's an emergency, Malaysians usually resort to cutting down on spending; or borrowing from friends and family members, or other external sources; or depending on credit lines, such as credit cards and instalment plans.



"An ideal situation is to have a financial buffer that is sufficient to cover living expenses of at least three to six months in the event of loss of income," Abdul Rasheed said.