According to the Statistics Department, 71.4% of the self-employed have enough savings to only last a single month. It also said that among private sector employees, 82.7% would survive just two months if they lost their income.

Speaking at the launch of Versa, a digital savings platform created in partnership with Affin Hwang Asset Management, Versa chairman Noorazman Abd Aziz said the pandemic has made greater financial literacy a necessity for many as the country and its economy recovers.

“This is a time where people should both spend and save wisely, and be extremely savvy about investment opportunities.”

He said that the platform, which offers competitive interest rates with fixed deposits without sacrificing flexibility, is a step in the right direction that more financial institutions can follow.

“The type of service that was once only accessible to sophisticated investors has now been made available to all Malaysians regardless of income level or age.”

Teng Chee Wai, managing director of Affin Hwang Asset Management, said traditional investment products have long been out of reach for the masses because of high costs associated with them.

Digital platforms are now likely to provide a bridge between financial institutions and the general public in the future.

“With the development of some of these digital platforms that offer alternatives, the under-served markets can access these products with ease and without needing to pay high fees.

“I think that will be a great development which we will witness over the next few years.”