The reality is, people do not actually rely from saving anymore, but by taking a loan as they get instant approval most especially if they present good and stable sources of income. With that, the essence of saving most especially for the younger ones have started to vanish until out of 10 workers, only 1 is able to do so.
That’s how fast and influential the changes are. If there are no instant loan offers, they will be encouraged to work hard and save more. But this is the reality now, people are dependent already on what is instant than taking a long process like saving for their future.
The above discussion highlights some crucial aspects of the savings issue, underlining the urgency of improving financial education, especially among the younger generation. A better understanding of financial management is expected to help people make wiser decisions regarding savings and loans. It was also highlighted that some individuals may face difficult economic conditions, making it difficult to save. Therefore, additional measures from the government or financial institutions may be needed to help people overcome their economic difficulties. The above discussion also proposes the importance of education on wise financial alternatives as a solution to encourage people's motivation to save and invest, creating long-term financial security. In addition, the role of financial institutions in providing financial products and services that support people's economic sustainability is emphasised, implying the need for review and adjustment of their policies.