16% in KL survey financially worse off in last 12 months

Only 31% of 531 respondents in Kuala Lumpur say they are doing better than a year ago.

KUALA LUMPUR: More than 16% of the respondents polled in a recent survey here said they were worse off financially in the last 12 months, according to the UCSI Poll Research Centre’s consumer sentiment index.

The survey found that of the 531 Kuala Lumpur residents interviewed, almost 100 considered the current economic situation a hindrance to their financial growth.

However, 31.6% of the respondents said that they were better off compared to a year ago.

The factors cited by the respondents for their financial difficulties included the high cost of living, a low wage growth, a mismatch of skilled workers in the labour market and a perceived negative income distribution,” the pollster’s chief executive, Assistant Prof Noppadon Kanika, told Bernama.

Asked about their expectation in the next 12 months, 47.1% of the respondents felt they would remain financially stagnated, 34.6% expected to be better off, and 18.3% predicted a gloomier outlook.

Noppadon said the majority of the respondents expected business owners and investors to experience a positive year ahead.

The survey was conducted between May 13 and 22.