This article first appeared in The Edge Financial Daily on December 19, 2018
KUALA LUMPUR: Malaysians are way off the mark about the number of their countrymen who are unemployed and seeking work, according to market research company Ipsos Malaysia.
In its latest study Perils of Perception 2018 published yesterday, Ipsos Malaysia said on average, Malaysians estimate that half of Malaysia (49%) are unemployed and looking for work when the actual figure is as low as 3% (a 46% gap).
“Malaysians believe half of the population is currently unemployed and that the majority are going to be 65+ when we reach 2050,” Ipsos Malaysia managing director Arun Menon said in a statement.
“This shows the extent of our overestimation of the actual situation, irrespective of the facts,” he said. There are many different reasons why people are far from accurate about social and economic realities, said Menon.
“These can include external influences on us, such as what we hear from the media or what is emphasised on online platforms. However, our own internal biases are just as important, [which] include the tendency to focus more on negative stories,” he said. The study also showed Malaysians underestimate the size of the country’s economy relative to others, with an estimation that the country’s economy is ranked 120 out of the almost 200 countries in the world, while the actual ranking is 37.
On climate change, Malaysians strongly overestimate the share of the country’s energy generated from renewable sources.
“The average guess puts the renewable share at 39%, while the reality is only 5%. That’s a perception gap of 34%, much higher than the global average of 8%, and higher than any other country surveyed,” it said.
In addition, Malaysia greatly overestimates the level of growth in its elderly population.
“The average guess is that 57% of the population will be above 65 years old [by] 2050, while the actual projection is only 16%. All other countries overestimate their future elderly population, although none to the same degree as Malaysians,” it added.