KUALA LUMPUR (Oct 15): The Edge weekly, in its latest edition, welcomed the Generation Y (Gen Y) of Malaysia to its first economic crunch.
In its cover story, the Edge’s Chua Sue-Ann wrote that this generation, born between 1981 and 1995, did not feel the effects of past economic crises.
In fact, they grew up in times of rapid economic growth, said the weekly.
It said most of them were mere toddlers or not even born during the economic downturn of the mid-1980s. During the 1997/98 Asian financial crisis, most of them were still in school, the weekly added.
The Edge said the 2008/09 global financial crisis did coincide with the entry of some of the older Gen Y into the workforce but Malaysia was largely unaffected by this crisis and recovery was swift.
But the last couple of years have seen Malaysia’s Gen Y stunned by global economic uncertainties and structural issues in the domestic economy, it said.
The magazine explained that they have come of age when wages are stagnating, the cost of living is rising and, worse still, a boom in real estate prices has locked many of them out of property ownership.
Here’s the thing. Malaysia is not in recession or even close to one, going by macro numbers. The economy is still growing, albeit at a slower pace of around 3.5% to 4%, and the official unemployment rate is manageable at below 4%.
So, why do the young feel increasingly burdened and disillusioned?
For an insight into how young Malaysians are faring, we decided to go beyond what macro data tells us. We went straight to the source.
The Edge partnered financial product comparison site iMoney Group to conduct a survey to gauge how young Malaysians are feeling and how they are coping in their daily lives.
There are two broad parts to the survey: sentiment and spending.
For more details on the survey, get a copy of the Edge for the week of Oct 17 – Oct 23 available at newsstands now.
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