Majority of B40 women lack emergency savings

SHAH ALAM - The majority of women in the B40 category in this country do not have sufficient emergency savings for their old age due to financial difficulties.

Most of those facing this issue were single mothers who had lost their husbands to death or divorce.

As a result, the money they earned was used to pay off debts, cover medical expenses and meet their children's needs.

In the end, there was no remaining balance to be set aside as emergency savings for the future.

Persatuan Gerak Wanita Islam Malaysia (GerakWanis) chairman Bibi Sunita Sakandar Khan said that the organisation found that the financial situation of this group became even more difficult if they had many children.

"We had a case of a single mother who had to quit her good job because there was no one to take care of her children. Sending them to a nanny is expensive these days.

"She ended up having to juggle two or three jobs, despite the low pay, just to be able to care for all her children.

"Single mothers often have to sacrifice opportunities in front of them to take care of their children," she told Sinar.

Meanwhile, women who were still married and working often needed to prioritise their income for their families and children first, only using any leftover money for themselves.

"For working women, their goal is to help ease their husbands' burdens by contributing to the family income, especially for those in the B40 category, but it’s still not enough due to the economic situation and rising costs of living.

"Monthly income is often spent on debt repayment, medical expenses, children's needs, and so on. In the end, there is nothing left for emergency savings or future savings," she said.

Bibi Sunita said that the organisation, which focuses on women found that financial issues were the most pressing matter when meeting and helping them.

She added that retired women with financial resources like pensions or the Employees Provident Fund (EPF) often ended up using their money to support their families.

"Women differ from men because most of them are willing to use their savings for the benefit of their families, especially their children who complain about financial struggles after just starting their careers or having educational loan commitments," she said.

As a result, Bibi Sunita, who is also the Pertubuhan Negarawati Tanahair (Negarawati) chairman said that a roundtable conference would be held with all women NGOs to discuss the financial and economic challenges faced by women.

The resolutions from these discussions would be submitted to the government to assist women affected by financial problems in the country.

"In terms of statistics, a survey was conducted by a women's NGO five years ago, involving 500 women, but the results do not fully represent the financial problems faced by women across Malaysia today.

"We hope a new survey will be conducted by relevant parties to obtain more accurate data, involving various sectors such as the government and media, which could start through social media in collaboration with women's NGOs," she added.

Bibi Sunita further highlighted that if the financial struggles faced by women are left unaddressed, it could lead to prolonged stress, potentially pushing them to act beyond reason and sound judgment.