The price of convenience: QR payment might be hurting Malaysians’ saving habits

MALAYSIA: From stamp books to QR codes, Malaysia’s saving habits have shifted from discipline to convenience. Chief Statistician Mohd Uzir Mahidin warns that digital payments erode restraint while fueling impulsive spending. He stresses savings must begin early, even modestly, to withstand inflation. Technology changes, but discipline remains vital—without control, surplus income risks disappearing.

Social media users agreed that the time has changed. However, they say salaries have yet to keep up with the change. More than a third of Malaysian professionals are dissatisfied with their pay, reflecting stagnant wage growth and rising career mobility, according to the 2026 Hays Asia Salary Guide. 

The survey found 37% unhappy with salaries, slightly below Asia’s 44% average. About 27% received no raise last year, while 3% faced cuts, yet optimism is emerging: only 11% expect no increase in 2026, compared with 40% regionally. 

On X, one argued that salaries in 2026 remain virtually unchanged from 2006, exposing a fundamental flaw in wage distribution, highlighting the absence of significant pay growth over two decades and criticising such claims for overlooking the current realities faced by workers.

Further comments regarding wage stagnation continue. One user noted that three decades ago, basic salaries for average jobs stood at RM1,800 (S$576) — and today, they remain largely unchanged, especially outside Kuala Lumpur. He added that blaming QR payment methods for Malaysians’ lack of savings misrepresents reality, as the deeper issue lies in persistent wage stagnation.

Another added that there isn’t a massive difference between spending physical cash and spending through QR payment. Making payments via QR will not be possible if one’s bank account is empty.

Others argue that policies such as nine‑year car loans encourage younger Malaysians to spend beyond their means. He adds that social media influence further drives excessive consumption, pushing the younger generation to spend more than necessary.

The issue of wage stagnation is not unique to Malaysia — it has become a global conversation. From the United States to Europe and across much of Southeast Asia, salaries have remained largely flat for decades despite rising costs of living.