November 13, 2025 8:24AM

Vodus Consumer Sentiment Study 2025: How Malaysians Are Investing and Staying Cautious

As Malaysians diversify into emerging assets such as crypto and Stocks/ETFs, they remain cautious amid rising risks and scams in a rapidly evolving financial landscape. 

• Traditional Investments Still Dominate: 39% of Malaysians continue to favour ASB/ASN, reflecting a strong preference for stable and familiar assets over higher risk options. 
• Crypto Investing Climbs: Confidence in digital assets is growing, with 15% now investing in cryptocurrencies, signalling gradual mainstream acceptance despite volatility. 
• Scams & Fraud Remain a Key Concern: 1 in 3 investors report experiencing scams or fraud in the past six months, highlighting the need for stronger financial vigilance and digital literacy. 

As Malaysians work toward long-term financial security, their investment habits reveal a careful balance between ambition and caution. Many are seeking new ways to grow their wealth yet remain mindful of the risks that come with an increasingly complex financial environment. Traditional assets such as Amanah Saham Bumiputera (ASB), Amanah Saham Nasional (ASN), and Fixed Deposit remain preferred options for their stability, while more investors are exploring Stocks/ETF and digital assets such as cryptocurrency to diversify and pursue higher returns. 

At the same time, the rise of financial scams and online fraud has strengthened public awareness of the need for vigilance. The convenience of digital investing platforms and social media driven financial advice has made information more accessible, but also more difficult to verify. Malaysians are becoming more discerning, researching sources, comparing opportunities, and prioritizing safety alongside performance. 

The Vodus Consumer Sentiment Study 2025 captures these patterns, revealing how consumers approach investments, assess risk, and guard against scams. This article highlights key findings from the study and examines how financial capability and protective habits contribute to long-term financial resilience. 

Investment Types and Trends 

Malaysian investors are showing a gradual shift toward higher-risk, higher-return assets such as stocks, exchange-traded funds (ETFs), and cryptocurrencies such as Bitcoin. Interest in these options continues to grow, reflecting rising confidence in digital platforms and a greater willingness to explore beyond traditional investments. 

Even so, conventional instruments remain dominant in Malaysian portfolios. ASB and ASN continue to lead as the most common investment choices, although participation has eased compared to last year. Fixed deposits have held steady, underscoring Malaysians’ continued preference for stability and predictable returns. 

At the same time, mutual funds, retirement savings plans, and real estate investments have seen modest declines, suggesting that investors are becoming more selective and focusing on flexibility and short-term performance. In contrast, digital and equity investments have gained momentum, particularly among younger investors drawn by the potential for higher returns and broader diversification opportunities. 

Physical assets such as gold remain a trusted store of value, but their popularity has softened slightly as digital assets gain traction, and investors look for more dynamic ways to grow their wealth. 

Overall, the investment landscape points to a more diversified and mature mindset. Malaysians are balancing opportunity with caution—seeking growth without losing sight of financial security. 

As investment preferences evolve, this shift also reveals deeper insights into how Malaysians perceive and manage financial risks. Understanding these changing attitudes toward risk offers valuable perspective on the nation’s growing financial awareness and readiness for long-term wealth building. 

Investment Attitudes and Risk Awareness

Malaysian investors today are becoming increasingly thoughtful about how they approach investment decisions. While more people are open to exploring new opportunities, there is a clear sense of caution that reflects wider economic concerns and the desire for financial stability. Many investors are focused on balancing potential gains with risk management, choosing to diversify their portfolios while still maintaining a safety net through low-risk options. 

Confidence in the economy remains measured. Around half of ASB investors say they are worried about the weak economic environment, which helps explain the continued appeal of safer, guaranteed-return investments. For many, these choices represent not just a financial strategy, but a form of security and reassurance in uncertain times. 

At the same time, a new generation of investors is reshaping Malaysia’s financial landscape. Young professionals aged 25 to 34 have become key drivers of interest in the country’s most popular investment types, signalling a growing willingness to take calculated risks. This group tends to be more comfortable with digital tools and market research, often blending traditional savings habits with newer investment avenues such as equities and crypto assets. 

Overall, Malaysian investors are demonstrating a maturing awareness of both opportunity and risk. They are learning to navigate volatility with greater prudence, seeking expert advice and credible information to guide their decisions. This growing sense of financial discipline and self-awareness lays the foundation for a stronger, more resilient investment culture in the years ahead. 

As Malaysians become more engaged and informed about investing, awareness of potential risks extends beyond market fluctuations. Many are also becoming more alert to the rise of investment scams and fraudulent schemes that target both new and seasoned investors. Understanding how these experiences shape trust and behaviour is key to strengthening financial protection and building long-term investor confidence 

Scams and Fraud Awareness  

While Malaysians are increasingly informed and cautious, exposure to scams and fraudulent schemes remains a significant concern. Around 1 in 3 respondents reported having been victims of a scam or fraud in the past six months, underscoring the persistent risks they face. 

Among these respondents, experiences of scams or fraud were more prevalent among younger individuals aged 25 to 34, those with postgraduate qualifications, and those within the lower M40 income group. This group also tends to be more actively engaged across a wider range of investment types, including cryptocurrencies, bonds or sukuk, real estate investments (excluding primary residences), and stocks or ETFs. While these investment avenues are legitimate, broader participation in diverse or higher-risk markets may naturally increase exposure to fraudulent activity. 

The study further reveals a relationship between investors’ reliance on social networks and their exposure to scams. Respondents who frequently seek advice from family or friends before investing reported higher rates of scam experiences. Among those who strongly agree with seeking advice, over 42 percent reported being victims, compared with just 12 percent of those who strongly disagree. Those who agreed or were neutral showed intermediate rates of 34 percent and 30 percent respectively. This indicates that while social guidance can provide support, it may not be sufficient to protect against fraudulent schemes. Developing independent research skills, verifying information, and cultivating financial literacy remain critical safeguards for investors navigating complex or higher-risk markets. 

By contrast, investors holding more traditional or lower-risk instruments such as ASB/ASN, fixed deposits, gold accounts, money market funds, mutual funds or unit trusts (excluding ASB/ASN), and retirement funds or PRS report lower rates of scam or fraud experiences. Cautious portfolio choices, combined with the familiarity and predictability of these investments, appear to reduce exposure to fraudulent activity.  

In terms of demographics, among respondents who reported no scam experiences, individuals with a bachelor’s degree, of Chinese ethnicity, residing in the Central region, and belonging to the upper M40 or T20 income groups were more represented. These patterns suggest that factors such as income level, education, access to financial literacy resources, and financial stability influence both exposure to and protection against fraud.  

The findings underscore the importance of risk awareness and preventative measures. While Malaysians are increasingly savvy about investment options, vigilance against scams remains critical, particularly for younger, highly engaged investors exploring diverse markets. Strengthening consumer protection, promoting financial literacy, and providing accessible tools to identify fraudulent schemes are essential steps to safeguard investor wealth and confidence. 

 Conclusion 

The 2025 findings from the Vodus Consumer Sentiment Study reveal a Malaysian investment landscape that is evolving, diversified, and increasingly discerning. Investors are balancing the pursuit of higher returns with a measured approach to risk, embracing opportunities in stocks, ETFs, and cryptocurrencies while continuing to rely on traditional instruments like ASB, fixed deposits, and money market funds for stability. 

Attitudes toward investing reflect a growing financial capability and risk awareness. Younger investors, in particular, are driving interest in new and dynamic investment avenues, yet even experienced and educated investors remain cautious and selective in their choices. 

At the same time, exposure to scams and fraudulent schemes underscores the ongoing need for vigilance. With around three in ten respondents reporting scam experiences in the past six months, promoting financial literacy, consumer protection, and practical risk management remains crucial to safeguarding wealth and confidence in the market. 

Taken together, these insights paint a picture of a maturing investment culture in Malaysia—one that combines ambition with prudence, opportunity with awareness, and growth with security. For investors, regulators, and financial institutions alike, the study highlights the importance of continued education, informed decision-making, and protective measures to ensure sustainable long-term financial resilience. 

Research Methodology 

The findings in this report are based on data from the Vodus Consumer Sentiment Study 2025, conducted using an online quantitative methodology among 10,673 Malaysian adults. The sample was stratified to mirror the Malaysian population census, ensuring representation across key demographics and regions, including both Peninsular Malaysia and East Malaysia (Sabah and Sarawak). 

Data collection was carried out through the Vodus Media Network, which includes major partner platforms such as Astro and Media Prima, providing extensive reach across diverse audience segments. The survey employed Vodus (OMTOS) survey method, a low disruption approach designed to capture authentic, unbiased responses from respondents within their natural online browsing environment. 

Fieldwork was conducted from 25 July to 15 August 2025. The target population comprised of Malaysians aged 18 years and above, and the demographics of the sample stratified to accurately reflect the general population. 

This robust methodology ensures that the results presented are representative of Malaysian consumer sentiment, offering valuable insight into national financial attitudes and priorities in 2025.