The majority of Malaysians are not only ill-prepared
for retirement, but also unconcerned about their financial security in
their twilight years, according to an independent survey commissioned by
leading insurer Prudential Assurance Malaysia Bhd.
According to Prudential chief executive officer Tan Kar Hor, the
Prudential Retire-Meter 2007 survey, revealed a worrying trend as over
80% of the 1,038 respondents were indifferent about having an ample
coffer to lead a reasonably comfortable life after retirement while only
34% were saving regularly for retirement.
“The survey shows that Malaysians clearly know what they want to do when
they retire, but the majority are not actively planning for their
retirement. "When Malaysians stop working, they want to travel, spend
time with the family and be more involved with the community. Financial
security is crucial to fulfill these dreams. However, it is startling to
learn from our survey that only 34% of Malaysians are putting money
aside regularly for their retirement funds,” Tan told the reporters at a
press conference.
He added an alarming 60% of the people surveyed were found to be
ignorant about how much they would need to save for their retirement.
"They believe that they just save as much as they can now and hope that
they would have enough to cover their retirement needs," said Tan.
This, he added, is intensified by Malaysians' lack of confidence in
obtaining advice from financial experts including insurance agents and
bank representatives. Tan noted, only 42% of the retirees surveyed said
they were confident that they have enough to cover all their retirement
needs while 37% planned to return to the workforce.
The survey was conducted in Kuala Lumpur and major cities like Ipoh,
Johor Baru and Kota Kinabalu.
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