Buletin Takaful

Source: The Star, 8th August 2007

Most Malaysians are not only ill prepared for retirement but are also unconcerned about their financial security in their twilight years.

This is the finding of an independent survey commissioned by leading insurer Prudential Assurance Malaysia Bhd.

Prudential chief executive officer Tan Kar Hor said the survey, Prudential Retire-Meter 2007, revealed a worrying trend as more than 80% of the 1,038 respondents were indifferent on the need to prepare themselves financially for retirement.

Only 34% were saving regularly for retirement, the study revealed.

“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 a press briefing on the survey.

He said an alarming 60% of those interviewed were found to be ignorant on how much they needed to save for their retirement.

“They believe that they would have enough to cover their retirement needs,” he said. He Malaysians also lacked confidence in obtaining advice from financial experts, insurance agents and banks.

Tan noted that only 42% of those e retirees surveyed expressed confidence in having enough funds for their retirement needs while 37% planned to continue working after the retirement age.