MALAYSIANS RESIST SAVING FOR RETIREMENT DESPITE WARNINGS

An Asian Development Bank-Universiti Malaya survey published in 2023, found that almost two-thirds of Malaysians did not prioritise saving for retirement, with 26 per cent saying they expect to work until they die. Illustrative photo. --fotoBERNAMA (2024) COPYRIGHT RESERVED

Dr Rosmah Mohamed, project leader of the 2024 Retirement Strategic Agenda Survey, said one of the findings that struck her was how attitudes toward retirement savings have not changed among civil servants from a previous study on retirement preparedness. --Nina Muslim/BERNAMA

Experts stress on the importance of saving for retirement as families and adult children cannot always provide the medical or financial assistance the elderly need. Illustrative photo. --fotoBERNAMA (2024) COPYRIGHT RESERVED

Women, Family and Community Development Minister Datuk Seri Nancy Shukri (second right) with Dr. Rahimah Ibrahim, director of MyAgeing at Universiti Putra Malaysia, at the National Conference on Ageing 2024 in Putrajaya recently. --fotoBERNAMA (2024) COPYRIGHT RESERVED

Studies have found a majority of Malaysians are not saving enough to prepare for old age with many requiring assistance later on in life. Illustrative photo. --fotoBERNAMA (2024) COPYRIGHT RESERVED

EPF members transfer funds from their main retirement account into the Flexible Account, which allows them to withdraw funds much like a regular bank account. Illustrative photo. --fotoBERNAMA (2024) COPYRIGHT RESERVED