KUALA LUMPUR: With child education and retirement being the number one priority in terms of financial goals, Malaysians can now work towards achieving them, thanks to an initiative by OCBC Bank (M) Bhd.
With OCBC Life Goals, the bank hopes it would set Malaysians on the path to achieving their top two above financial goals.
OCBC Life Goals, which features an online tool on www.ocbc.com.my/lifegoals, allows any member of the public to perform a five minute self-assessment that ends with a summary of where the individual stands in relation to the stated goal, either child education or retirement, and suggests customisable solutions on how to move forward.
According to a study by the bank, 57% of those surveyed said their number one priority when it comes to a financial goal is retirement while 48% said it was their children’s education.
OCBC Bank head of consumer financial services Lim Wyson said the disconcerting revelation from the survey is that 36% (for retirement) and 24% (for children’s education) stated they had not started preparing to achieve these goals despite being over 40, which would ultimately place a strain on their funds later in life.
“We aim to drive home the message that preparing early in life for retirement and child education is key to achieving what you want. And not just that, the more quickly you use any good advice at your disposal the better your chances are of meeting your life goals,” he added.
The OCBC Life Goals tool begins by asking the individual whether his or her goal is children’s education or retirement, before venturing into four distinct steps covering the individual’s financial need, where the person is currently at, an assessment of preferred solutions and a review section which allows for customers to adapt the approach from time to time.
“OCBC Life Goals is critical to anyone, including those who think they might be either ‘too young’ or have ‘too little’ to begin the journey in preparing to achieve their life goals,” Lim noted.
To encourage Malaysians to try out OCBC Life Goals, OCBC Bank is rewarding the first 1,000 customers with RM100 vouchers upon starting a life goal with the bank.
Singapore-based OCBC Bank is currently the second largest financial services group in South-East Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s.
Its key markets are in Sngapore, Malaysia, Indonesia and Greater China. It has 590 branches and representative offices in 18 countries and regions.
OCBC Bank offers Islamic banking products and services in Malaysia through its wholly-owned subsidiary, OCBC Al-Amin Bank Bhd.
Already a subscriber? Log in.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!