Study shows only 22% have retirement plan


For you: Executive director of ASNB, Mohammad Hussin (right) presenting a souvenir to Aziz at the function.

SIBU: Most Malaysians are still not having a financial planning for their retirement years.

Stating this yesterday a member of Permodalan National Bhd, Tan Sri Dr Wan Abdul Aziz, said a study by a bank showed that 66% of the people in the country were not confident with their own retirement plan while only 22% of the people had their own plan.

Speaking at a seminar on Financial Management at PNB Unit Trust Investment Week, he said another study on the Internet by Nielsen recently found out that 44% of the people were not sure with their own retirement plan while one-third of the people in the country disclosed that they are not ready financially for retirement.

He said while it was important for the people to have their own savings and investments for their future, they must on the other hand be careful with scammers.

“We have read of many investment scams, get-rich-quick schemes and various other schemes in newspapers which aim only to profit from the people,” he said.

Though there had been numerous scam-awareness programmes organised by various parties which included PNB, he said the people were still being deceived to part with their money as they were promised hefty returns from their investment.

“The community must be aware that investment schemes which offer low returns are less risky while those which promised big returns carry a very high risk,” he said.

Aziz said it was for this reason that the seminar was organised to impart knowledge to the people on proper financial planning.

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