New finance app to help Malaysians plan for their retirement

Ng (left) and Azaddin launching the app.

KUALA LUMPUR: Payments company Visa and the Credit Counselling and Debt Management Agency (AKPK) have launched a mobile application that they hope will get Malaysians thinking about and planning for their retirement.

"We hope that the introduction of the Financial Insight mobile app will enable Malaysians to understand the importance of saving regularly and be aware of how much they should set aside each month so that they will be financially sufficient by the time they retire," said Visa Malaysia country manager Ng Kong Boon at the launch of the app here on Tuesday.

AKPK chief executive officer Azaddin Ngah Tasir said that the app would be of help to Malaysians, especially those from the younger generation.

"We hope that youngsters are not only using technology to transact purchases, but also to gain knowledge and plan their finances wisely," he said.

Azaddin added that financial literacy should be taught from a young age, even before they entered the workforce.

"We want them to be in the work force with the confidence of handling finances on their own and achieving financial independence," he said.

Ng also said that they were targeting 10,000 downloads of the app after its launch in mid-December.

The app requires users to take a photo of themselves and answer questions pertaining to their finances such as how much they are saving, how much they hope to save when they retire, and what age they hope to retire.

The app then reveals an image of themselves upon retirement.

A poor outlook will reveal a wrinkled face and a positive outlook will show laugh lines on the face.

AKPK also said that more than 50% of Malaysians are financially unprepared for retirement.

This figure was determined through a survey done by Visa and AKPK, which also found that one in five Malaysians saved less than 10% of their monthly salaries, although nine out of 10 Malaysians set aside monthly savings.

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