Safety net: Norhana Shafie, 44, is one of the growing number of women who are saving for their retirement to ensure financial independence in their golden years. — YAP CHEE HONG/The Star
More M’sian women are putting more money into their retirement savings
PETALING JAYA: Malaysian women are money-proofing their future to ensure a safe and secure life in their golden years.
Michelle Low remains committed to securing her financial future, even though she has been a full-time housewife for the last 10 years.
Opting to care for her family over her career, she continues to make monthly contributions to the Employees Provident Fund (EPF).
The mother of three – two sons and a daughter – formerly worked in Singapore as a marketing executive.
However, after getting married and becoming pregnant, she decided to quit her job and focus on raising her children.
Even without regular income, she prioritises her retirement savings.
“Before I left my job, I had savings. I’ve used some of it, and my husband supports the household financially, which allows me to continue contributing to the EPF every month.
“I don’t contribute as much as I did when I was working, but I adjust the amount based on what I can afford, usually between RM500 and RM800 a month,” said the 38-year-old.
Maintaining her EPF savings, said Low, is about long-term financial security, not just for herself but also for her children.
“Whenever I earn extra income from part-time work at home, I make sure I set aside some for my EPF contributions,” she said.
Low also said while her husband covers the family’s major expenses, including their children’s education, she helps with daily essentials and household necessities.
After reading financial experts’ insights, she realised the importance of voluntary EPF contributions for homemakers.
Experts encourage housewives to consider such contributions as a way to build long-term savings.
Programmes like EPF’s i-Suri scheme even offer government incentives for those who contribute.
Leena Abdul, 45, who took time off from work to care for her child, learnt the value of saving for a rainy day.
She said her savings were depleted after having to care for her child for five years.
Leena, who is now working as an assistant manager, said having financial independence and managing finances properly are essential.
“People should not live beyond their means. You don’t really need that expensive coffee every day, or that trendy food, or anything else.
“I have no debts because I have settled most of them, so I spend what I earn and the rest goes to my savings,” she said.
With more than 17 years of working experience, Leena from Ampang said she lives within her means to ensure that she has enough by the time she retires.
“I have also downgraded my lifestyle. I drive a smaller car and don’t go shopping for luxury brands.
“In addition, I contribute to ASB regularly, so this account is like a backup. I hope to save more before I retire,” she said.
Eleanor L., who quit working more than eight years ago, said she has been advocating for homemakers like her to save up through schemes such as i-Suri.
The 38-year-old said having an additional fund would provide a sense of freedom for those who opt to look after their families.
Eleanor left her lucrative job in the financial sector at the height of her career to care for her mother and raise her two children.
“It is important for housewives to save up for their golden years, instead of relying on their children or relatives,” said the Penangite.
