68% of Malaysians worried about retirement- HSBC

Malaysians are the most prolific financial planners but 68 per cent of them are still worried that they would not be able to cope financially in retirement, a recent HSBC survey reveals.

"This shows that Malaysians have grasped the fact that they need to start planning early while the prospect of unforeseen events remains a prime concern," HSBC Amanah Takaful (Malaysia) Sdn Bhd Executive Director and Chief Executive Officer Zainudin Ishak told reporters after launching the survey report titled "Future of Retirement: The Power of Planning" here today.

The survey was based on interviews with more than 17,000 people in 17 countries.

He said the report also highlighted that Malaysians were among the least dependent on state solutions to fund their retirements and younger people were the most likely to be actively planning for the future.
He said ageing, which is among the biggest challenges of the 21st century, was no longer just a phenomenon facing the developed world. By 2050, those over 65 years old in Asia would be more than triple to 900 million, he added.

The survey shows that although 69 per cent of Malaysians look forward to freedom in retirement, 24 per cent are concerned about the cost of caring for their parents in their old age. -- Bernama, 30 May 2011