KUALA LUMPUR - More than half of Malaysian’s middle income earners feel they will not be able to save enough to live comfortably after retirement, a survey by insurance company AIA has revealed, showing the growing financial pressure faced by the country’s primary economic force.
The Middle Class Hopes and Aspirations survey conducted in October last year found that 53 per cent of 500 respondents believe that saving for their retirement years is one of their greatest challenges, with many expressing scepticism at their ability to achieve financial stability when they reach old age.
“Saving for retirement is considered a serious challenge with 33 per cent citing enjoying a comfortable retirement as the most difficult to achieve in life.
“Some 53 per cent are worried that they will not be able to save enough for a comfortable retirement,” the survey said.
According to AIA chief marketing officer Thomas Wong, most in the insurance industry would find that the majority would need to earn 10 times more than a middle class person’s average salary to have a comfortable retirement financial plan.
The survey, on the other hand, found that most respondents felt that they would need at least RM1.9 million to survive retirement comfortably.
“And with the various challenges, including lower disposable income, many have found this to be quite difficult to achieve,” Wong said at the presentation of the survey at AIA’s office here. - Malay Mail
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