WEALTHTECH TO ENABLE COMFORTABLE RETIREMENT
Business Today Malaysia|November 2020
Speaking of a comfortable retirement, Malaysians often rely on the Employees Provident Fund (EPF) as a source of savings. According to EPF Malaysia, 64 percent of EPF members aged 54 have less than RM50,000 in their savings. And, most members spend all their EPF savings within 3 to 5 years.
LOKINI SEGARAN

Earlier this year, the Department of Statistics (DOS) stated that 71.4 percent of self-employed respondents have sufficient savings of less than a month, while 82.7 percent of private-sector employees have sufficient savings for up to two months during the Movement Control Order (MCO).

The above-mentioned statistics clearly indicates that Malaysians lack the necessary knowledge or preparedness of saving up for rainy days, and this is where wealth management becomes a vital part of life. The 2019 Economic Survey of Malaysia by Organisation for Economic Co-operation and Development (OECD) revealed that an individual tends to spend 20 years in retirement if he/she retires at 60.

Whenever savings become a topic of discussion, investment becomes the ‘why not’ factor as opposed to plain savings.

A study survey by Dalia Research showed that around 31 percent of Malaysian millennials do not have an investment strategy while 43 percent of millennials say they do not invest at all and only 16 percent invest once every one or two years.

The survey demonstrates that Malaysian millennials are more driven towards saving than using their money for investment.

And as the world transitions into digitalisation, many industries are seen to adopt new technologies to continuously improve their services. Financial Technology (Fintech), provides automated and improved financial services with software and other modern technologies.

Among such developments is Wealthtech (wealth and technology), the growing segment of Fintech. Wealthtech involves cutting-edge technologies such as artificial intelligence and Big Data, to provide an alternative to traditional wealth management firms.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BUSINESS TODAY MALAYSIAView All

MAKING THE RIGHT PIVOT TO ADAPT TO CHANGING TIMES

The arrival of the pandemic has disrupted industries both globally and nationwide. Much like its peers, the property industry was left to face an unprecedented number of shifts and along with the shifts, came the impact as well.

4 mins read
Business Today Malaysia
December 2020

THE YEAR IN REVIEW 2020

In an unprecedented year, businesses faced both struggles and opportunities in the midst of a pandemic. With more focus on digitalisation, the business community have found themselves in a shift that is changing the way Malaysian consumers behave with technology, requiring a more seamless and effective experience.

9 mins read
Business Today Malaysia
December 2020

OFFERING USERS A SMOOTHER DRIVE

As a car enthusiast, Gim Teck Yew is constantly looking into changing and with newer models entering the market more often, he found selling his old cars a hassle.

3 mins read
Business Today Malaysia
December 2020

MAKING THE SUSTAINABLE CHOICE FOR YOUR BUSINESS

Sustainability has been at the forefront of business discussions in recent years, making it an unavoidable topic that every business needs to be aware of as we preserve our world for future generations in everything we do for our people, planet and community.

9 mins read
Business Today Malaysia
December 2020

LEVERAGE INTERNET PENETRATION TO EXPAND E-COMMERCE MARKET

Sofea Azahar is Research Analyst at EMIR Research, a think tank focused on strategic policy recommendations based on rigorous research.

3 mins read
Business Today Malaysia
December 2020

EXIM BANK CONTINUES TO BE PREFERRED TRADE FINANCIER FOR GLOBAL BUSINESSES

Despite the challenging Covid-19 situation and decline in oil prices, Export-Import Bank of Malaysia Berhad (EXIM Bank) continues to be the preferred trade financier and advisor of global businesses, as it finds ways to lend its support to Malaysian businesses by financing their cross-border projects.

3 mins read
Business Today Malaysia
December 2020

DRIVING DIGITAL RECOVERY THROUGH SMES

BusinessToday speaks to Facebook Malaysia’s Country Director, Nicole Tan on the importance of SMEs leveraging digital tools to expand their offerings and why platforms like Facebook hold the responsibility in helping the community

4 mins read
Business Today Malaysia
December 2020

E-PEDAGOGY: STIMULATING THE PHYSICAL LEARNING EXPERIENCE USING EDTECH

Schools across the Asia Pacific were caught off guard and unprepared when the Covid-19 pandemic hit.

4 mins read
Business Today Malaysia
December 2020

A RAY OF LIGHT IN 2021...?

No one would have thought that the economy this year is going to be in recession although I have been toying with such an idea since 2018. Back then, the yield curve inversion in the US Treasury markets really caught my attention.

3 mins read
Business Today Malaysia
December 2020

Mental Health And The Effects On The Economy

Jamari Mohtar and Tam Mei Si are part of the research team of EMIR Research, an independent think tank focused on strategic policy recommendations based on rigorous research.

4 mins read
Business Today Malaysia
December 2020
RELATED STORIES

Have «comfort foods» PUT YOUR healthy diet ON THE BACK SHELF?

Nutrition Myth Buster Jonny Bowden says toss out the old nutrition advice along with the junk food. It’s time to start fresh before you start having health issues.

3 mins read
Natural Solutions
December 2020

PARANOIA

MAGGIE LINDEMANN SPILLS THE TEA ON HER UPCOMING EP, TRAN- SCENDING GENRES AND COLLABORATING WITH POP PUNK’S FINEST.

5 mins read
Inked
January 2021

COVID-19 TURNS MALAYSIA'S GLOVE MAKERS INTO BILLIONAIRES

Owner of Riverstone Holdings is now a billionaire with his share prices going up, keeping up with the increasing demand in protective gloves across the world.

2 mins read
Industry Leaders
September 2020

Offshore Safety

Voyaging on the boat they built together

10 mins read
Ocean Navigator
Ocean Voyager 2020

The Virus Clips AirAsia's Wings

The region’s premier discount carrier may have to lower its ambitions

4 mins read
Bloomberg Businessweek
April 20, 2020

Plant Power

Dr. Jonny busts the palm oil myth and sheds light on an estrogen-affecting phytochemical.

4 mins read
Clean Eating
January - February 2020

Malaysia's Mixed Bag

On his maiden trip to Malaysia, Kumar Shree experiences the best of heritage, culture, luxury, and adventure that the multifaceted land offers.

5 mins read
Travel+Leisure India
January 2020

Penang Looks Like A Trade War Winner

Malaysia’s electronics manufacturing hub is drawing renewed interest as China and the U.S. battle

3 mins read
Bloomberg Businessweek
November 25, 2019

READER PROJECT Custom-Chassis Muscle Mustang

Retro-realistic machined-metal muscle car

5 mins read
Radio Control Car Action
November 2019

Tradition Updated

THE ORFORD EBAN PARANG IS MODERN MATERIALS AND METHODS IN AN IMPRESSIVE TRADITIONAL TOOL

5 mins read
Knives Illustrated
December 2019