88% in Malaysia concerned about not having enough for retirement
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1 News Release 27 January % in Malaysia concerned about not having enough for retirement *HSBC Group s report reveals the real lasting impact of the downturn* *Malaysians highest in Asia (28%) to say ability to save for retirement is impacted by debt* *Working age people say, cost of living in Malaysia today is increasing faster than income * *53% Malaysians say they would have started saving at an earlier age* Kuala Lumpur: The long-term impact of the global economic downturn will be felt for many decades to come, according to a new report by HSBC. Despite encouraging signs of economic recovery, the longer-term impact will cause waves for millions of people who have weathered the storm by raiding their retirement funds and amassing debt, reveals HSBC s latest report, The Future of Retirement A balancing act. HSBC s survey of 16,000 people worldwide found that two in five working age people (40%) stopped or reduced their retirement savings during the downturn whether through investments (25%), cash deposits (24%) annuities (21%) or employer or personal pension schemes (19% respectively). This means that millions of people could enter retirement with savings diminished by a quarter or more after getting into debt or severe financial difficulty*. In some countries this retirement savings shortfall the reduction in their retirement savings pot as a result of debt or financial constraint is almost half, with people in the UK and Canada able to save significantly less than those who are unaffected by debt or financial hardship, by the time they reach retirement age. Even with the best intentions, major life events have affected the majority (85%) of pre-retirees retirement saving. While some of these events can be planned for, such as buying a home or paying a mortgage (41%) or starting a family (16%), unexpected events can also have a significant impact. The most significant life event that impacted Malaysian s ability to save for retirement is having bought a home and paying a mortgage (41%). The same reason proves to be most significant for Singaporeans (36%). Paying for children s education seem to also be a significant contributing factor when it comes to reducing savings amount amongst Malaysians (30%). The second most significant life event that impacted Singaporeans ability to save for retirement is being unemployed (33%) while only 19% in Malaysia stated that as a reason. Malaysians are the highest in Asia (28%) to say ability to save for retirement is impacted by debt compared to Singaporeans at 19% and 24% Indonesians who say the same. - This news release is issued by HSBC Bank Malaysia Berhad (Company No V) Registered Office and Head Office: 2 Leboh Ampang, Kuala Lumpur, Malaysia. Web:
2 And despite signs that the global economy picked up in 2014, 32% of Malaysians feel that the recession and current economic downturn continues to blight their abilities to save for their retirement. In Singapore, the same reason took the lead (36%) as the main contributing factor in reducing savings. The long-term financial gloom is felt across the world, with nearly a quarter (23%) of working age people expecting their standard of living in retirement to be worse than it is today. However, Malaysians are more positive with (58%) of the working age people expecting their standard of living to be much better after retirement. Two thirds (66%) of pre-retirees worldwide are concerned about not having enough money to live on day-today in retirement, rising to 88% in Malaysia. In Malaysia, women believe their retirement savings and investments will last just 11 years, but with an average retirement period of 21 years, this leaves 10 years when women will be reliant solely on any pension provision they may have. Men have enough savings for 12 years of retirement, but with a shorter average retirement period of 17 years, this leaves a lesser 5 years where men will be reliant solely on any pension provision they may have. 21% of Malaysian retirees say to maintain their standard of living in retirement, they need to start planning for retirement aged 30 or younger. With the benefit of hindsight, many retirees would have done things differently before they retired, to improve their standard of living in retirement. For example, more than two in five (45%) retirees say they would have saved more, and over half (53%) would have started saving at an earlier age 5% in Malaysia rising to 14% in Singapore go so far as to predict that they will never be able to fully retire from paid employment. Things are set to worsen. Over two fifths (45%) of working age people in Malaysia say that the cost of living today is increasing faster than their income whereas more than half (58%) in Singapore say the same. Commenting on the findings, Lim Eng Seong, Head of Retail Banking & Wealth Management, HSBC Malaysia, said: While the future health of the global economy still hangs in the balance, it seems that an as-yet unrealised impact of the past decade is still to come. The majority of working age people have more fundamental concerns about funding their retirement. The majority worry about having enough money to live on day-to-day and many are afraid of running out of money. There is no quick-fix solution but the key for workers everywhere is to focus on finding the means to save a little for their future, now. We know the cost of living is up and budgets are increasingly stretched - but even the smallest amounts saved can help reduce the long-term effect of these challenging times, and make the likelihood of a comfortable retirement all the more real.
3 HSBC s research identified four actions that individuals can take to improve their financial well-being in retirement. Action 1. Start saving early. Retirement can seem a long way off when you are young. Nevertheless, it is crucial to start making retirement plans as early as you can. Action 2. Know how much you need. Start thinking about the kind of lifestyle you want when you retire and how much you will need to fund it. Action 3. Refill the pot. It is easy for retirement savings to suffer when times are hard. With the worst of the global economic downturn behind us, start looking for advice on how to replenish any depleted funds in your retirement pot. Action 4. Expect the unexpected. Unforeseen life events can damage your retirement savings. No one can see into the future, but do consider what could happen and how this will impact your financial planning. * Retirement savings shortfall research note The retirement savings shortfall is based on two questions asked of pre-retirees, regarding the size of their retirement savings and the impact of getting into debt or severe financial difficulty. We calculate the average lifetime amount saved for retirement by pre-retirees who have been less able to save as a result of getting into debt or severe financial difficulty, as a proportion of the average lifetime amount saved for retirement by pre-retirees whose saving has not been affected by getting into debt or severe financial difficulty. The gap between this and 100% is the retirement savings shortfall. For example, globally, pre-retirees who have been less able to save for retirement as a result of getting into debt/financial difficulty on average have only been able to save 78% of the average lifetime amount saved by pre-retirees whose retirement saving was not affected by getting into debt/financial difficulty leaving a retirement savings shortfall of 22%. Pre-retirees (age 25 and over) Proportion (%) of average lifetime amount saved by those who experienced debt/hardship Retirement savings shortfall (%) Average 78% 22% Canada 48% 52%
4 UK 49% 51% Australia 58% 42% France 63% 37% Turkey 65% 35% USA 67% 33% UAE 76% 24% Mexico 77% 23% Singapore 78% 22% Brazil 81% 19% Taiwan 82% 18% Hong Kong 96% 4% Malaysia 98% 2% Indonesia 108%* n/a India 109%* n/a *In the case of India and Indonesia, the proportions over 100% mean that pre-retirees in these countries who have been less able to save for retirement as a result of getting into debt or financial difficulty actually end up on average with greater lifetime retirement savings than those who were not so affected, suggesting that pre-retirees in these countries who have experienced such hardship become more financially prudent in the long run. ends/more Media enquiries: Marlene Kaur marlene.kaur@hsbc.com.my Malini Saudranrajan malini.a.p.saudranrajan@hsbc.com.my
5 Notes to editors The Future of Retirement is a world-leading independent research study into global retirement trends, commissioned by HSBC. It provides authoritative insights into the key issues associated with ageing populations and increasing life expectancy around the world. This global report, A balancing act, is the tenth in the series and represents the views of more than 16,000 people in 15 countries and territories worldwide (Australia, Brazil, Canada, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, Turkey, United Arab Emirates, United Kingdom, United States). The findings are based on an online poll conducted by Ipsos MORI in August and September Since The Future of Retirement programme began in 2005, more than 141,000 people worldwide have been surveyed. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,200 offices in 74 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,729bn at 30 September 2014, HSBC is one of the world s largest banking and financial services organisations. For more information about The Future of Retirement, and to view all previous global and country reports, visit About The Hongkong and Shanghai Banking Corporation Limited The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group, which serves around 52 million customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. The Group serves customers worldwide from over 6,200 offices in 74 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,729bn at 30 September 2014, HSBC is one of the world s largest banking and financial services organisations. About HSBC in Malaysia HSBC Bank Malaysia Berhad was locally incorporated in 1984 and is a wholly-owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited (a company under the HSBC Group). In 2007, HSBC Bank Malaysia was the first locally incorporated foreign bank to be awarded an Islamic banking subsidiary licence in Malaysia, and HSBC Amanah Malaysia Berhad, a full-fledged Islamic bank wholly owned by HSBC Bank Malaysia, commenced operations in August HSBC in Malaysia has a network of 68 branches nationwide, of which 26 are HSBC Amanah Malaysia Berhad branches. HSBC Amanah Malaysia Berhad also has offsite ATMs established in 25 locations nationwide. In 2006, HSBC was the first foreign bank to be awarded a Takaful (Islamic insurance) license in Malaysia. HSBC Amanah Takaful (Malaysia) Sdn Bhd, a joint venture between HSBC Insurance (Asia Pacific) Holdings Limited (49% shareholding), Jerneh Asia Berhad (31% shareholding) and Employees Provident Fund Board of Malaysia (20% shareholding) commenced operations in August 2006 ends/all
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