MALAYSIA: Individuals Must Have Financial Plans For Old Age

KEMAMAN (Bernama News), March 16, 2006: The longer life span of up to 71.8 years for men and 76.2 years for women enjoyed in Malaysia currently requires that individuals carefully plan and organise their finances to avoid financial problems in their later years. Tan Sri Ahmad Sarji Abdul Hamid, Chairman of Permodalan Nasional Bhd (PNB), said this at the launch of a seminar at Dewan Berlian. Each individual needs to take into account and prepare for their finances post retirement as they would still have to look at another 14 years of living expenses when they retire at 56. "Each individual must have the understanding beginning now, to manage and plan their finances so that when they retire they would have a source of income that can support their lifestyle after retirement." He said that the changes in the present lifestyle with high cost of education for children, increasing cost of medical bills plus the cropping up of various chronic illnesses, require that the society thinks about how important the issue is. It is in view of this that PNB has taken proactive steps by having educational investment seminars to raise the level of awareness among the people in the country on financial planning, Ahmad Sarji said. A series of 150 PNB Prime Investment Seminars would be held throughout the year at identified locations for the purpose. PNB currently manages almost 56 billion trust units covering eight million account holders and has also paid out more than RM52 billion in the form of income distribution to its investors. Copyright © 2005 All rights reserved.