Free Financial Literacy Guidance

The Employees Provident Fund (EPF) is giving free financial literacy guidance to its members that will inculcate better financial and retirement planning, chief executive officer Datuk Shahril Ridza Ridzuan said.

He said the free service is available at all its branches would certainly assist the EPF members to sustain their life, especially during economic uncertainty.

"We'll also be conducting public talks pertaining to issues on personal finance management and retirement planning," he told reporters after the launch of financial education and retirement module, "The Start of New Journey" in Kuala Lumpur.

The EPF in partnership with Credit Counselling and Debt Management Agency on Friday launched the module, which acts as a guideline in conducting public talks pertaining to the issues. This programme also allows the EPF to widen its target group in managing inadequacy of retirement income issue.

Shahril said the fund was committed to focusing on advising members who have retired, as well as those who have just begun their career.

He revealed that most Malaysians did not realise how much capital or savings they actually needed to sustain their particular lifestyle. "They should start saving more if they are under a higher spending pattern category.

"If you think your lifestyle requires you to spend at least RM3,000 a month for the next 20 years, then you should have roughly over RM600,000.

"But, if you have RM228,000 savings at the age of 55, you have enough to draw down about RM1,000 a month until you're 75 years old... whether that is enough will depend on your spending," Shahril said.