KUALA LUMPUR: Insurance services provider, Allianz Life Insurance Malaysia Bhd, said retirement planning will be among the company’s main focus areas this year.
Its chief executive officer, Jens Reisch, said the insurance sector must be prepared with retirement schemes as people were living longer and Asia was ageing rapidly.
“Currently, there is insufficient financial education and lack of awareness in this area,” he said.
Awareness must be raised for people to plan for retirement so that they can be more independent and enjoy a comfortable post-retirement life, he added.
Reisch said 50 per cent of contributors exhaust all their Employees Provident Fund savings within five years of retirement and private retirement schemes offer more diversified investment options for people as they complement the EPF savings. Bernama