The survey showed that more than 55% of Malaysians do not agree that they would be financially ready by their retirement age. The Visa-AKPK study also highlighted that one in five Malaysians save less than 10% of their monthly salaries even though nine out of ten Malaysians set aside monthly savings. Surprised? The creation of a tool that would help tell you whether or not you are ready for retirement would thus come in handy.
This is where the Financial Insight mobile app was created in response to the survey results. Visa, in partnership with the Credit Counselling and Debt Management Agency (AKPK), will be launching the app, allowing Malaysians to get a glimpse of how they look when they retire based on whether they are saving sufficiently for their retirement. This is the fifth year that these two corporations are collaborating to promote financial literacy in Malaysia.
The Financial Insight app allows Malaysians to take a photo of themselves, and answer questions such as how much they are setting aside for savings each month, how much they hope to retire with, and at what age they hope to retire. Based on the individual’s input when answering the questions, the app will tabulate the responses and show Malaysians an image of themselves upon retirement as well as whether they are sufficiently prepared for retirement.
What makes this app so unique is that instead of showing bar charts and graphs, the user will be shown their photo once more, but with a twist. If the calculation is that your retirement outlook is good, your face will be superimposed with laugh lines; if your retirement outlook is poor, your face will be superimposed with frowns and wrinkles. The app will also provide tips on what Malaysians need to do if the results indicate a poor outlook on their retirement.
“This partnership with AKPK is an important one. We are happy to strengthen this partnership for the fifth year running in promoting financial literacy in Malaysia, which is aligned with not only the government’s efforts but is a cornerstone of Visa’s corporate social responsibility as well. Everyone knows it is important to save, but not many people know how much they need for retirement.
“We hope that the introduction of the Financial Insight mobile app will enable Malaysians to understand the importance of saving regularly, and be aware of how much they should set aside each month so that they will be sufficiently stable in terms of their finances by the time they retire,” enthused Visa country manager for Malaysia KB Ng.
“It has always been our aspiration to become a household name in promoting financial wellness. We now act as a catalyst to inspire and empower people to engage with their finances and start their own journeys. Our heartfelt gratitude and appreciation goes to Visa for this fifth successful year of strategic and successful collaboration, as well as for championing this noble cause in the interest of Malaysians,” said AKPK chief executive officer Azaddin Ngah Tasir.
Financial Insight will be available for Malaysians to download from the app stores for iOS and Android users in mid-December. Weekly prizes including movie vouchers and a grand prize of RM5,000 will also be given to participants who use this mobile app.
Be sure to check out our 3 things you need to know for retirement planning in your 30s so that you’ll have the right mindset early on. If you’re younger and want to be financially savvy, make sure that you’re headed in the right direction with our simplified pointers on 5 of the most foolish things to do with your finances in your 20s so that you can steer clear!