The Malaysian Financial Planning Council (MFPC) will conduct a half-day virtual event on the Fundamentals of Retirement Planning for members of professional bodies.
Saving for retirement is essential as you are saving for your future. When you neglect to do so, you run the risk of not being able to take care of yourself when you are older and possibly in ill-health. Your retirement goals should come before saving for your children’s education or going on vacation. Having a retirement fund is crucial for our and our families’ financial and emotional wellbeing. This underscores the importance of having adequate savings and income for future security as well as to withstand any future financial shocks.
However, many studies have found that many Malaysians do not have sufficient funds to retire. MFPC’s own national 2020 study on Financial Capability and Utilisation of Financial Advisory Services in Malaysia reveals that a disturbing number of Malaysians generally have low financial capability, and do not plan and save. The recent pandemic worsened the situation when, due to the movement controls imposed, the country’s economy was dealt a hard blow. Many lost their jobs and businesses had to shut down. While the pandemic had a significant impact on the B40 group, the M40 and T20 groups were not spared. 20% of the M40 moved to the B40 group, and 12.8% of the T20 group shifted to the M40 group, according to the Department of Statistics Malaysia.
Understanding the fundamentals is the first step towards successful retirement planning. With a solid plan in place, you can confidently navigate the complexities of financial planning and ensure a secure future.
The event is the first of a series of talks to be held over three years (from 2023 to 2025) covering the various aspects of financial planning and aimed at raising the financial knowledge of Malaysians. This is an initiative of the Capital Market Development Fund (CMDF), who will provide extensive support during this time. MFPC, with the support of CMDF, is committed to enhancing Malaysians’ awareness of the importance of investing and of financial planning, of which retirement planning is an integral component.
Participants will gain CPD points for continuous learning and with guidance from speakers with vast experience and knowledge related to the topic, attendees will be empowered with financial planning knowledge and learn how to embrace economic challenges with proper planning for their retirement years.
Registration is open until 10 May at
https://1st.mfpc.org.my/PublicEventRegistration/396
