A new mobile application to encourage Malaysians to start thinking about and planning for their retirement is launched by Visa and Credit Counselling and Debt Management Agency (AKPK).
“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 financially sufficient by the time they retire,” said Visa Malaysia country manager Ng Kong Boon.
The app aims to help Malaysians, especially the youths, said AKPK chief executive officer Azaddin Ngah Tasir.
“We hope that youngsters are not only using technology to transact purchases, but also to gain knowledge and plan their finances wisely,” he said.
Financial literacy should be introduced and taught from young, even before one enters the workforce, Azaddin added.
“We want them to be in the workforce with the confidence of handling finances on their own and achieving financial independence,” he said.
The team aims for 10,000 downloads of the app after its launch in mid-December, said Ng.
Users are required to take a photo of themselves and answer some questions related to their finances, such as how much they are saving, what is their target retirement fund, and what is their planned retirement age.
From these questions, the app will generate an image of the user upon retirement. A poor outlook will be represented by an image of a wrinkled face while a positive outlook will show laugh lines on the face.
According to a survey conducted by Visa and AKPK, more than 50% of Malaysians are not financially prepared for retirement. The findings also found that one in five Malaysians saved less than 10% of their monthly salaries, although nine out of 10 Malaysians set aside monthly savings.
The app will be available for download for free in mid-December for both iPhone and Android users.
[Source]
