More than half of Malaysians believe their savings are insufficient for retirement, with only 16% confident their funds will last over 20 years after retiring, according to a recent study by the Securities Commission Malaysia (SC).
Alarmingly, 18% of respondents said their savings would only sustain them for five years or less.
These findings were revealed as the SC kicked off its annual InvestSmart Fest 2024, which focuses on retirement planning and safeguarding investors from scams.
Investor protection remains a significant concern, with the SC receiving 3,380 scam-related complaints by the third quarter of this year, marking a 28% increase in fraudulent activities.
In response, InvestSmart Fest 2024 aims to raise awareness about safe investing and the benefits of early financial planning.
The SC has also updated the Guidance Note on the Provision of Investment Advice to address the growing influence of financial influencers (finfluencers) on social media.
The event, held at Mid Valley Exhibition Centre (MVEC), featured 40+ exhibitors, 600 free financial planning sessions, and a new ‘Anti-Scam Zone’ designed to educate the public on scam prevention.
The SC Chairman Dato’ Mohammad Faiz Azmi said,
“The SC remains committed to safeguarding investors, but vigilance is key.
Through InvestSmart Fest, we are equipping Malaysians with the tools to recognise threats and make secure financial decisions.”
SC Executive Director and General Counsel Yew Yee Tee cautioned about the increasing prevalence of digital scams, including the use of deepfakes, fraudulent pre-IPO schemes, and the mislabeling of Shariah-compliant products.
“The public must practice caution and ensure they deal with licensed individuals or companies before making any investment decisions.”
