05/02/2023
‘One in three working Malaysians still not personally protected’
- Creating a brighter future and being able to embrace life is the dream of all. Being resilient with financial buffers provided by insurance and takaful is one way to achieve this.
It is thus a concern that 30% of working Malaysians in the prime financial planning age have no form of personal protection. Compounding this is that 16% of them said they have no plans whatsoever to set aside any money for insurance or takaful.
This is despite 75% of Malaysians not being able to raise RM1,000 in an emergency, according to Bank Negara Malaysia, and 6.62 million EPF members aged under 55 having savings of less than RM10,000.
Diving deeper into the reasons behind the inaction in obtaining personal protection, the overarching theme is misconception as well as lack of information and understanding.
