KUALA LUMPUR, Jan 29 ― Nine in 10 Malaysians are concerned about reaching retirement due to fears that they may not have sufficient savings to last their golden years, according to  a report by HSBC Malaysia today.

In a media briefing on the report titled “The Future of Retirement”, HSBC Malaysia country head for wealth management Lim Eng Seong said the need for sound financial planning for retirement is now “stronger than ever”.

“Even small amounts saved today can lay the groundwork for a more comfortable tomorrow,” Lim said.

The survey was carried out by HSBC in September and October last year and involved 18,000 respondents in 17 countries worldwide.

“Some concerns are that they would struggle financially for not having saved enough, having dependants who rely on their income, and having a lot of debt,” Lim said about the key reasons behind many Malaysians hesitating to retire.

In its recommendations, HSBC urged Malaysians to start “saving early” in view of retirement and also to have financial plan in place for retirement.

The concerns voiced by Malaysian respondents in the survey dovetail with the Employees Provident Fund’s (EPF) previous warnings that 80 per cent of those nearing the retirement age of 55 do not have enough savings to live above poverty levels.

Purajaya has sought to encourage Malaysians to supplement the mandatory EPF savings by taking up private retirement schemes to address the issue, with mixed response.