KUALA LUMPUR: Sixty-six per cent of Malaysians may need to delay retirement due to current financial responsibilities, according to the Financial Resilience and Longevity Report by Manulife Investment Management (Manulife IM).
The report, which surveyed savers across Malaysia, Singapore, Indonesia, the Philippines, Vietnam, Mainland China, Hong Kong, and Japan, found that only half of Malaysians feel financially secure today.
Highlighting a growing retirement crisis tied to increasing life expectancy across Asia, the report identified inflation (83 per cent), rising healthcare costs (83 per cent), and potential recessions (82 per cent) as the main factors impacting Malaysians' retirement plans.
Additionally, a third of Malaysians (33 per cent) are considering additional employment to achieve their financial goals, while 39 per cent are exploring investments in stocks, bonds, or similar financial products.
Around 70 per cent of the respondents expressed interest in financial guidance to strengthen their resilience and support their retirement savings.
Manulife IM head of Asia retirement Calvin Chiu said with life expectancy rising throughout the region, it's imperative that consumers begin planning earlier and more comprehensively.
"The report sheds light on how individuals in different markets can build financial resilience and prepare for a secure future.
"The retirement industry, along with governments and employers, play a critical role in supporting an ageing population and helping consumers save and invest for their extra years of longevity," he said.
Meanwhile, findings in Asia also revealed that consumers across the region continue to face financial challenges, despite some markets and demographics faring better than others.
More than two-thirds of people in Asia are confident they will be able to achieve their top financial goal, which varies across markets. This includes having enough saved for emergencies, managing or maintaining their current lifestyle, and enjoying financial freedom or security after retirement.
However, the older generations are in slightly worse shape, with those in their 50s and 60s less likely to have that confidence than their younger cohorts.