MALAYSIANS PLAN TO SAVE MORE IN NEXT SIX MONTHS, SAYS HSBC SURVEY.

KUALA LUMPUR, Jan 12 (Bernama) -- Malaysians are planning to allocate more
of their income towards savings, insurance premiums and investments in the next
six months, says a HSBC Asian Insurance Monitor survey.

The survey had almost half the respondents saying they would save regular
monthly installment plans to meet retirement goals with 17 per cent indicating
they would look for a product that can provide a retirement income.

HSBC Bank Malaysia Bhd head of sales and distribution,personal financial
services Jon Chivers, said Malaysians are beginning to fully appreciate the need
to invest for their retirement and children's education.

On the same note, HSBC Amanah Takaful (Malaysia) Sdn Bhd executive director
and chief executive officer, Zainudin Ishak, highlighted that Malaysians are
realising the need to be more proactive in preparing for their retirement and to
take greater control of financial planning.

The survey, which covered more than 500 respondents in Malaysia, also showed
that 56 per cent of them were planning to save for their children's university
education, with almost half already putting aside funds on a monthly basis for
this purpose.

When asked about financial uncertainties, Malaysians ranked medical
expenses, insufficient funds to meet daily needs and shortage of funds for
retirement as their top three threats.

Understanding the importance of medical insurance these days, 86 per cent of
the respondents would subscribe to their own medical insurance.

According to the survey, the main reason for subscribing to medical
insurance is the lump sum payment it provides for critical illnesses and may
reduce the burden of surgery costs.

The HSBC Asian Insurance Monitor is a survey that monitors the attitudes,
recent and future activity in long-term savings, life and medical protection
across seven countries, Malaysia, Singapore, Hong Kong, mainland China,
Taiwan, India and Korea.
-- BERNAMA


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