KUALA LUMPUR: Millennials in Malaysia expect to retire at 57, two years younger than the country’s average retirement age of 59, a study conducted by HSBC has revealed.
The bank's latest report, titled "The Future of Retirement", also discovered that 55 per cent of Malaysian millennials think that they will live much longer than their parents, and would need to support themselves for much longer, compared to previous generations.
The report said that on average, millennials expect to live to 77.
While millennials are optimistic about their retirement age, only 38 per cent believe that they will be financially comfortable in their retirement; while 65 per cent believe that they will continue working, to some extent, beyond their retirement age.
Despite the apparent ''reality gap'' in the millennials' retirement expectations, 80 per cent of respondents in the report began saving for retirement at an average age of 27.
The report also revealed that around 72 per cent of Malaysian millennials are prepared to cut back on their expenses in order to save – the second highest figure in Asia after Indonesia.
The report represented the views of 18,414 people from 16 countries and territories, including 1,011 Malaysians. The research was conducted online by leading market research company, Ipsos MORI, between Nov 2016 and Jan 2017. -- BERNAMA