Visa and Malaysia’s Credit Counselling and Debt Management Agency (AKPK) launched a new mobile app called ‘Financial Insight’. The app aims to give Malaysians a glimpse of how they look when they retire and whether they are saving sufficiently for when the time comes.
Financial Insight was created for Malaysians after a pre-assessment on financial literacy by Visa and AKPK showed that more than 55% of Malaysians (out of 1,000 surveyed) are not financially ready when they retire. The study also highlighted that one in five Malaysians save less than 10% of their monthly salaries.
The Financial Insight mobile app allows Malaysians to take a photo of themselves, and answer questions such as how much they are setting aside for savings each month, how much they hope to retire with, and what age they hope to retire. Based on their answers, the app will tabulate calculations and show an image of themselves upon retirement and whether they are sufficiently prepared. The app also provide tips on what is needed to be done if the results indicate a poor outlook.
KB Ng, Visa Country Manager for Malaysia said: Everyone knows it is important to save, but not many people know how much they need for retirement. We hope that the introduction of the Financial Insight mobile app will enable Malaysians to understand the importance of saving regularly, and be aware of how much they should set aside each month so that they will be financially sufficient by the time they retire.”
Financial Insight will be available to iOS and Android users in mid December. Users will also get a chance to win weekly prizes such as movie vouchers and a grand prize of RM5,000.