Malaysia's Retirement Crisis is Here. What Went Wrong? - Professor Geoffrey Williams

[@chunweng]

Trying something new, let’s see how this goes and I hope this video’s helpful for some of you!

[@twogtheworldofgangnam9917]

Yes! Please do more, you got our support! ❤

[@bobochan4699]

Why do u deleted my comments? R u a pussy?

[@ngsc4635]

"try something new" but this is not new, only the problem, how about a solution?

[@teresadianchew5]

Very professionally done

[@myturn2play]

i just watched Diary of a CEO video..and then I saw yours. Am I right you got inspirations from them? The intro part especially

[@hailyrizzo5428]

malaysian employees are some of the poorest paid in the world. the share of employee wages in comparison to company profits is below the global average. wage growth have not kept pace with productivity growth. it galls me to see the rich business owners and company shareholders complaining about the dividend tax and withdrawal of subsidies. for far too long, they have been making money from the sweat of their employees while keep a huge chunk of the profits to themselves.

[@PlanetXenornoph]

You can refer to Mahathir 😅😂😂 Asiaaaaaaaaaa richest tycoon

[@franciswoon2130]

He said he is not rich.pusing putar belit.

[@PlanetXenornoph]

@@franciswoon2130 he is aTrillionaire , putar here putar there until he admitted to IJN

[@kwloo778]

Why not the same employees go into business themselves , as you seems to suggest that business owner is earning easy money .........LOL

[@charlesngs8249]

Nothing is cheap enough for everyone. Even the rich Aristocrats are begging for money 😂 A better statement is that no one is legally rich. The rich and wealthy you saw on everyday basis are either hiding some secret of certain illegal monopoly the monies earned are recognized by Bank Negara but not the method, or outright gang member who's money are received through illegal mean.😂😂😂

[@KatelynnCox-qb5er]

People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.

[@rodgertim2881]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether l'll have sufficient funds for retirement.

[@HaroldSimmons-mf3ep]

It's recommended to save at least 20% of your income in a 401k. Joseph Nick Cahill taught me to estimate how much you should save based on your age and income. I've been with him for years now and his decades of experience in the markets translate to chunks of value in so many ways!

[@AlbertHenry-e9w]

Impressive! How can I contact this advisor? My portfolio has underperformed, and I need guidance.

[@HaroldSimmons-mf3ep]

‘Joseph Nick Cahill' is his name. He is regarded as a genius in his area and works for Empower Financial Services. He’s quite known in his field.

[@HaroldSimmons-mf3ep]

LOOK HIM UP ONLINE

[@teresadianchew5]

Great interview. I find it very educational with clarity by chun weng asking the right questions and prof William providing great depth in his answers. Thanks for great session.

[@safiona]

Missed working under Prof Geoff William's unit when I was in Unirazak. He's such a laid-back person and very considerate compared to my former superior. Wish I can meet him again... 😊

[@АллаСтасюк-д7з]

Retirement isn’t an end goal, but a journey best secured by careful and consistent investments.

[@Benjamin.b4]

Retirement is the reward of disciplined investing over the long term, not just a destination.

[@FrankEwards]

Oh, really? I have never thought of that as an option. Can I ask who it is you've been working with? I bet I could use some help myself.

[@FrankEwards]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing... I will write her an e-mail shortly.

[@LeSudiste-m2q]

@@FrankEwards If you look at the web you must also see this is a SCAM. I posted the web warning about it, but it seems KZbin didn't like it and erased all of it.

[@AVIATOR-by4kk]

If u want to retire in poverty, u have to live in poverty. Politicians have been ignoring the problems forever. Apparently, they are not affected as policymakers.

[@akihibara6436]

One thing, they even love foreigners workers (as they got kautik money duh inside pocket), so they become total ignorance toward rakyat safety. Even our Agong start to blame us, the locals..while I do know many locals start to work instead enrolled 3rd edu. Most of them didn't get because they employers purposely didn't want to hired them. Instead blame rakyat who are not the boss. Why Agong didn't even blame the employers who act arrogant like this? 😢

[@noorezmimahno179]

@@akihibara6436 becareful boss

[@galgalimeyes91]

Yup , they live in luxury due to kickbacks😢

[@alliyaqistina]

Their allowances will go on even though these politicians hv retired. Royalties are rubbish too.

[@monster88]

Malaysian employers are the most stingy in ASEAN.

[@Roasterooosacona]

I agree. Hate working for them

[@henrybutcher9436]

​@@RoasterooosaconaThen why are you still working with them. Are you paying more if you are working in other countries in ASEAN, except Singapore and Brunei?

[@Roasterooosacona]

@@henrybutcher9436 I left them. Singapore pays the highest in this region. If you wanna join a Malaysian company, ensure that it's an international company

[@Northman46]

Here I spit out some facts 1. Salary in Malaysia vs. China and Russia Salary in Malaysia: The average salary in Malaysia ranges from RM2,500-RM5,000 depending on the sector and location (higher in Kuala Lumpur or other big cities). China: The average salary in large areas like Beijing and Shanghai is on par or even higher than Malaysia, but in the interior of China, the salary is much lower. Russia: The average salary in Russia, especially in areas like Moscow, is around $800-$1,000 USD (around RM3,600-RM4,600), but rural areas are lower, as is the case in China. Malaysia does have an advantage because the average salary is quite competitive compared to China and Russia, especially when compared to ordinary sectors or low-skilled jobs. --- 2. Cost of Living Malaysia has a low cost of living compared to many countries: Food and housing in Malaysia are cheaper than in China, Russia, or European countries. China: Housing costs in big cities like Beijing and Shanghai are very high, often beyond the means of middle-income workers. Russia: High inflation since geopolitical conflicts (such as the Ukraine war) has increased the cost of living, especially for basic necessities. Malaysia clearly excels in this regard, especially with subsidies for fuel and certain foods. --- 3. Inflation Malaysia: Inflation rates in Malaysia are generally under control, despite rising global commodity prices, the government often provides subsidies or assistance to stabilize the situation. China: Inflation in China is also relatively under control, but housing and education costs are a big issue. Russia: Russia is facing high inflation, especially after the imposition of international sanctions, which has affected the economy and the cost of living of the people. --- 4. Comparison with Other Countries in Southeast Asia Brunei and Singapore do lead Malaysia in terms of salaries and living standards, but the cost of living in Singapore is very high, while Brunei's population is much smaller. Compared to Thailand, Indonesia, and Vietnam, Malaysia has a clear advantage in terms of salaries, cost of living, and infrastructure. --- 5. Malaysia's Weaknesses Compared to Developed Countries When compared to European countries, Gulf countries, or Singapore, Malaysia still lags behind in several aspects: Professional salaries are lower. Job opportunities for the high-tech or R&D sector are still underdeveloped. The economic growth rate is slow compared to several other countries. --- Conclusion Malaysia is indeed in a good position in the context of low cost of living and competitive salaries in Southeast Asia (after Brunei and Singapore). However, to compete with developed countries in Europe, the Gulf, or Singapore, there is still room for improvement, especially in the development of high-tech industries and professional salaries

[@monster88]

@@Northman46 It has been reported that Malaysian employers only spend 25% of their Gross Domestic Product (GDP) on wages, which is the lowest as compared to Singapore (40%), Indonesia (84%) and the Philippines (76%). This also takes into account the population of the above mentioned countries, with Malaysia at 33 million, Indonesia at 273 million, the Philippines at 109 million and Singapore at 5.6 million.

[@crank8488]

Chun Weng and Prof Geoffrey, first of all, thank you for doing this really relevant piece. We need more people like your good selves to address these issues that are specific to the Malaysian people. I've been in the 'gig economy' all my life and only woke up and started to play catch up early in my 40's. Nevertheless, thank God I did. Years down the road and the numbers are starting to look encouraging with a high chance of achieving financial independence in the not so distant future. Whichever stage you are currently at, the point here is to start! If you don't know how, learn! You owe it to yourself. It's either you learn it now and increase your chance of success or you're going to learn it hard later on in life anyway. Also to note - Government stimulus and policies will not automatically 'make your life better'. So, blame less and start doing more.

[@JackyChum-k6d]

I’m only halfway through but I gotta say, I’m really enjoying this new format bro! Great to see more of your thought process and views in this longer podcast 👏🏻

[@chunweng]

Thanks for watching!

[@xcjsmith5310]

@@chunweng Yes I agree, more in depth interview.

[@hailyrizzo5428]

50:45 your question as to why the price of 'food' in singapore is much lower is ironically because singapore imports almost all its food, especially from malaysia. because they are buying food at 'malaysian prices' their strong SGD shows its strength. malaysian food is produced using cost factored in RM in terms of raw materials, labor etc which singapore is able to take advantage of. you would think that a country that is unable to produce its own food would have to pay premium for it but the singapore situation is unique. not only because of the strong SGD but because singapore is small and malaysia is just a mile away across the causeway. the transportation cost of delivering food right up to the singapore dining table is minimal. if the farm is in cameron highlands, the transport cost of sending the produce to singapore is not much more than sending them to east coast or north to perlis. it's even cheaper if the farm is in johor.

[@chunweng]

Thanks for sharing this insight, learned something new today.

[@rubberbandunited]

There are GST and others cost involved to ship the goods to Singapore. I found JB item price are almost the same as Singapore. I used to travel to JB every weekend for the good foods, but now the price of F&B has increased at least 30-40%. It will be hard to retire in JB.

[@chunweng]

yeah so i've heard from my sg friends as well

[@second_second_]

Malaysia food price is so weird. Those coffee and restaurants, price are like overseas. Even if the business owners and founders are locals. Those stalls also selling expensive meals

[@evieligent]

Fantastic! That was a lot of valuable information and insight in one video and I watched every minute of it! Would love to see more financial content that is relatable to the average Malaysian.

[@hariatizainal384]

I am glad I ran into your program talking with prof. WILLIAM, his way of talking and to some extant his voice is so soothing to hear while I am doing my daily work ....and your voice too. Sedap di dengar.

[@jjjadedx]

The economist can afford to be stingy because he isn’t insecure abt himself or his wealth. The most common consumer mistake I’ve noticed is some consumers readily accept what is pushed onto them. For example when I went to one of those Japanese restaurants, they’ve already laid out on the table a plate of peanuts & wet wipes. Most people would just accept it as it is, but I returned them saying I don’t need those. Those items are not free, and who knows how long they’ve been sitting out there. And always check the receipt. It is YOUR money & true enough, I was charged about RM7 for the peanuts & RM2 per wet wipe. I asked for a refund, which my Malaysian cousin found very embarrassing but it is my money & I didn’t ask for those things. He thinks I’m being a cheapskate, I think I am secure enough not to be perceived as one & don’t be a tool for these restaurants forcing products at you 😂

[@Zerpentsa6598]

It's a scam. Same thing in Europe. In many restaurants they put bread on your table and charge you.

[@greatthankstomother]

I won't ask u out for meal anymore

[@jjjadedx]

@@greatthankstomother why like this 🤣 with the money saved can go buy Matcha8 ice cream 😋😋

[@dienazzai4893]

I kept receipts/bills and compare the amount of each item the next time shopping ..to check for any increase

[@dilyaTebya]

Good thinking really, I should start checking receipts carefully if I go to any restaurants that has food/wet tissue already on the table

[@The-axman]

I’m happy that the wage gap issue was brought up. Our GDP per capita growth looks relatively good, but most of that capita didn’t enjoy it and the money is only circling at the top level. Cost of living will always increase, and the only way to bear it is by earning more. So people should not be asking why is everything so expensive, they should be asking why we can’t afford it. While I agree that a lot of Malaysians own properties and their family will support them, property prices cannot go that much higher anymore if people can’t afford them, and birthrates are dropping…

[@ArthurMatthews-q7c]

Predicting inflation starting to rise again this quarter while leading indicators showing economy slowing (not to mention governm*nt figures pumped up for the election). Global economy very weak which affects US. Fed dropping rates 0.50 shows they're VERY worried about financial downturn/crisis. interest rates coming down are also an indication banks are LESS willing to loan money into existence. The question here is where is the inflation going to come from in the near term? Consumers are mostly tapped out which is 70% of US economy (consumption). Yes inflation very likely to return but not before it continues to come down... Inflation can be a concern, but remember, certain assets like stocks and Crypto’s acts as a hedge. Long & short-term trading is generally safer, allowing investors to weather market volatility. I have managed to grow a nest egg of around 3.2 B'tc to a decent 27B'tc in the space of a few months... I'm especially grateful to Alison Bruce Crypto, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[@BridgetteEstevane]

Alison Bruce expertise in cryptocurrency is like a secret formula for success!

[@Adnancorner-p1h]

I’ve seen many positive comments about Alison Bruce. Can someone guide me on how to reach her?

[@CalvinCooper-k7t]

Got a chance to benefit from her services a few weeks ago and it has been a very smooth experience.

[@ArthurMatthews-q7c]

Her program of expertise is all over the internet Alison Bruce Crypto

[@jesmax24]

Access to good information is what we investors needs to progress financially and generally in life. this is a good one and I appreciate

[@facialpoker]

I am a MS all my life. I am still living in MS. from my observation, the younger generations now is far more different than the generation before. Young adults are working 2 jobs, working 12hours 13hours a day. 40yrs ago, people only work 8hrs. & I nvr hear of anyone that work more than his primary job. Nowadays, people are forced to work longer hours to survive. To do better than AVERAGE is seem so impossible. According to the KWSP, only 3% of people can retire comfortably. This 3% could be those people of high job position, like CEO, ministers, football club coach..... the people that earn money very fast & very much

[@NaturopathMD]

Exactly, Take nothing away from his success with savings, he deserves to be upbeat about his upcoming withdrawal. Yet the overall breadth of analysis sufficient for the matter is inevitably lost to a significant degree

[@BonESaw95]

Even this days have degrees still working at supermarket reality living in malaysia

[@raymondster]

Great video covering a lot of topics. I’m personally in the senior residential and nursing care industry and would be happy to participate in any future discussions on how we can help you create the numbers of skilled jobs in the care sector that Prof Geoffrey spoke about.

[@twogtheworldofgangnam9917]

Chun Weng, thank you so much! Very insightful, very perspective wise! You already got it right on the 1st episode.

[@chunweng]

thanks for watching!

[@khyeap222]

It will help tremendously if retirees are PROVIDED half day work for RM1 300 per month. (RM300 for transport and RM1 000 for basic needs). That will solve a big part of the problem. Most of this jobs are non skill , mainly in the service industry and taken up by foreign workers. Government shd seriously look into that !

[@prmasia]

Epf treat the contributors fund as a business for them and cronies.

[@ngleong5563]

Good and viable suggestion.

[@akihibara6436]

​@@ngleong5563 the problem is, employers purposely didn't want to hire local, as they need to pay epf. So when government told to put epf for foreigners workers, that's gonna be dead checkmate for thys atypical stingy employers

[@puyahtakaful4575]

truly helpful

[@mayfoo02]

Many retireesvdo not want to work N many employers do not want to employ

[@chungnamho9787]

Well said, Professor Williams! Many thanks to Chun Weng for this video. Thoroughly enjoyed watching it.

[@rizqdanniel824]

This is nice..not many influencer or any other malay nor locals do podcast like this

[@johnong2655]

What I'm seeing is Malaysian government and banks are still putting a lot of trust in the real estate market. It's overhyped.

[@second_second_]

expensive projects for rich non-malaysians to buy lands and properties are being approved and conducted here and there. these greedy people's greediness is so disgusting

[@hildavandermeulen6445]

Well to join the M2H programme one needs to buy a home at least 1 million in bank amongest other demands. It's too much. I bought a place.. One place to live in but I know I paid twice as much for it than a local which is fine but considering what's going here one place is enough. ​@@second_second_

[@derrickcsh]

Thanks Chun Weng for this very awesome content which teaches us the problem of not playing early for retirement, the insights from Prof Geoffrey is really the problems and ways to go around certain situations should be trial and tested.

[@kahmay2128]

Many many thanks for this great interview!

[@judymckee5992]

My sister pass away at 59 years old as her EPF has only $200k and she still had a mortgage. The stress of reality hitting her caused her death.

[@Noname-dr1jm]

Monthly income 📈 Cost of living 📈

[@engkiatpoh9696]

Consoles to your loss. But if we observe the population pyramid, the 61-65yr age group will start to see more rapid decline than young age group

[@judymckee5992]

@@engkiatpoh9696 , She had injury on C vaccine. It took her life fast as lungs shut down.

[@155stw]

Sorry to hear that. She’s doing ok, there are many others with waaaaay less than that..

[@greatthankstomother]

I can totally relate when Prof said counting the cash before paying the bill

[@fatalblow91]

Great Podcast! You should keep this type of content up!

[@garychong8898]

It's not true that many Singaporeans are moving to KL or Penang for retirement. These Singaporeans prefer Malaysia for various reasons, including stretching their SGD. Many are happy staying home. The cost of living is higher, but there are also various reasons not moving outside. The majority prefer to stay put and enjoy the occasional holidays to Malaysia and elsewhere. The cost is still manageable.

[@InsertArgumentHere]

I mean even if some Singaporeans are moving here, they're not the only ones. There's also various other types of people who come from the West moving to Asia for lower cost of living but it really just leads to cost of living being raised for the locals.

[@steven8148]

earn sgd, spent myr that is brilliant but if you earn myr and spent myr. Think again.

[@rizqdanniel824]

Many Singaporeans are moving to Aussie

[@rizqdanniel824]

@@steven8148yup..it’s helpless and useless..coz MYR is rubbish and garbage as of late..MYR are now becoming like Rupiah..Baht is much more better

[@fajarh979]

Some Sporean rent their houses in the island and stay & buy larger houses especially in JB, KL & PEN. Mostly retirees. Thats what I read from some youtubers & property agents.

[@nanfattchia3341]

It’s a great dialogue with Prof . Do keep up with the good work 👏👏👏👍🏻👍🏻👍🏻

[@metalextras]

Malaysian leaders are stuck in 2000s mentality when KLCC is the tallest building in the world. The leadership hubris is the roots of such problem...

[@aeri878]

Is KLCC still the tallest building in the world 2024?

[@jw-vx8im]

Don't worry Mahatir will save Malaysia

[@marskoin2087]

@@aeri878It is still the highest ‘Twin’ Towers in the world.

[@adadri7778]

Knowing that overwhelming numbers of politicians are businesman, it is no suprise that Malaysians are deprived of comfortable lifestyle in the adulthood and still not managed to have enough saving to grow old. 70% of employees earns less than RM2k monthly (appx $500). Let that sink in. To blame Malaysians who earn so little that they've been deprived of comfortable lifestyles for their entire life for not having enough savings to grow old is outrageous. This is the common problem with any nation with corrupted leadership supported by their dodgy lobbyist businessman. Malaysians are obnoxiously underpaid dealing with outrageous living cost

[@judymckee5992]

Seriously, you can find a good way of living if u asked God who made you , what you should do. I did a long time ago without college degree as a used car dealer and earned a comfortable living in countries I moved to.

[@enjoycooking115]

Great advice Prof. Thank You. and Thanks Chun Weng. Excellent video.

[@shaqisumari304]

You should do more on lesson how to budget and project for retirement, i noticed there are none dedicated chanel for retirement in Malay and English for Malaysian, most of them are clueless

[@rizqdanniel824]

So Malay need to learnt English..to gain knowledge learnt it not asking people to spoon feed..even in islam Allah and Prophet teach are to read and learnt..which part of Islam teachings you are stupid n idiot about?

[@second_second_]

yeah, financial advices are mostly just for young people, who have lots of time ahead to improve and energy. How about for those who are not young anymore? Kinda feel hopeless.

[@moneymouse8288]

Pls note that, there's a group of ppl who prefer to keep their saving in Amanah Saham National apart from EPF

[@rizqdanniel824]

I prefer to keep my savings in Unit trust or buying dividend shares rather then putting it in ASB nor EPF..both is useless..billion profit but dividend onu 5% yearly? Joking is it

[@akihibara6436]

​@@rizqdanniel824 was it because Fashion Valet? I noticed the drop become significant right after they pour money to the FV 😅 btw, how did you open thr Unit Trust? I never do any investment like this. So I don't know how to open CDS account. Is it compulsory you need to find a broker?

[@brandonfu7541]

Nowadays there are many investment options out there such as crypto, US stocks provided we need to have the knowledge in these investment vehicle.

[@normahmm]

Its called low-risk investment with guaranteed capital ​@@rizqdanniel824

[@angelinao6277]

@@brandonfu7541may I know which platform is safe for us to invest in US market? Is it thru those mplus / rhb trading platform? And also ETF..

[@Philip_Chong]

EPF is a good investment for retirement. Unfortunately, the return has been declining over the years. For those that are tuned to investment (widely referred to as buying stocks), regular investments over the years would yield much higher return. Yes, not everyone can afford to invest their merger salary. But a mere $100 monthly investment over 30 years with annual return between 8-10% can potentially bring in $200,000.

[@akihibara6436]

Is it because they invest in Fashion Valet? 😂 I did notice right after they invest in there. The ASB rate drop significantly 😅

[@Philip_Chong]

@akihibara6436 they don't have good fund managers 🙄

[@hailyrizzo5428]

what stock can you buy with RM100 per month? which stock market are you referring to? local? foreign? what about overseas commission and other fees? if you want to invest directly in stocks, you have to spend time studying to know which stock to pick instead of eeny meeny miny moe. unless you are talking about investing in funds, which is in effect not much different from the EPF. high rewards only from higher risk. with EPF, you can put your money in and not worry about it too much. with the stock market, you have to keep an eye out all the time for market fluctuations. the best is to have a healthy balance between EPF and other investments.

[@Philip_Chong]

@hailyrizzo5428 you sound angry! Go to any bank, Malayan Bank Berhad, for example. Open an account. That's your very first step. Then, yes, you need to study which stock (company) to buy. A good example would be something like Malayan Banking Berhad. They pay dividend around 7-8%. Stock prices fluctuate every day. I always buy regularly every month regardless of the price fluctuations. Do a auto deduction from your account, similar to mortgage or car payments. What you don't see, you won't miss. Over time your stock units purchased would increase in numbers. Then, you will see what I mean. Start small, over time when you have extra cash, buy more. But, you need to study about investing from KZbin. That's where I learn how to invest. I wish you luck.

[@second_second_]

@@akihibara6436 yeah, i wanted to put more into epf/asb, but then..what's the return rate of asb now?

[@gloriaisabelleheng4104]

Thank you so much for this conversation, filled with insight and wisdom. 💯

[@ronnieyong]

it is also a mindset. many people do not care about retirement. They will keep telling what if I die tomorrow. Instead of building a retirement fund they go upgrading their cars every few years, spending on the latest mobile phones, loads of holiday overseas. YOLO mentality. One thing is for sure Malaysians love their cars. Spending big bulk of their money in new cars. Look at the sales of cars. Car ownership speaks volumes. Govt also not doing enough for Public Transport which is really lacking. What you sow is what you reap.

[@ghosttrader-x1n]

retire when u in the grave la bro, why need to retire before death. so weak leh?

[@rizqdanniel824]

Yup but it’s quite rarely..most of them are not used to think a lil bit further in future, especially malay they think just what to do now..they do not even think what to do in next 20 years in future, will I have money? Inflation etc? About 99.99% are like that so that they end up poor and have no money when retire..don’t believe me? It’s ok.. Have you ever heard about a malay retiree spent all his retirement money from KWSP in 3 weddings for his children? It’s all gone like a blink of eye..RM750k gone just like that

[@marlocgan9288]

We dont know when we are going to die We dont know the reason to our death It would be wise to plan for the future , for the unknown events and outcomes of our life. Y.O.L.O is only for the ultra riches

[@AvtarSinghHistory]

do you think people do it on purpose? If a layman earns a mere RM1600 per month, and then has deductions for KWSP...how much is that person left with to live on month to month? You are commenting as though it is so easy. How much is your income per month?

[@yew3598]

Now we need to ask what if you don't die tomorrow and leave until 80...ahhah..

[@bryanlee7295]

I remembered when PM Mahiyuddin allowed the withdrawals, i was absolutely pissed knowing that our neighbours, Singapore, were pumping cash aids to their citizens and 1 to 1 salary replacement for those that lost their jobs. As for the Acc 3, although i ferociously disagree with a majority of people doing any withdrawal, I would agree if they know what they are doing with the withdrawal. I did the Acc 3 and now withdraw monthly to do DCA in the S&P500 ETF and I'm now about 20% up.neighbours, Singapore, were pumping cash aids to their citizens and 1 to 1 salary replacement for those that lost their jobs. A

[@ChowYewLoon]

Anytime also better than all those Professor Kangkung we have been producing for decades!

[@JM-gu3tx]

Politicians should be paid according to how well they do their job.

[@Sashi5000]

Very good interview, thank you for hosting and posting it.

[@kelvinteoh9058]

Malaysia's daily cost of living is generally higher than Singapore. Professionals in Malaysia probably generally earn 30% more than Singaporeans, in the same profession, but daily essentials tend to cost twice as much. Whilst Singaporeans might find such essentials cheaper, it's because of our currency exchange rate. What makes Singapore more expensive is higher value items like property and cars. These items far outweigh the daily essentials and reduce your potential to accumulate savings for a large part of our lives. Once you've paid up your property and decide to forgo cars, cost of living can drastically fall. I dare say it might even be lower than in Malaysia.

[@kenhew4641]

Give and take, the cost of living in Singapore would not be lower than Malaysia, as prices now are nearing Malaysia's level. Your local chicken rice or chai png is getting to S$5-6, almost on par to Malaysia's RM7-8 for chicken rice or chap fan . Yet Singapore has no minimum wage, you have workers in Singapore earning measly S$500-600 a month, while Malaysia's minimum wage is RM1700.

[@judymckee5992]

@@kenhew4641 , Be realistic , lower Singaporeans earning that little?

[@second_second_]

Weird thing is, why many stalls and restaurants meal pricing is the same as in overseas? Why are malaysia always using imported stuff, when malaysia is supposedly full of resources itself? Why local products (or stall food/products) need to be priced same as those expensive restaurants, just so that they can compete? All these are weird, when our currency is not that high, and salary is low.

[@fantana9481]

our convenient store is blood sucker biz, our restaurant like fam biz of rich

[@samchan3240]

Singapore chai png two veg and one pork 3.50 SGD, chicken rice 3.50 SGD, in KL chicken rice 12 RM , fried kueh teow 14 RM ,Duck rice 13RM, Malaysia food more expensive than SG

[@chongchoonping9081]

love this interview! is a wake up call

[@dhky81]

nowadays , employees over 40 are already starting to be seen as liabilities by their employers and face the risk of retre chment.

[@Whatexactlyispeace]

I don’t agree with Singaporeans having the same if not lower living standards than Malaysians in KL. I worked in KL for rm6k but I can’t really save much and spend on luxurious goods. I worked in sg for $5k and I can afford to change my iPhone every 2 years and I can eat out often. The only difference is I can’t afford to buy a car in Singapore.

[@Ben-rx3km]

Literary you don't need a car in SG.

[@CalvinLimSH-ld5le]

How can we retire early especially when we are still paying for our high monthly instalments in house and car properties that is charged to the bank. Imagine having to pay 9 extra years in bank interests and insurance policy rates of a car high loan for an ordinary people like me. The car accessories like a simple audio sound system costing 2000rm build in, don't forget the 9 years hire purchase terms even if you want to pay off much earlier. Whatever we earn is nothing much left to spend on our life daily needs and necessities.

[@AVIATOR-by4kk]

Believe me, everyone around us is after our money. We have to be mindful and chart our life journey carefully. In fact, a book has been written titled "Everybody Wants Your Money."

[@jameslim3850]

The saving rate in Malaysia is very low as compared to East Asian countries and the number of loans taken by Malaysians is too much. In the end , its all about priorities.

[@leehw9394]

Recently my friend shows me the lists of shopping items in Singapore last month :- JBL Authentic 200 Bluetooth after conversion is RM1105 - Malaysia selling from RM1699 - RM1999 Beats Pill Kim Kardashian edition is RM592.35 after minus GST - Malaysia selling RM 779 in standard version Plus others Converse, Addidas, Nike, Puma, from 26 SGD, 40 SGD - 60 SGD with further 10% - 30% discount with many purchase………Corelle, Mark & Spencer etc. He is from T20 not willingly to spend money in Malaysia but preferable spend 10,000 SGD in Singapore shopping…..We can see the reason WHY !?

[@johnong2655]

that is quite true. Our taxes and domestic retail businesses do not reflect reality. Generally, the big mac index could give us a rough estimate of our country's inflation. However, recently it's been blown out of proportion. Suspect under reporting or over reporting

[@akihibara6436]

​@@johnong2655 new government might try to hide their cincai2 works, or even they try to deflect reality is, their policy didn't work well 😅 maybe our PMX shouldn't curse saying ex PM as someone who don't know how to take care country due to high price goodies. It bite him back yalo😅

[@mayfoo02]

Ur talking abt non essential things

[@leehw9394]

@@mayfoo02 Shoes, clothes, household items, electronics devices, kitchen appliances…….which one is not essential things In ordinary families lifestyles!? We bought LG OLED TV in Malaysia last year is only half the price in Singapore after conversion as we found out and we just came back from Singapore last month. Don’t it’s sound any alarm for you!?

[@leehw9394]

@@mayfoo02 The question is WHY we are paying the higher prices than our neighbouring country for the same products imported from the same countries and Singapore GST is 9% to-date !?

[@yogsothoth4005]

Thank you for putting up this useful video. I do agree with mostly everything the Prof said, except for his opinion on the effect of credit cards and e-wallets on budgeting. It depends I think on the individual card holder. It's usually riskier when credit cards are used to spend money which the holder does not yet have, instead of a form of convenience. I use credit cards for their convenience, yet I still look at price tags before putting things in the shopping cart. E-wallets on the other hand, are similar to having cash in the wallet because what you can spend depends on how much money you put in.

[@ViolentCabbage-ym7ko]

Retirement is still possible in Malaysia, especially in the village area. However, the standard of living is definitely lower compared to city life.

[@second_second_]

That is only for those who are privileged enough to have inherited lands, who have hometowns other than KL/Klang Valley. Seriously people, please improve and work at states other than KL/Klang Valley, Johor, or Penang...

[@ViolentCabbage-ym7ko]

@@second_second_ I don't see why you cannot rent a house or even a room in the village area? Also, the topic is about retirement, not work. This is meant for older generations who want to retire after getting their EPF and severance package

[@sunshinesun121]

Do REMEMBER that a majority of those without adequate EFP savings HAVE ALWAYS existed since 1960. However do NOTE that RURAL areas are SIGNIFICANTLY cheaper to live. Most do NOT PAY water, electricity or RENTAL. And FOOD is NOT a significant cost element as long as you do not WISH or CRAVE for WESTERN STANDARDS living. Personally saw and watch this since 1990. Now I know many who have survived with less than Rm1,000 per month. in June 2024.

[@weiskl887]

This isn't bout western standards. If you listened more closely he has explained there other aspects of increased expenses after food cost element which is you will need a Care giver assistance when you Reach 70 or 80 years old with Medical condition. For example cannot walk or fall down easily. Who is going to take care of you or your spouse? Survival income is NOT living wage or having a DECENT living.

[@second_second_]

I'm kinda jealous of those who have their own or inherited lands in states other than KL/Klang Valley. Must be nice to have your own land, because then you can survive. Problem is, it's difficult for KL/Klang Valley people to own lands, and they need to compete with people from other states and countries.

[@NusantaraUltras]

To be frank dont comes to Forex or Stock Market ,just focusing on your saving ..simple as that.

[@second_second_]

May i know why?

[@NusantaraUltras]

@@second_second_ Trading is one of the hardest jobs in the world. Only 5% succeed, and some even say it’s just 1%. It takes a long time to overcome the learning curve. For example, if you achieve a 70% understanding of a subject, your exam results might be a B, sometimes even an A. However, in trading, even if you memorize all the techniques, it doesn't guarantee profit because trading involves emotions. Additionally, trading is not suitable for people with mental health issues.

[@justjason888]

wow! very nice! feels like diary of ceo, but malaysian, more relatable! ur content has been improving and providing what malaysians need

[@cac1504]

Don't worry, most Malaysians will continue to spend their money to enjoy Zus and Chagee.

[@nicktan4530]

Zues is cheap

[@freakymeltdown1]

Better Zus than others😂

[@Username71282]

And overprice viral food

[@ViktorFury]

Zus and Chagee are not the problem, all the Vellfires and BMW's are. I earn a T1 salary and can't understand how so many people are driving these cars out there. So so many people are living well beyond their means. I don't blame them given the direction of the world, but to blame the issue on overprices coffee is not really hitting the nail on the head here.

[@nicktan4530]

@@ViktorFury T1 salary is still coporate slave ?

[@peiliew900]

Foreign workers salary in Malaysia 💯 higher than the local natives 🔥🔥🔥

[@wongkoksoon4200]

Our lifestyle during retirement are one of the major factors. If you are in the 3% group, you can retire comfortably, but majority of us are in the 97%. Selling assets to rent a unit in suburban may lighten the cost of living.

[@shanthisahadevan9746]

I enjoyed listening to this podcast. Very informative. Prof is an excellant speaker.

[@jjjadedx]

I don’t think it is right that he said no child ever grows up saying they want to be an accountant. I grew up wanting to be what my mother worked as which was an accountant. I just didn’t know the job title. I believe it has a lot to do with family background; his father was a bus driver, he said? so if he wasn’t exposed to such professions as a child it would’ve been impossible to want to be that when one grows up.

[@second_second_]

yeah, it's difficult to think of wanting something that we don't know exist at all

[@KingKong-z4v]

People withdraw EPF for many reasons, some do it to clear debt for the asset they pawn. If not they will lose assets which are even more valuable then the money they borrow. Some to open business or to sustain business. Some pay rent or mortgage, if not they will lose their house. Better to used your own money then to do personal loan or borrow from loan shark or use credit card. Malaysian people are not stupid they know how to manage their money.

[@sonnymak6707]

I dunno why is this such a topic. We have a retirement crisis since the 90s . My dad had only 30k at 55. After that he worked free lance until 62. No epf. When he stop working me and my sister gave him pocket money. He kept his 30k. Untouched. That 30k could not have last him very long. Most people work until they are 70 here since the 90s. You want to see retirement crisis. Go to singapore and ask those who worked as waiters lorry drivers hawkers assisstant or low pay jobs in the years 70s and 80s who are now receiving 500 to 800 SGD a month on their CPF. See whther they are living happy not.

[@mayfoo02]

Totally agree with u. Uve just hit the nail on the head

[@AppleBS11]

Because your parent have you to hand out pocket money. Its not a thing anymore with increasing number of retiree without kids and even those with kids. Raise kids for retirement? You are dreaming.

[@frankchuah1583]

I agreed our epf is superbly managed. It's something that support us, those without pension support. It offers return at higher than fd ...

[@Zerpentsa6598]

The problem is many people take out substantial portions of their EPF before retirement to fund house purchase or cars or weddings, etc. Some invest it in dodgy schemes and lose it.

[@cthgbs6267]

I wish you good luck if you have this thought

[@lokaskarak3442]

The richest people are the malay. They don’t keep their money in EPF but in safe house or overseas

[@shadowmistress999]

you mean the elite Malay, they are as clever as Chinese/Indian and as privilege as other Malay (just guessing)

[@ViolentCabbage-ym7ko]

Last time I checked most of the top 10 richest people are Chinese

[@akihibara6436]

Ummm not really. 😂 That may be someone who's corrupt who kept inside their house 😂 real rich usually put into investment, and even buy gold bar instead

[@mayfoo02]

Not all malays. Pls dont bring racisr views into this discussion

[@ecrae]

What you think of the Malays is the exact same thing the Malays think of other races. 😂 It's the same for every race because of the things we encounter, read, experience differently. Am not Malay, Chinese, Indian. But all this talk of other races is richer than the others is BS.

[@PL-lt3wz]

RM240,000 is definitely inadequate even for a simple life.

[@ngleong5563]

True but most ppl do not have reach that number and rely on their chidren to feed them or live in disaster.

[@yishow]

Great video! Chun Weng!

[@damienpenglin]

With so many malay politicians and royal families to feed it isn't a huge surprise.

[@alexlim4508]

Look at the bankruptcy situation across ages. I dont think people are looking for easy money but definitely are desperate for money to survive. Ordinary people are forced into buying vehicles in order to move around. Public transport either not convenient or doubting the trustworthiness. Most of our salary are too low therefore epf contributions also will be low.

[@DonYang73]

Very tough and Singapore is going the same direction. In reality, a high percentage of Singaporeans cant retire either. Unless they move to Malaysia.

[@fanyong7883]

Good content 👍 , agreed. The government have to take blame. Previous government allowed withdrawal . inflation made even worse.

[@jasonleong7]

I would like to offer an alternative perspective on the EPF issue. Many contributors have invoked religious beliefs, suggesting that their current circumstances are God's will and that they have a right to the money in their EPF accounts. Some even believe that God will provide for them if they become destitute. While I respect their beliefs, it is important to recognize that EPF can only provide good returns if there are sufficient funds in the system. Furthermore, the government may need to use taxpayer funds to assist those who are unable to support themselves. If individuals are unwilling to take responsibility for their own financial well-being, I personally do not sympathize with their plight. However, it is ultimately the taxpayers who will bear the burden of supporting them.

[@second_second_]

yes, there is a saying that God helps those who help themselves; not those who don't put any effort at all

[@Anonymous-js6jn]

Discipline, must have 'face' (reputation), looking good is more important than having savings / plan for retirement. Pay attention to cafes, eateries when you go out on weekends, does it look like these people have financial difficulties? Many just lives their lives holding to the saying 'whatever will be, will be'. When things didn't go their way, they blame the government, their parents and everyone else but never themselves. While we nowadays sees many podcasts trying to educate people of savings for retirement, how many really understands and take action? Sadly, not many. When will these people wake up? 🤷‍♂️ All the best 'Que Sera, Sera'

[@ninakhan3803]

One has to not only work hard but smart too. Unfortunately, the country is not producing them for its future wellbeing.

[@highend79]

In that case, Epf incorporating foreign low income workers into the members might be a good idea. Employers are ripping off profits from foreign workers as well. Questions is what kind of status are government or society willing to give to foreign workers ?

[@mdnormatnor5226]

The low-salary sectors in Malaysia include food services, construction and maintenance, shipping, manufacturing & transportation, and packaging.The jobs with the lowest salary packages are dishwashers,forklift operators, security guards,cleaners, room attendants, tour guides, etc.

[@GeorgeChen-tq7zt]

When someone said “The economy is bad”, im like when’s the last time u heard someone said its good? 5 years from now people will say its better 5 years ago 🤣🤣 But yeah the common financial mistakes is really good advice, things can be as simple as looking at the price of the stuff you purchase. We’re paying A LOT for convenience these days, and it will eat you littpe by little.

[@propertymastermalaysia5270]

This issue is not just Malaysia. Its in most countries. As from school everyone is trained to work and full allegiance to one job. So they don't open to any human development skills but services r academic experience. Just depend on 1 income.

[@vincentwenn]

Asians have a strong family support culture.

[@fuadarif4056]

I think that’s a significant variable

[@silver-box2450]

No , no all have family can support their child include the wealth

[@mdnormatnor5226]

RM1 million over 14 years amounts to about RM71,428 per year or RM5,952 per month.While this might be adequate for a simple lifestyle in a smaller town with no major financial obligations,it may fall short for those who wish to maintain their current standard of living.

[@ssidhu123]

Good podcast. Do more😊

[@90taetaeya]

This is why many migrate to Singapore. Better quality of life, equality, more freedom.

[@AliasIbrahim-j1l]

Good news if many people migrate to Singapore. No love lost.

[@SamsonOhsem]

Great insights in this video! This is such an important discussion.The retirement crisis in Malaysia is a real concern. Do you think the Malaysian government will take immediate steps to address this issue?

[@bargainwallart653]

So much for the 2020 vision bit of a dream.

[@TheMoeHawk]

You can tell he's lived in Malaysia for awhile because you can hear breaks in his accent that sounds almost Malaysian lol. It kind of adds to his argument as in he has spent enough time to really know what is going on.

[@andyaptc2907]

And I thought most would be unhappy about their bosses keeping most of the money! You can see over the last few years how this government are sporadically increasing the minimum wage because business owners wont pay up!

[@second_second_]

it's so sad. why business owners don't want to pay up, when they keep the most money to themselves buying properties and luxuries here and there. Ok maybe there are calculations..

[@AliceWeidel-FanZone]

I think is a right time to interview Malaysia politician to solve this problem

[@LulianLulian]

Thank you professor and chunweng for the such great but concerning topic. I’ve been working for almost 24 years, I’m now 45yrs in an overseas multinational in Malaysia but my pay is far more lower than their country origin with the same position / tier. Is this call discrimination, is there any law to protect Malaysians? Pity Malaysians.

[@ZaeimAbdullah95]

When it comes to money, it is about playing emotions. No facts can change the person relationship between money and emotions. Malaysians lack financial awareness compared to developed countries. It is very hard to engage with the public to talk about financial planning. Public awareness about financial well-being is important to change the behavior of Malaysian people.

[@peterchase9729]

Money has little value anywhere. Very few people in any country can retire. This is not necessarily a bad thing. Set your self up so that you can work at things you like in a way that is not stressfull. Work is a good thing when you are enjoying the process. It can keep you engaged in life. Ive seen many people reire have nothing to do and with in a short time they are dead, bed ridden, or suffering from dementia.

[@jrihan2321]

We need social dividend...dividend in kind...a place where retirees can go to live where no one is there to take care of them...monetary dividend makes sense if savings beyond 500k which most members do not have..even they do...financial literacy is non evident...

[@firstimer]

Dont buy house if your salary below 3000 myr... in contrast, 50% of your salary just pay house installment in 35years...otherwise you could do invest and learn3

[@dilyaTebya]

I beg to disagree. Should buy a cheaper house or prima house in a cheaper area, especially if you are still young at 30s. And at the same time make sure to do side hustles to earn more and do savings/investments.

[@firstimer]

@dilyaTebya average monthly loan housing within around 800-1000 myr for cheapest one..not include maintenance like water and electricity..if you renting.. maybe you could adjusting your income and spending..for me below 3k income not enough to having house..car more importance to work and travel

[@henrybutcher9436]

​@@firstimerNo one will rent a house for an old man or granny; if you don't have a house better buy one unless your parents have prepared for you. Otherwise you may end up sleep at roadside when you are old later.

[@dubfire3637]

That’s the mistake Oxford and Cambridge has been making since it was established . They expect the outer world . And make statements about the outer world, But they forget the ☝🏽 who provides 🌹 From an economic point of view for us Malaysians after Covid it’s clearly just a tawakkul lifestyle . And our lovely land is fertile compared to rest of the world. We can eat ubi and still smile 😊 syukur alhamdulillah

[@mohdpolaris3403]

This is worldwide issues. Humans have been led to disaster for using debt based finance system that fiat money which has no gold backing is used that resulted the rich got richer the poor got poorer. If goldbacked is used thing you need got cheaper coz you produced more and money supply got less hence stable. Instead fiat money was print print print and print, of course not in Malaysia. Now they cannot solve then only wars seems can solve some problems. One way is tokenization got hope to bridge for going back to gold standard.

[@saibibinkeli]

AS A GOVERNMENT SERVANT LOWEST RANKING OFFICER SURVIVAL AFTER RETIREMENT IS JUST TO HAVE ENOUGH FOOD ON THE TABLE 😭😭😭😭😭😭😭😭😭😭

[@second_second_]

government workers have pension, isn't it?

[@jessjess5828]

The key point is salary tooo low. My time in year 1980/+++ my salary is rm180/- as partime waitress.just enough for me to get passport n flight ✈️ ticket to Singapore to hv new job. Starting salary in Singapore is sing dollar is 450/- through agent recommended. Work for almost 20years in Singapore still less then 2k monthly salary. Tis is y majority of people like my time is surely zero 💰 in old..... nothing but only old house for kids

[@henrybutcher9436]

If you chose to sell pisang goreng at that time, you might already be a multi-millionaire.

[@princesendo8309]

What went wrong? Corruption and Stupidity.

[@mdnormatnor5226]

not an expat from western countries but also from Europe moving and retired in Malaysia enjoy a good quality of life with a low cost of living in Malaysia

[@wewenang5167]

Its already here...both my parents saving of EPF are GONE. the only things left are my dad pension that can only fed them both enough to last until the last week of every month. cant buy anything more or go vacations or save for Hajj even. Cant even used money to renovate house or buy lands. Both my parent do not have land inheritance from grandma or grandad...the only piece of land they got are the house they owned now. When they are gone some day all his three children have to share this small house as our inheritance. Working their asses off for 60 years and this is the only thing they can inherit for their children's.

[@damienpenglin]

I'm sad for you. But also perhaps it is time to hold our politicians and orang besar into account. They seem to be getting richer and fatter. All every once in while show up in kampung, still the ppl will cium tangan

[@kuanshengsoo9114]

The calculations and plans should only considered active members, we all knows that bunch of ppl pay neither tax nor save in EPF but making way more than minimum wages.

[@Ray-hn5ng]

To b honest...less saving in EPF does not mean the person has no savings in other places...i have met many of my malaysian friends barely 10k saving in epf...but have net millions saving and investment in other places

[@petertan100]

Mr.Gmr.Geoffrey.is very institution.he is able convey inside the box and out side the box.hope he can chair in singapore.

[@MHMusic-Hub]

If you can’t retire with a couple million ringgit then you have to work until you die. Hopefully in future we could be like Denmark or Singapore…