OCBC Bank unveils initiative to help Malaysians achieve their top two financial goals
OCBC Bank (Malaysia) Berhad (OCBC Bank) has launched OCBC Life Goals, a methodical approach it hopes will set Malaysians on the path to achieving their top two financial goals: child education and retirement.
OCBC Life Goals, which features an online tool on www.ocbc.com.my/lifegoals, allows any member of the public to perform a 5-minute self-assessment that ends with a summary of where the individual stands in relation to the stated goal, either child education or retirement, and suggests customisable solutions on how to move forward.
According to a study by the Bank, 57% of those surveyed say their number one priority when it comes to a financial goal is retirement while 48% said it was their children’s education.
OCBC Bank Head of Consumer Financial Services Mr Lim Wyson says the disconcerting revelation from the survey is that 36% (for retirement) and 24% (for children’s education) stated they had not started preparing to achieve these goals despite being over 40, which would ultimately place a strain on their funds later in life.
“We aim to drive home the message that preparing early in life for retirement and child education is key to achieving what you want. And not just that, the more quickly you use any good advice at your disposal the better your chances are of meeting your life goals,” he said.
The OCBC Life Goals tool begins by asking the individual whether his or her goal is children’s education or retirement, before venturing into four distinct steps covering the individual’s financial need, where the person is currently at, an assessment of preferred solutions and a review section which allows for customers to adapt the approach from time to time.
“OCBC Life Goals is critical to anyone, including those who think they might be either ‘too young’ or have ‘too little’ to begin the journey in preparing to achieve their life goals,” Mr Lim said.
To encourage Malaysians to try out OCBC Life Goals, OCBC Bank is rewarding the first 1,000 customers with RM100 vouchers upon starting a life goal with the Bank.
For further details please refer to www.ocbc.com.my/lifegoals.