#pension #retirement #savings
Former EPF CEO Tunku Alizakri: Facing Up To An Uncertain Retirement and Financial Future
Tunku Alizakri Raja Muhammad Alias is a highly experienced and respected corporate figure and a former CEO of Malaysia’s Employees Provident Fund, among the world’s oldest provident funds and the 7th-largest in the world, with over a trillion Ringgit in assets under management.
In today’s chat, we focus on one of Malaysia’s most pressing concerns: the lack of sufficient savings for many Malaysians, amid the uncertain futures we all face, as we stay older for longer and encounter the ever-rising cost of housing, food and other basic necessities.
(Many thanks to the Asia School of Business for their collaboration with The Do More Podcast, in whose studio this conversation was recorded. The Asia School of Business is a partnership between MIT's Sloan School of Management and Bank Negara Malaysia).
CONTENTS
00:01:31 - Introduction
00:07:00 - Zakri’s Forced Retirement, Savings Sufficiency
00:12:30 - Retirement and Pensions are Human Constructs
00:16:37 - How Much is ‘Enough Savings’?
00:20:20 - The Trouble with Financial Planners and Outsourcing Other Important Life Areas
00:23:27 - Can the EPF be Trusted? And the Problem with Windfall Gains
00:27:11 - How Zakri Thinks About His Own Retirement
00:30:10 - Should People Even Buy Their Own Property?
00:35:00 - Buying Life’s Little Luxuries .. Yea or Nay?
00:37:05 - Different Races, Different Spending Patterns
00:44:40 - Wealth and Sufficiency are Mindset Patterns
00:47:14 - How Malaysia and China Differ, Policy-Wise
00:49:00 - Rotten Heads and the Need for a New Model
00:55:42 - How Malaysia Can be the Centre of the Impact Investing World
01:00:25 - The Need to Redefine ‘Retirement’ Must Also be Discussed
01:06:00 - How to Engage Property Developers to Help Nation-Build
01:10:03 - Could the Private Sector Take the Lead?
01:12:00 - What Role Can the Monarchs Play?
01:15:01 - Who Manages the Monarchs?
01:24:30 - The Role of Creativity
01:31:30 - Where Does the EPF Go From Here?
01:39:00 - Alizakri’s Three Thoughts for the Future
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