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TRANSLATING RESEARCH INTO PRACTICAL IMPLEMENTATION
Our Story
1 April 2002
The Institute of Gerontology (IG), UPM was initiated
20 March 2015
IG was rebranded as the Malaysian Research Institute on Ageing, (MyAgeingTM)
23 September 2019
MyAgeing’s New building was launched & MyFiLE Hub was set up
WHY MyAgeingTM FINANCIAL LITERACY & EDUCATIONAL HUB (MyFiLE) WAS SET UP?
The Malaysian National Statistics Department’s Population Projections 2010-2040 documented that senior citizens (65 years and above) are expected to be 14.5% of the projected 41.4 million population in the year 2040. The aged are also living longer as evidenced by an increase in life expectancy. Longer life expectancy means the seniors need enough money to support them through their retirement years.
Our many years of research towards Retirement Preparedness and Financial Security in Old Age indicated that:
- Almost 80% of retirees are not having enough savings to retire comfortably 1
- 43% continuing to work to support living after retirement 1
- Financial literacy is positively associated with retirement planning behavior 1
Therefore, financial wellness in old age is an emerging concern for Malaysia.
Financial Missteps early in the career of individuals can extend to the economic challenges faced during their later years.
Understanding this, MyFiLE was set up to initiate financial literacy awareness and promote financial education to help navigate the young to be financially well prepared for their old selves.
1(MyAgeingTM and KWAP, 2018)
Our Purpose
MyAgeingTM Financial Literacy and Educational Hub (MyFiLE) is a translational research unit that translates the financial research discoveries into community interventions to improve the financial ecosystem through effective educational practice.
RESEARCH MAKES US UNIQUE
Our approach to intervention is based on our research findings. Research provides us with the information and knowledge needed for problem solving and making decisions. We use our experience, analysis and insights to provide guidance and support for the future of the financial education field.
Lack of financial capability (financial knowledge, financial skills and financial confidence) is a critical issue that seeks attention. Financial wellbeing is a key indicator of financial capability and mental wellbeing. Poor financial health leads to poor mental health, including depression, anxiety, and some forms of psychosis, which in turn leads to further poor financial health, and the cycle repeats.
Understanding this, MyFiLE provides the necessary knowledge, skills and tools for individuals to make informed financial decisions with confidence that results in positive behavior modification which ultimately contributes towards the individual’s financial well-being
CONDUCT
We conduct financial awareness programs focusing school children, youth, adults, pre retires to achieve sustainable financial wellbeing in old age.
BOOST
We boost the public access to financial management information, tools and resources in achieving retirement preparedness
EMPOWER
We empower the community in boosting long term financial and retirement planning through financial advisory and coaching services.