Malaysia: Millennials see insurance and retirement planning as important – Asia Insurance Review

More than four in five (83%) of Malaysians polled in a survey commissioned by Manulife say they own insurance, with 70% planning to buy more during the next 12 months.

For those who plan to buy insurance, nearly eight in 10 (78%) are Malaysians aged between 25 and 34 years old, an indication that younger Malaysians are increasingly savvy when it comes to financial planning. Most Malaysian respondents who regard insurance (75%) and retirement planning (75%) as important since the start of COVID-19 are millennials, according to Manulife’s third Asia Care Survey.

Types of protection sought

Of the total current insurance ownership among all Malaysians, the products and policies they hold centre on hospitalisation and accident insurance (both 44%), along with life (42%), health and critical illness (both at 35%). For new and additional insurance purchases, the protection Malaysians seek is primarily for accident, hospitalisation (both 26%), critical illness (25%), life (24%) and health (23%).

For Malaysians, the main barriers to purchasing insurance are affordability (67%) and finding products too complicated to understand (31%).

Ideally, Malaysians are looking for simple insurance products that can be purchased quickly online (63%).

Health concerns

Regarding their main health concerns, Malaysian respondents cited heart disease (45%), cancer (44%) and stroke (32%), with depression (28%) not far behind.

In terms of mental health, 69% of Malaysians say they have experienced mental health issues in the past six months. The main concerns referenced were significant tiredness and sleeping problems (34%), feeling sad (27%), excessive fears or worries (27%) and difficulty concentrating (25%).

The latest Manulife Asia Care Survey was conducted via online self-completed questionnaires in eight markets, namely mainland China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and Vietnam. A total of 8,276 people, aged 25 to 60 years old, was surveyed in November 2021. In Malaysia, 1,000 people were surveyed. They included insurance owners and those who did not own insurance but intended to buy it.