Much has been said about millennials and their working style, but there's one thing that they clearly do not lack: confidence.
International banking institute HSBC recently released their "The Future of Retirement
" report, and the survey found that Malaysian millennials expect to retire by the age of 57
That's two years younger than the national average retirement age of 59.
However, despite being pretty confident that they'll be able to retire at 57, only 38 per cent of them believe that they would have saved enough by then to ride out their golden years.
That's because 55 per cent of them believe that they will live longer than their parents - millenials expect to live until they're 77, the survey found - therefore, they require more money to support themselves compared to the previous generations.
But here's the interesting bit: despite getting a reputation for having a penchant for the finer things in life, Malaysian millenials are surprisingly pretty thrifty, as the survey found that 80 per cent of them began saving for retirement at an average age of 27
That's pretty impressive, considering that we're in our early 30s and we still have not saved enough for lunch next week.
In fact, 72 per cent of the respondents said they are willing to cut back on their expenses in order to save more - which is the second highest mark in Asia, just behind Indonesia.
We guess you're alright, Malaysian millenials ;)
"The Future of Retirement" survey, conducted by research company Ipsos MORI, represented the views of 18,414 people from 16 countries and territories, including 1,011 millenials from Malaysia.