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Saturday, February 27, 2021

High-income earners use EPF i-Sinar to buy gold, stocks

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KUALA LUMPUR: Almost half of the people in the top 20 (T20) income group who were polled by the UCSI Poll Research Centre said they used – or would use – their i-Sinar withdrawal from the Employees Provident Fund (EPF) to invest in gold and stocks.

According to the survey, most of them were aged between 40 and 55.

The survey involved 809 people with 47.7% being from the T20 group, 31.1% from the M40 group and 35.3% from the B40 group responding that it would be for this purpose.

“Interestingly, investment was one of the main reasons for the EPF i-Sinar withdrawal, particularly among the T20 group.

“Even in these challenging times with the Covid-19 pandemic, there are people who see an opportunity and seize it,” the research centre said in a statement today.

It added that for those aged 26 to 55 in the B40 and M40 income groups, loan repayment was the main justification for their EPF withdrawal.

The research centre also found that only 48.6% of respondents used the money for food and groceries.

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