Malaysians aware of need for financial planning

ALMOST all Malaysians, or 93 per cent, are aware that they need financial planning and banks that provide easy-to-understand products are in the best position to capitalise on this, according to a survey by British insurer Aviva plc.

The top three features Malaysians look for in financial services are fast and efficient service; advice and help they can trust; and information that is clear and easy to understand.

The Aviva 2008 Consumer Attitudes to Savings Survey found that the proportion of consumers who sought advice on a pension or retirement savings plan increased to 48 per cent this year, from 35 per cent in 2004.

CIMB Bank Bhd recently launched EasyLife Solutions, a range of easy-to-understand insurance plans underwritten by CIMB Aviva Assurance Bhd.

It aims to meet customers' changing insurance needs at different stages of their life.

For example, a young married couple can opt for the EasyLife Men's and Women's Plan and add on the EasyLife Kids when they have children.

Financial advisers are also on hand at CIMB Bank's branches to advise customers.