Malaysians generally are not saving enough, says Hwang Investment Management Bhd (HwangIM).

Its Chief Product Officer Steve Lim said Malaysians need to save more and one way is through investing in a long-term, low-cost, simple and sustainable private retirement schemes (PRS) to help prepare for their eventual retirement.

He was speaking at a roundtable with the focus on sharing PRS' best practices from Australia, Chile and the Netherlands organised by HwangIM, one of Malaysia's leading investment management houses.

"We hope through this session, we will be able to take key practices and utilise them as references as we move forward," he said.

HwangIM said the objective of the roundtable was to create awareness among Malaysians on how different countries around the world have successfully implemented various public and private retirement schemes.

It said the lessons learned and how the successful take-up of these schemes have benefited their countries.

HwangIM is the first among eight providers to have launched the PRS, dubbed the Hwang PRS Solutions, on Oct 31 last year.

There are currently four funds within the Hwang PRS Solutions. The scheme allows contributors a layer of customisation under which they can choose a scheme based on their objectives, needs and risk appetites and level of commitment.

Hwang PRS Solutions is available through all HwangIM branches nationwide and selected agents.

HwangIM is the only non-bank or insurance-backed investment house that has retained its position among the top five in Malaysia.

Present at the roundtable session were Christian Rehren, the Ambassador of Chile to Malaysia, Anne de Graaf, Head of the Trade and Economic Section, at the Netherlands Embassy in Malaysia, and Rick Goldberg and Caroline Chan from the Australian law firm, Madgwicks. -- Bernama