As of December 31, 2023, the Employees Provident Fund (EPF) has unveiled a comprehensive overview highlighting the average and median EPF savings across various age groups, providing a valuable benchmark for Malaysians to gauge their financial readiness for retirement.
For members aged between 50 and 54, a notable peak in average savings is observed at RM137,903, while those in the 45 to 49 age bracket boast the highest median savings of RM40,673.
This data points to a significant accumulation of funds as members approach their golden years.
Average & median EPF savings for the 25-39 Age group
The journey towards financial security begins early, with members under 25 years old showing an average savings of RM5,674 and a median of RM3,372.
As members progress into their late twenties (25-29 years), these figures rise to an average of RM16,505 and a median of RM9,642, marking the onset of financial growth.
Entering the thirties, members aged 30 to 34 witness their average savings climb to RM35,390, with a median of RM15,572.
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This upward trajectory continues through the mid to late thirties (35-39 years) with average savings reaching RM61,606 and a median of RM24,711, further solidifying the foundation for future financial stability.
Average & median EPF savings for the 40-64 Age group
The forties usher in a period of accelerated savings growth. Members within the 40 to 44 age group see their average savings surge to RM89,226, and those aged 45 to 49 accumulate an average of RM121,287, with the median savings for the latter standing at RM40,673.
Despite a slight dip, members aged 50 to 54 maintain a robust average savings of RM137,903, with a median of RM38,731.
This trend gently declines as members transition into the later stages of their career, with those aged 55 to 59 and 60 to 64 registering average savings of RM107,922 and RM118,779, respectively, accompanied by significantly lower median values.
Average & median EPF savings for the members over 65
Senior members aged 65 and above exhibit an average savings of RM74,157 and a median of merely RM2,400, underscoring the critical need for proactive financial planning throughout one’s career.
Here’s a summary of the EPF savings for different age groups:
