High-income earners withdraw EPF to invest in gold, stocks

Even in these challenging times with the COVID-19 pandemic, there are people who see an opportunity and seize it.

According to the survey polled by the UCSI Poll Research Centre, almost half of the people in the T20 income group who were polled said they used – or would use – their i-Sinar withdrawal to invest in gold and stocks.

The survey involved 809 people with 47.7% (most of them were aged 40 – 55) 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 a i-Sinar withdrawal, particularly among the T20 group.

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

The research centre also found that only 48.6% of respondents used the money for food and groceries. – Feb 5, 2021

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