| Summary: | This study discusses Malaysia's economic challenges, focusing on disparities in the cost of living, bankruptcy rates, and issues related to an aging population and retirement savings. It highlights the unequal growth of urbanization leading to disparities in living costs, with rising expenses impacting household well-being. Moreover, 56% of Employee Provident Fund (EPF) contributors aged 54 have less than RM50,000 in their savings. Logistic regression is used in this study to determine factors that significantly affect inadequate savings among EPF members who are 55 years old and above. The secondary data was obtained from EPF Headquarters with a total of 1111 observations. The study found that wages and gender have significantly affected inadequate savings. However, the occupational sector does not significantly affect inadequate savings due to its p-value > 0.05. In conclusion, this study aimed to raise awareness about factors leading to inadequate retirement funds, urging both younger and older individuals to plan their savings before turning 40 and recognizing the importance of addressing this issue for society's future. © 2024 IEEE.
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