A Malaysian retiree is currently trying to dig himself out of a difficult situation after losing most of his Employees Provident Fund (EPF) savings to “friends”.
The elderly man’s son anonymously took to the @meinmokhtar X page to share how his father ended up losing a large portion of his RM800,000 EPF payout by lending money to friends and investing in friends who turned out to be scammers.
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He wrote, “My father retired from the private sector at 55 years old and received RM800,000 from EPF. He used the money to renovate the house, which is fine, but he made the wrong move by spending the rest on unnecessary things.”
What makes this situation worse is that, not only did the elderly man borrow and invest his EPF money in his “friends”, but he also did not settle his debts first, which led his family members to drain their savings to cover some of the debt.
This also eventually led to their house being repossessed by a bank.
Having to start again
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Now, at 60 years old, the elderly man is attempting to re-enter the workforce after mismanaging his EPF savings.
“Having to go back to work, not every job is easy to obtain. Who would want to hire an older person, even though my dad has talent as a salesman? He can’t even go into e-hailing because his eyes are not good at night. He’s also not very good at reading Google Maps or Waze,” he added.
The son ended his post by urging the general public to be smarter in managing their finances, or they might end up like his father, who lost RM800,000 within a few years.
What do you think about this? Do feel free to share your thoughts in the comment section.
Also read: M’sian Becomes Friend’s Guarantor, Moneylender Demands RM40k for RM10.8k Debt After Friend Dies
