High debts and low savings are among the reasons why many Malaysians are unable to retire, a HSBC report has revealed.

A whooping 91 per cent of Malaysians aged 45 and over who want to retire in the next five years are unable to do so due to some financial constraints, Country Head of Wealth Management Lim Eng Seong said, citing the report.

More than 18,000 people from 17 countries participated in the two-month survey, which represents the views of 1,105 Malaysians.

The survey participants also revealed that that they are mainly bogged down by inadequate savings, having dependents who rely on their income as well as debts such as housing loans.

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They cited accumulating health bills and children’s education fees as the main reasons why many of them cannot save enough for retirement, he said at a briefing on the future of retirement here today.

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Only 69 per cent of Malaysian pre-retirees aged 45 and over would like to retire within the next five years if circumstances allowed them to, Lim added.