{"id":18183,"date":"2022-02-28T19:00:00","date_gmt":"2022-02-28T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/give-back-to-parents.html"},"modified":"2026-03-26T15:59:45","modified_gmt":"2026-03-26T07:59:45","slug":"give-back-to-parents","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/lifestyle-finance\/give-back-to-parents.html","title":{"rendered":"How Much Money Should You Give Back To Your Parents?"},"content":{"rendered":"\n

It’s an Asian thing to do, giving parents money.<\/strong><\/h3> \n

For most of us, our parents worked hard to bring us up, and in those years, they would have spent a large chunk of their hard earned money on us. Therefore, the least a child can do upon entering the workforce<\/a> is to provide their parents with some monetary assistance.<\/p> \n

Malaysia, which is currently the second fastest ageing country in the world, is expected to become an aged nation in about 25 years. An aged nation is one whose post-working citizenry \u2014 those aged 65 and above \u2014 constitutes 14% of the country\u2019s population. The elderly population is expected to almost double to 4.9 million from 2015 to 2030.<\/p> \n

Even if our parents have pensions or retirement savings from EPF<\/a>, the amount you hand to them can help them enjoy retirement without worry. And did you know that many Malaysians cannot afford to enjoy their retirement because they don\u2019t have enough savings? EPF statistics <\/a>show that two out of three EPF members aged 54 have retirement savings of less than RM50,000, putting them at risk of living below the poverty line. 50% of EPF members above the age of 55 exhaust their savings in five years while 31% of them achieve savings of around RM228,000 when they turn 55.<\/p> \n

Effective 1st January 2019, EPF had raised <\/a>the minimum target of Basic Savings members should have, to RM240,000 upon reaching Age 55. The Basic Savings<\/a> refers to the amount that is considered sufficient to support members\u2019 basic needs for 20 years upon retirement, from Age 55 to 75 aligned with the Malaysian life expectancy.<\/p> \n

Learn to give<\/strong><\/h3> \n

It will give you a sense of accomplishment, and you know how the saying goes \u201cthe hand that gives is better than the hand that receives.\u201d Doesn’t matter how much you give to your parents, you learn the act of giving by doing so, and it also teaches you to care for others. While our parents will probably never admit it, they do feel proud of you because it shows you\u2019ve grown into a financially stable adult who has their financial matters<\/a> well under control.<\/p> \n

\"\"<\/p> \n

So how much should you give?<\/strong><\/h3> \n

Although most parents will not ask directly, or expect their children to give them much, do know that more often than not, it is the gesture that counts<\/strong>. And yes, it is a very strong Asian culture to practice filial piety.<\/p> \n

Ideally it would be good if you can ensure the amount of money you give your parents takes care of their medical bills<\/a> and basic expenses<\/a>. But if that\u2019s not possible, no matter what amount you give them it is bound to come in handy to relief some financial burden off your parents. Below is a guide of how much you can give your parents to cover for their necessities.  But do note that you don\u2019t have to make sure you provide enough to cover for all, although if you can afford to do so, you should!<\/p> \n