The Financial Literacy Initiative, in conjunction with the Ministry of Finance, will launch a "RetireWise Booklet", an initiative that aims to enhance and promote the financial well-being of retirees and those set to retire.

This is to empower them to make sustainable decisions through various stages of life during retirement.

The Secretariat Manager at the Financial Literacy Initiative, Joseph Ihemba, said a number of people struggle with finances after retirement.

"We have made observations where we've actually realised that a number of people, after just a few months of retirement or a few years, you would find these people actually struggling with their finances."

He explained that there was therefore a need to craft a guide booklet to help people retiring to plan better to withstand the pressure that comes with it.

"I think on top of that, we also have fragmented information that exists out there and that is being communicated to people. Some may not necessarily be of good value and may offer some misinformation."

Ihemba said the booklet is for all the working class, those already in retirement and those who are starting their careers.

"Once you have that plan and possibly set aside a complementary retirement pension, you will be in a much better financial position. We have a number of booklets that we have developed, but our flagship or key document is actually a booklet called Moneywise. It covers all aspects and angles of finances; it's from that booklet that we've actually derived or created other booklets."