Financial Adequacy of Older Person in Batu Caves, Selangor Malaysia

Abstract

Population aging has profound implications for many facets of human life. The transition from middle to old age is generally marked by declining in financial income. Most of older people in rural areas are living under poverty level. Research in other rural Malaysia suggests that older persons have to depend on to their adult children for income. This paper is aimed at describing about how older persons in rural Malaysia feel about their family financial situation, whether the income level of their family is adequate or otherwise. Understanding perceived financial adequacy is very important in understanding the financial capacity of older people. Financial capacity of older persons needs to be examined because through it we can take steps to support them. More specifically, the present paper analyzes; (1), demographic and socioeconomic profiles of older persons in rural Malaysia; (2), income status of older people in rural Malaysia; (3), level of financial adequacy of older persons in Batu Cave; and (4), the importance of financial support from children among older people in rural Malaysia. This study was conducted in Taman Selasih, Batu Cave district, one of the rural areas in the state of Selangor. This paper is basically employed a descriptive research design. It is used when a researcher seeks a better understanding and measure how variables are naturally distributed. Data were collected through structured and unstructured interviews with research participants coupled with observations on their daily lives, and analyzed using descriptive and thematic approach. Results of the study revealed that: (1), the majority of respondents in the study are men and young old, aged between 69 or below. 49 of them reported as having secondary school certificate, or above, not working and still married; (2), there is substantial variation in their monthly income. Only 54 of them have a monthly income of more than RM870, above poverty level as has been used in Malaysia, and more than half are using half or less than half of their income for daily expenses; (3), only 26 out of 70 perceive their financial as not enough; (4), most of older persons perceive financial support from children is important. To conclude, older persons in study area are not facing problems in financial adequacy.

Keywords: population ageing; older persons; rural areas; financial adequacy; well-being