Financial Satisfaction of Older Person in Bukit Cerakah Selangor, Malaysia

Abstract

The aging of human society is rapidly becoming a worldwide phenomenon, and now the world as a whole is ageing. The number of the world’s older persons has increased dramatically from only 205 million persons aged 60 years and older in 1950 to 2 billion by 2050. Research on financial satisfaction of older people outside Malaysia has been well documented, but our understanding of this issue in Malaysia remains limited. The present paper present the result of a cross-sectional survey conducted in rural Selangor, Malaysia, to analyze the financial satisfaction of older people. More specifically, the present paper analyzes: (1), demographic and socioeconomic profiles of older persons in rural Selangor Malaysia; (2), income status of older people in rural Selangor Malaysia; (3), level of financial satisfaction of older person, and (4), the importance of financial support from children among older people in rural Selangor Malaysia. This study was conducted in the village of Bukit Cerakah, 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. There were 70 older persons aged 50 years and older were chosen through convenience sampling. Data were collected through structured and unstructured interviews with research participants, coupled with observations on their daily lives. Data were analyzed using descriptive and thematic approach. Results of the study revealed that: (1), older persons in this survey are 41 female, and 29 male, young old, aged between 69 or below. 60 of them reported as having primary or secondary school certificate and above, not working and still married; (2), there is substantial variation in their monthly income; from RM200 up to RM3000 per month. Only 44 of them have a monthly income of more than RM870, above poverty line income; (3), the number of older persons who satisfied and not satisfied with their financial situation are almost the same; and (4), there are 55 of older persons perceived financial support from children are important, or very important. To conclude, adult children are very important to older persons. The responsibility of adult children in the study area to support their elderly parents financially is still observed in the study area.

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