The Expected Retirement Lifestyle in Malaysia
Yong Jun Yin1*, Chong Shyue Chuan1, Lim Chia Yien1
1 Tunku Abdul Rahman University College, Kuala Lumpur, Malaysia
*Corresponding Author: [email protected] Accepted: 15 October 2022 | Published: 1 November 2022
DOI:https://doi.org/10.55057/ajbs.2022.4.3.5
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Abstract: When people are young, they try to earn as much money as possible for their and their family life. After the hard work to make money, people become old, and their productivity gets lower, and this is the time for them to retire and enjoy the following relaxing lifetime. But currently, the environment is so bad due to the Covid-19 pandemic. The affection of the pandemic is that many people are losing their jobs, and income is reducing. As a result, the people's revenue declined, which may significantly affect people's lifestyles and savings.
Therefore, this paper examines the relationship between financial status, happiness, quality of life, and lifestyle in Malaysia during the Covid-19 pandemic. Although this paper is only a conceptual paper, the expected outcome for this study is that there are positive relationships between financial status, happiness, quality of life, and lifestyle. Throughout this study, it may provide general public awareness to provide their quality of life and lifestyle by understanding more information.
Keywords: Financial status, Quality of life, Happiness, Lifestyle
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1. Introduction
Life is fantastic, especially if the person has an outstanding achievement, lifestyle, family, quality of life or other things that make the person's life wonderful and meaningful. Generally, people always try to improve their life satisfaction to ensure their lives are more significant. In this case, a person's life satisfaction is significantly related to his or her personal financial satisfaction (saving and investment). When people are young, they try to earn as much money as possible to satisfy their family members and themselves. They always find different alternatives to significantly improve their daily lives, but financial status remains the most significant indicator of improving people's lives. This is because people care about their financial satisfaction, quality of life, happiness and others. As time passes, people age and this causes their productivity to decline, especially during their retirement when their income becomes zero.
First of all, disposable income is the most critical factor that affects the saving amount; it directly measures the person's ability to save (Lunt & Livingstone, 1991). People's income comes from their salary and partly from investment. Therefore, people always need a plan to distribute their income for consumption and savings. The income distribution plan aims to reduce wasting people's income and show people the ability to save. Overall, people care about their financial status because saving still directly affects a person purchasing power and people's life. Some people may feel panic during their separate their monthly income.
Generally, people used to generate income that was only sufficient for the monthly expense
and loan payments, and the remaining for savings is usually a small amount. In this case, they remaining only few amounts of money for their saving. Therefore, a person disposable income is the best way to determine their purchasing power and saving ability.
Secondly, people with higher financial satisfaction can enjoy more quality and quantitative goods and services in order to improve their quality of life. However, the quality of life represents the degree of need and satisfaction within physical, psychological, social, activity, material and structural areas (Hörnquist, 1982). In this case, purchasing power significantly affects people’s quality of life. The higher the purchasing power is, the better people’s quality of life will be as they can benefit more from purchasing better goods. Not only that, higher financial satisfaction also brings a higher ability to save. Saving is also a preparation for retirement, because when people retire, most of the income will lost. After people retired, the some of the people may receive income from their investment and rental of property.
Otherwise, people may lose their income source when they retired.
In Malaysia most people have an Employees’ Provident Fund (EPF) account. EPF is a saving account for the employee to save money for retirement. This saving account created during a person start working and receive their first salary. Furthermore, EPF is powered by Malaysia Employees Provident Fund Act 1991 to protect the employee and their retirement life.
According to Employee Provident Fund (2019), there are total 7.6 million of people have an active EFP account with total 68 billion saving amounts in EPF. Based on EPF annual report 2019, the 26 to 30 age group started to work and have EPF saving contributing 6.7 per cent to overall total saving in EPF. In 31 to 35 age group started to increase to 11.5 per cent in overall saving until 51 to 55 age group has contribute 15.3 per cent of total saving in EPF account. In the report, the highest contribution is 46 to 50 age group which contribute 18.9 per cent in overall saving. In this case, the report shows that most of the people started to work and have their saving during 26 until 55 years old. Before 26 years old, most of them are still studying as undergraduate student or higher level of the educations. Although there are over 23.6 per cent of the member in EPF, the total saving in this group of people is only 2.3 per cent in overall total saving. This indicates that many people in this group are working at the lower level in the company, hence their income is lower.
Happiness is the degree to which an individual favourably judges the overall quality of their own life (Veenhoven, 2012). People's happiness is a psychological judgment by themselves to determine their feeling. Happiness may come from achievement, satisfaction and others that make people happy. Furthermore, better financial status increases people's quality of life and provides people with greater personal happiness. Because the problem may getting solve either they consume goods or their quality of life increase. Health status is a possible problem in the quality of life that affect people’s happiness. People with higher quality of life may have better choice to maintain their health status but those lower quality of life, they have lesser choices.
Therefore, this might be a possibility that people have greater happiness with higher financial status and quality of life.
A different group of people have various quality of life and pursue. Income is the main factor determining people’s quality of life, and money determines a person's purchasing power. So, this occurs in different quality of life of people. Quality of life might represent the physical environment such as the housing and economic indicator (Bowling & Stenner, 2010). This means that people may have better home or place to stay. Secondly, economic indicators may affect a people's quality of life through the income received by the people (Bowling & Stenner, 2010). This may affect a personal income level and directly affect people purchasing power. A
higher purchasing power people may consume more goods, and they can purchase more goods to make up for the shortcomings. They were increasing the quality of life by filling up the shortcoming in life by consumption and making a person more satisfied.
Unfortunately, this world is full of uncertainties. In March 2020, Malaysia was hit by the COVID-19 pandemic. Many Malaysians have to stop working and stay at home to prevent the spread of the virus. According to Purnamasari and Ahmad (2021), 53.0 per cent of Malaysians worked before the pandemic spread into the country, while the remaining 47.0 per cent are unemployed. However, between March 2020 and June 2021, 34.0 per cent have stopped working during the pandemic, but the remaining 66.0 per cent continued working as life prior to the pandemic. This results in reduction of people's income which directly affects their savings. As income declines, people purchasing power and saving reduced as well. In this case, income reduction leads to reduction of people's quality of life, happiness, and lifestyle. Income reduction also affects the quality of life after retirement because some people may require certain care products, healthcare needs or goods to maintain their quality of life. Hence, when income reduces, the ability to purchase reduces too and results in decreased quality of life. Due to this, people’s life satisfaction will reduce too as a result of reduction in personal happiness.
Moreover, the Covid-19 pandemic economic crisis has changed people's expected retirement lifestyle. Losing a job leads to less income and savings, leading to change in people's retirement plan as well as the expected retirement lifestyle changes. Also, due to low-interest rate, financial investment income was reduced as a result of the pandemic. Meanwhile, many economic activities were forced to close down, resulting in low investment returns.
Subsequently, the overnight policy rate (OPR) gets lower and lower, which means the exchange rate, bank borrowing rate, saving and investment have also decreased. So, people’s saving and investment has lower returns compared to previously. In this case, people may have others planning to overcome the current situation and the problem that they faced especially the people having debt in this current period of time.
By conducting this research, it may help people to increase their knowledge as this knowledge is a piece of useful information that will benefit people's lives regardless of their age since it is important to understand the importance of saving. By increasing people's knowledge on saving, people may have a better idea on how to use and save their money. Next, it will also benefit the policymakers to identify current shortages and problems, so they may improve the current policy and make new policies to fill in the defects. Creating a new approach may help Malaysians increase their quality of life because the problem may be solved more efficiently by using the new policy. Furthermore, the communities also are able to gain benefits from the research. For example, many people still do not have satisfactory retirement plan due to of lack of information about retirement life. Hence, this research paper may help the community to understand more about the retirement lifestyle. Additionally, this research also helps the businessowners to give allowances to the workers and know about the current business environment or what is required if operational changes are needed. It also increases worker productivity because when workers’ allowances increased, the workers will be more hardworking to get higher budgets. So, this research study aims to examine whether the Malaysian older population is satisfied with their retirement lifestyle.
2. Literature reviews
Financial Status and Quality of Life
Poor financial behaviour contributes to personal financial problems (Garman et al., 1996;
Gutter et al., 2010; Kim & Garman, 2003; Xiao, 2008; Xiao et al., 2009). It will also negatively impact a person’s lives, regardless if it is individual or family’s at home or at work significantly, thus affecting their quality of life. Some poor financial behaviours that would decrease the quality of life include wasting or splurging money on luxury goods and unnecessary goods, gambling, etc. Based Archuleta et al. (2013), Drentea and Lavrakas (2000), Kim & Garman (2003), Noryilitis et al. (2006), and Prawitz et al. (2006), they are agreeable that a positive perception of financial aspects leads to a higher quality of life. With sound financial planning and distribution, many things can be done. For example, an investment, financial deposit, and others can increase a person's income. As a result, the quality of life will also increase significantly. Furthermore, older adults with better economic condition demonstrated better quality of life than those with lower economic conditions (Duan et al., 2021). Since money is used to exchange goods, an excellent economic condition plays a vital role in a better quality of life. An excellent economic condition also means the existence of better healthcare services which could significantly improve one’s quality of life. This is especially applicable to older adults since they need to consider their health despite not spending as much on entertainment.
Another positive relation between financial support and quality of life was found by Ikeda et al. (2021). In 2021, the Covid-19 pandemic was still atrocious; many workers lost their jobs and this in return, affected their quality of life. In such case, universal financial support from the country's government positively affected an individual health-related quality of life (Ikeda et al., 2021). Losing a job leads to income reduction thus, affecting people's quality of life.
Therefore, the financial support may help individuals to recover the effect of losing jobs.
H1: There is a positive relationship between financial status and quality of life
Quality of Life and Happiness
To increase a man's quality of life, assessing their job and status at work brings happiness to men (Huang, 2018). Since most men are the head of the family, and most of the family’s income sources come are from them, it is naturally that assessment of job may increase their achievement and salary. This can later be reflected on those men and their family’s quality of life that would lead to increment happiness. However, the female is more influenced by the family’s condition and the safety of their place of residence (Huang, 2018). Many married females focus on their family’s wellbeing so they can have a safe home which can lead to the increase in their quality of life and happiness. Therefore, females are more comfortable staying in safe homes. For single female, the way to increase her quality of life and happiness is almost the same as the male counterpart – assessment of the job and increased salary. Moreover, Alesina et al. (2004), Oshio and Kobayashi (2010), and Schwarze and Härpfer (2007) stated income inequality has a significant negative impact on individual’s happiness. Everyone may have different income levels; therefore, income inequality occurs. Income inequality happens when people compare their income and purchasing power which could lead to individuals not being happy. The rich will show off their luxury purchases to the average to low-income group, thus, making others unhappy. However, the average to low-income group may not necessarily feel the pain as this group of people may have their own source of happiness. This shows the differences in quality of life between rich and poor individuals and their satisfaction. Next, quality of family, community and work lives have a positive relationship to happiness in Thailand (Senasu & Singhapakdi, 2017). This indicates that a good quality of life in each area of people's lives will bring happiness as there will be fewer worries and problems. Delight may
reduce people's stress, concerns, and other negative emotions, leading to a better lifestyle. In this case, an individual’s satisfaction will increase by increasing the quality of life.
H2: There is a significant relationship between quality of life and happiness
Financial Status and Lifestyle
Economic status is positively related to lifestyle and satisfaction; increased financial status also means increased satisfaction, ceteris paribus. Research has found that income and other measures of the financial situation are positively associated with meaning in life, life satisfaction, need satisfaction, positive affect, perceptions of control, and optimism (Ward &
King, 2017). Generally, increasing people's financial status leads to increased purchasing power. In this case, higher purchasing power may indicate better lifestyle because people's consumption increases. So, improving the lifestyle is to increase the financial status. This is especially apparent in the case of the COVID-19 pandemic where more people are using electronic money and payment systems due to the practicality in the use of chip-based electronic money as it has a significant positive effect on consumers' lifestyles (Foster et al., 2021). The assistance of electronic money makes people’s life easier because people do not need to have too much cash on hands. This could in return, reduces the risk of robbery.
Electronic money is more convenient for people to receive, make payments, carry and others.
Electronic money and payment method may significantly increase people's lifestyles. The relationship between financial status and lifestyle is positive; some findings found no association between financial status and lifestyle. Regardless of the sufficiency of financial literacy, it has no significant impact on lifestyle (Sekararum, 2020). This defines that lifestyle is an allocation of daily activities and what people think is important for their lifestyle. It will not affect the financial status whether the people are more affluent or poor or vice versa.
Furthermore, another research also found no influence of lifestyle on financial behaviour (Mashud et al., 2021). This indicates that each person has their own lifestyle, but the lifestyle is not affected by his or her financial status. Lifestyle is based on people's habits, so people's lifestyle will change when their habit changed.
H3: Financial status has a significant relationship with lifestyle
Quality of Life and Lifestyle
The elderly with lesser family associations demonstrated a significantly poorer quality of life than those with sufficient socialisation (Zaninotto et al., 2009). This statement defines the quality of life and lifestyle that are positively related to the people. It says that sufficient socialisation may increase the quality of life. It also indicates that when an individual faces problem or needs help from others with sufficient socialisation, individuals may get help from their neighbours, friends and family members. By getting help from others, the individual’s quality of life may increase once the problem is solved. If an individual possesses poor socialisation skills, they might not get help and there will not be communication with others.
They may be unable to solve their problems since they do not have assistance from others. This results in decreased quality of life thus, affecting people’s lifestyles. However, Aljohani and Alzalabani (2021) have found a positive relationship between quality of life and lifestyle. A person with higher purchasing power possesses better quality of life. This is because of higher purchasing power denotes and lower financial problems. Therefore, people's quality of life increases. In this case, the increase in quality of life will affect the growth in lifestyle.
Moreover, a previous study has found a medium-level (positive) correlation between students' healthy lifestyles and quality of life (Çakir & Kalkavan, 2020). By increasing people's healthy lifestyle behaviour, people's quality of life may also improve as better quality of life and lifestyle means that people may complete their daily tasks, work, and other activities more efficiently. Thus, by increasing people's efficiency, the quality of life and person's lifestyle may
improve significantly. Lastly, Ventegodt and Merrick (2003) found that lifestyle is not firmly correlated or has no relationship to quality of life. A lifestyle is a person's daily activity planning, and the quality of life will not affect daily activity planning. This means that a person's lifestyle may have minor changes when life quality increases or decreases. Therefore, in this research, an individual’s lifestyle shows that lifestyle and quality of life are not strongly correlated.
H4: Quality of life has a relation to lifestyle
Financial Status and Happiness
There is a stronger correlation between income and happiness (Veenhoven, 1991). Many people become happier when their income increases. In poorer countries, people's income is limited, hence their purchasing power is low. So, when their income increases, their financial status becomes better and this will bring more happiness. Additionally, due to better financial status, people’s purchasing power also increases therefore, they are able to purchase more things that may bring joy to themselves. A similar finding has been conducted to examine the different outcomes from the students who stay in western countries and other western countries' data; a positive correlation was also found between financial wealth and happiness (Cummins, 1998; Diener & Fujita, 1995). However, some people found different outcomes for financial status and happiness. There are several findings that denied the studies which found a positive but slight correlation between happiness and financial situation (Ahuvia & Friedman, 1998;
Andrews & Withey, 1976; Campbell et al., 1976; Clark & Oswald, 1994; Diener, 1984; Diener et al., 1985; Diener et al., 1993; Diener, 1984). These findings show that a better financial status is not necessary to bring happiness to the individual. One of the reasons that a better financial situation does not make an individual happy is due to payment of tax. When an individual’s income increases, naturally, he or she has more tax to pay. Many studies concluded that more prosperous people are more comfortable staying in their own country while remaining in western countries. Still, the growth of the reported happiness is less and less with the increase in wealth. Moreover, findings show the diminishing rate of marginal utility of happiness when financial status increases (Ahuvia & Friedman 1998; Di Tella et al., 2001;
Diener & Oishi 2000; Diener & Fujita, 1995). Diminishing marginal utility rate happens when income increases but, the satisfaction or happiness that they get is not parallel to their previous income. As actual revenue rose dramatically, there was no increase in average happiness reports (Diener, 1984; Easterlin, 2003).
H5: There is a significant relationship between financial status and happiness.
Conceptual Framework
Figure 1: Conceptual Framework
Albrecht and Adelman (1987) defines social support as verbal and nonverbal communication between recipients and providers that reduces uncertainty about the situation, the self, the other, or the relationship and functions to enhance the perception of personal control in one's experience. Whether verbal or nonverbal communication, most problems and contradictions may be solved by via communication. In general, most problems happened due to miscommunication or misunderstanding, it is only natural that communication is the best way to solve these issues. Although social support is considered verbal and nonverbal communication, it can be further broken down into five different categories namely informational, emotional, esteem, social network support, and tangible support (Cutrona &
Suhr, 1992). Each type of support solves a different type of problem. Therefore, tangible social support is conceived as physically providing needed goods and services to recipients (Ko, Wang & Xu, 2013). Tangible social support is the tangible item supplied by others that help the people in their lives. Tangible items are defined as money, transportation, furniture, and others in this situation. These items may be provided by anyone as long as the person is willing to give this form of support. Most of the times, the family members are the ones who offer tangible support. These tangible items are able to help people to solve their existing problems.
Abraham Maslow coined the theory ‘quality of life’ in 1962 when his book "Towards a Psychology of Being" and this theory were established. According to Ventegodt, Merrick and Andersen (2003), quality of life means a good life and peoples believe that a good life is the same as living a life of high quality. Therefore, Maslow stated that in the quality-of-life theory, development towards happiness and being on the concept of human needs (Ventegodt, Merrick and Andersen, 2003). In this situation, fulfilling human needs may improve human’s quality of life, but it needs to follow the hierarchy developed by Maslow named Maslow's hierarchy of needs. Based on the hierarchy of needs, the scale is separated into three categories which comprise of eight levels of needs that human need to fulfil.
The first category in the hierarchy (bottom most level) includes basic physiological needs of human beings for survival which includes foods, clothes, sleep and others, the need for peace of mind such as safe residence, the need for love such as family love, belonging and others,
and the need for respect or to be acknowledged. The second category, which is the middle level of the hierarchy, includes two advanced needs in human life. This consists of the need for knowledge and understanding which includes their knowledge base and experience of themselves and what people need. The last category is the highest category in the hierarchy, which includes self-actualisation and the need for transcendence. Self-actualisation realises the person's meaning of life; transcendence is becoming an integrated and valuable part of the world. At this level, people seek self-confidence and the value they bring to the world. Hence, transcendence is the level that helps people increase their quality of life rather than improve their quality of life. The three categories of needs in Maslow's hierarchy are the categories to measure a person's quality of life. By achieving each level of demand in the hierarchy, people may significantly increase their quality of life. When peoples fulfill each level of needs, they may move to the upper level of needs. In this case, people in a higher hierarchy of needs have a better quality of life and should have a good life.
Happiness is a person's psychological phenomenon; it shows a person’s feeling. Many people link the concept of happiness to human nature: happiness comes to people who live in extraordinary harmony with their character (Ventegodt, Merrick & Andersen, 2003).
Happiness can be defined as when a person achieves something, it might make them happy.
Happiness is associated with nonrational dimensions such as love, care, and others but not with money (Ventegodt, Merrick & Andersen, 2003). Happiness is unsalable; it is a personal achievement, consuming goods and services and making a person happy. People's true happiness has to fulfil the eight needs in Maslow's hierarchy of needs (Ventegodt, Merrick &
Andersen, 2003). Unfortunately, most people these days in the society are still at level 3 or 4 in Maslow's hierarchy of needs. Many people are still searching for love and respect. Therefore, it puts the people in society at level 3 or 4 in the hierarchy of needs. When people understand the market in their lives and fulfil it, they might transform the bitter and troubled human being into happiness (Ventegodt, Merrick & Andersen, 2003). In this case, a person's happiness can be easily achieved. When a person sets goals and needs, and they are able to reach these goals and needs, this person could find happiness.
According to Hindelang, Gottfredson and Garofalo (1978), lifestyle is defined as routine daily activities, both vocational and leisure. Everyday behaviours that make up an individual's lifestyle include activities like schooling, working, maintaining one's household, shopping, socialising with friends and family and others (Policastro, 2013). In this case, the expected lifestyle activities after retirement may be more relaxed. Before people retire, they may struggle for a better life and retirement life. When they work hard in their lifetime, they may have better expectations and prepare well for their retirement life. In other word, people are working hard to achieve their expected retirement life. Therefore, saving is the most important component that impacts lifestyle after retirement. When a person retires, they lost their source of income, so saving becomes very important for them to have a better quality of life after retirement. The saving, quality of life, and happiness stated above may affect people's expected lifestyle. People save money when they still have sources of income and prepare themselves for their next phase of life and emergency. Quality of life is based on human health to determine their expected lifestyle. Good health may have a better and higher desired lifestyle because they are not concerned about the medical fees. On the other hand, people who are not healthy might spend more funds on health products. So, people’s expected lifestyle should base on their needs to achieve their expected life in the following lifetime.
3. Methodology
This is a conceptual research paper, and the ideal sample size for this study is about 200 to 250, considering the sampling errors. The data collection will start on April 2023 and continue until the end of June 2023 at Klang Valley. The target group is those 60 years old and above who stayed in Klang Valley. Collecting the sample will be done through face-to-face and virtual interviews. The reason for adopting face-to-face and virtual consultations is to avoid unforeseen circumstances such as maintaining social distancing; therefore, to keep social distancing; the face-to-face and virtual interviews are the best way to collect the sample. Due to the conceptual framework, this study will skew toward multivariate analyses such as simple and multiple regression analyses.
4. Expected outcomes
This study's expected outcome is a positive relationship between independent and all the dependent variables. The desired outcome for all simple regression analyses is positively related to all variables. Increase in financial status, people purchasing power increase and lead to happiness increase. Secondly increased financial situation, people's quality of life also increased. This is because people may improve their quality of life by increasing consumption.
Lastly, increased financial status also increases lifestyle. All the expected outcomes are positively related; the increase in people's financial situation may improve happiness, quality of life, and lifestyle.
5. Implications, Limitation and Conclusion
During the COVID-19 pandemic, most people's financial incomes were affected, and some even lost their jobs. Most of them have to withdraw their savings from the bank to sustain their household expenses, sell off their assets, and pawn their valuable items. In more severe cases, people start their retirement funds before retirement age. In this case, this study might provide meaningful information and knowledge to the respective stakeholders and improve people's understanding of financial status during retirement. Increase in financial status knowledge;
people may have better retirement planning with their financial wealth. Moreover, this research aims to increase people's quality of life and lifestyle during the end of their life period. With a good quality of life, people may expand their lifetime and have more time to stay with their family.
The limitation of this study is this study was conducted during the Covid-19 pandemic when the time to collect the sample was forced to use the virtual interviews. In this case, by completing the virtual interviewing, we could not observe the interviewee's living situations, such as the condition of where the interviewee stayed, the environment and others. By following the interviewee's state, we captured some information from observing the environment, such as the quality of life of the interviewee. Furthermore, another limitation of this study is this study doesn’t examine people's household expenses. This is because concerned people's household expenses, the study may examine people's income distribution for savings and costs. In this case, this study may forecast people's savings and retirement plans. Moreover, by reviewing people's household expenses, this study can explore people's quality of life. By examining the household expenses, we can predict people's expenses patterns to determine their quality of life.
Finally, this paper examines the relationship between financial status, happiness, quality of life and, lifestyle. Although there are previous findings from a different study, this study falls under the situation of the COVID-19 pandemic. Since most people's lives have been affected, it is only fitting that this research is conducted to examine the changes in people's lifestyles during the pandemic.
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