Senior Citizens and Financial Stability: Assessing Socio-Economic Correlates and Influences

Nurul Liyana Hussin, Norhazanah Miskan, NurulHayah Muhamad, Farah Saniah Mohd Zabidi and Maryam Mohd Esa
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Nurul Liyana Hussin: Faculty of Business, Hospitality & Technology, University Islam Melaka, Malaysia
Norhazanah Miskan: Faculty of Business, Hospitality & Technology, University Islam Melaka, Malaysia
NurulHayah Muhamad: Faculty of Business, Hospitality & Technology, University Islam Melaka, Malaysia
Farah Saniah Mohd Zabidi: Faculty of Business, Hospitality & Technology, University Islam Melaka, Malaysia
Maryam Mohd Esa: Faculty of Business, Hospitality & Technology, University Islam Melaka, Malaysia

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 6, 5147-5153

Abstract: As Malaysia evolves into an ageing society, the financial sustainability and socio-economic well-being of the elderly have emerged as pressing issues. This study examines the relationships between income, expenditure, savings and social welfare in relation to the Financial Sustainability Index and the overall well-being of senior citizens. A cross-sectional, quantitative design was employed, surveying 111 participants aged 48 and older from both urban and rural settings using a structured questionnaire. The analysis revealed moderate positive correlations between financial sustainability and the essential variables: income (r = .517), expenditure (r = .505), savings (r = .531) and welfare support (r = .517). The findings indicate that factors such as income stability, managed expenditures, sufficient savings and available welfare play a crucial role in enhancing the financial resilience and overall quality of life for older adults. The analysis underscores the interconnectedness of these elements, suggesting that no individual factor can guarantee financial sustainability on its own. Recommendations for policy improvement involve strengthening financial education, adjusting social security to align with actual cost-of-living conditions, promoting income opportunities after retirement and providing incentives for long-term savings. In conclusion, a comprehensive and inclusive policy framework is essential to protect the dignity, independence and well-being of Malaysia’s elderly population, allowing them to age with both security and satisfaction.

Date: 2025
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