Financial Sustainability and Socio-Economic Well-Being of Senior Citizens in Addressing an Ageing Nation Towards 2030

Nor Hazanah Miskan, Nurulhayah Muhamad, Maryam Mohd Esa, Farah Saniah Mohd Zabidi, Nurul Liyana Hussin and Zulkefly Abdul Karim
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Nor Hazanah Miskan: Faculty of Business, Hospitality and Technology, Universiti Islam Melaka, Malaysia
Nurulhayah Muhamad: Faculty of Business, Hospitality and Technology, Universiti Islam Melaka, Malaysia
Maryam Mohd Esa: Faculty of Business, Hospitality and Technology, Universiti Islam Melaka, Malaysia
Farah Saniah Mohd Zabidi: Faculty of Business, Hospitality and Technology, Universiti Islam Melaka, Malaysia
Nurul Liyana Hussin: Faculty of Business, Hospitality and Technology, Universiti Islam Melaka, Malaysia
Zulkefly Abdul Karim: Faculty of Economics and Management, Malaysia

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 6, 6427-6436

Abstract: Ageing is a natural process involving various life transitions, and many countries are experiencing a demographic shift toward older populations. This trend poses significant challenges, especially for developing nations like Malaysia, which is expected to become an aged nation by 2030. Unlike developed countries with stronger infrastructure and intellectual resources, Malaysia faces difficulties in preparing for this transition, particularly in ensuring the financial sustainability of its ageing population. This study aims to identify key factors that contribute to financial sustainability and socio-economic well-being among the senior citizens. Using a quantitative approach, the research employed Structural Equation Modeling (SEM) through path analysis to examine the effects of four variables: income, welfare, expenses, and savings. Data analysis was conducted using AMOS software to understand the relationships between these factors. The findings show that income and expenses have a positive and significant impact on financial sustainability among senior citizens. These results support economic theories suggesting that individuals with better financial resources are more likely to manage their finances sustainably. However, welfare and savings did not show a significant influence, indicating they may play a lesser role in financial stability for the elderly. This research highlights the economic implications of ageing and the potential strain on public finances. The insights provide valuable guidance for policymakers in designing effective financial and social strategies to support Malaysia’s ageing population. As the country approaches aged nation status, there is an urgent need for well-planned policies to transform senior citizens into active contributors to national development.

Date: 2025
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