Moving Up the Savings Hierarchy: Examining Savings Motives of Older Malay Muslim

Sharifah Haron (), Deanna Sharpe (), Mohamed Abdel-Ghany () and Jariah Masud ()

Journal of Family and Economic Issues, 2013, vol. 34, issue 3, 314-328

Abstract: Continuation ratio analysis of data from the 2004 Economic and Financial Aspects of Aging in Malaysia was conducted to assess likelihood of Malay Muslims aged 55–75 moving up in a hierarchical model of savings motives. Results indicate that more than half of older Malay Muslim has no savings. Many are barely surviving economically. Family size, educational level, health perception, income quintiles and income adequacy were important predictors of advancing from a lower level to a higher level in the savings motive hierarchy. Saving for Hajj was an important self-actualization savings motive. Copyright Springer Science+Business Media, LLC 2013

Keywords: Hierarchy of savings; Savings motives; Older Malay; Malaysia (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s10834-012-9333-0

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