Being financially prepared for retirement is challenging due to the escalating cost of living and the slower labour income movement. Moreover, people have lower pay and consequently, are contributing less to the Employee Provident Fund. The problem is exacerbated by poor money management and the increasing demand to accumulate more retirement funds due to longer life expectancy. Failing to do so would increase one's vulnerability economically, hence, a proper plan needs to be put in place. The objective of this study is to explore financial preparedness for retirement among private-sector employees in the Klang Valley with research question of "what are the experiences of private-sector employees in financially preparing for their retirement"? A total of 15 informants consisting of private-sector employees were chosen for the focus group discussion. A thematic analysis was used to analyse the qualitative data. The study found that the themes related to the perspective on retirement, preparing, planning, saving, and dealing with financial challenges were detailed as aspects of financial preparedness for retirement. The results which have categorised the respondents into clusters with similar characteristics, allow the identification of targets for intervention by financial educators or government bodies in the attempt to help them in their area of need.
Poverty eradication remains a top priority for policymakers around the world. At the same time, population aging trends indicate a strong need to understand and address poverty in later life. While there is a lot of literature on poverty, there is not much on old-age poverty. The goal of this review is to outline current empirical research on old-age poverty, identify knowledge gaps, and make recommendations for future research. Comparison analysis had been done among ten countries in ASEAN members. The findings reveal most of the old age poverty is female. While health issues are the paramount factor that affected old-age poverty. Moreover, social pension schemes and financial assistance are crucial in eradicating old-age poverty. The results of this study have implications for understanding old-age poverty in ASEAN member countries from a profile of old-age poverty, factors that influence old-age poverty, and viable eradication policies and programs in developing countries worldwide.
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