Financial Satisfaction, Resource Transfers and Bequest Motives among Malaysia's Urban Older Adults

Chong Shyue Chuan; Lim Chee Seong; Wong Hong Chau
June 2014
Australian Journal of Basic & Applied Sciences;2014 Special, Vol. 8 Issue 8, p15
Academic Journal
The main objective of this study is to investigate the relationship between bequest motives and financial satisfaction of the urban older adults as well as their respective relationships with the family resource transfers. This research has applied the framework of the social support theory (resource transfers) and bequest models as well as has adapted the older adults? financial satisfaction as a proxy variable to measure older people?s financial status. Particularly, this study perceived that older adults? financial satisfaction and resource transfers from children are the important domains in determining older people?s bequest motives. Generally, as highlighted in the social support theory, older people?s financial satisfaction plays an important role in determining the resource transfers from children to older parents. In this study, the target sampling were those aged 50 years and above and residing within the state of Selangor Darul Ehsan, Malaysia. Based on the Census of Malaysia 2010, stratified sampling was employed by the Department of Statistics Malaysia to select eligible samples from nine administrative districts of Selangor. This primary research was collected through face to face interviews with structured questionnaires from April to June 2011. There are three types of languages that were used in the survey questionnaire; namely English as the main language and the questionnaire has been translated into Malay language and Mandarin. The final sample size is 760 and was used in this study. From the result of the principal component analysis and reliability analysis, it is found that urban older adults in Malaysia are more conformed to altruism model, selfish life-cycle model, and social norms and tradition, but far from the dynasty model. In general, through the multiple regression analysis, it can be concluded that older adults who are fall in the altruism model would have positive effects with older people?s financial satisfaction and time resource transfers, but have negative effects on financial resource transfers from children. Secondly, older adults who have their bequest motives skewed towards the selfish life-cycle model are negatively related to financial satisfaction and time resource transfers from children, but have positive effect on financial resource transfers. Lastly, older adults? bequest motives which are skewed towards the social norms and tradition model have positive relationship with informational support and financial resource transfers, but are negatively related to esteem support.


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