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Financial security protections in Malaysia, Singapore and Philippines: a perspective of two generations
- Authors:
- MOHD Saidatulakmal, et al
- Journal article citation:
- Hong Kong Journal of Social Work, 44(2), Winter 2010, pp.89-104.
- Publisher:
- World Scientific Publishing Company
- Place of publication:
- Singapore
Southeast Asian countries are experiencing a rapid aging of the population. This study investigated the formal and informal financial security protections of the elderly and how that compares with financial security preparedness of the younger generations in Malaysia, Singapore and the Philippines. The role of family support as important source of old-age protection in Asian countries was also investigated. Data were collected by means of interviews of working people aged 18 to 59 years and elderly people aged over 60 years in all 3 countries. The participants were: 250 working and 250 elderly people in Kuala Lumpur, Malaysia; 250 working and 250 elderly people in Manila, Philippines; and 206 working and 161 elderly people throughout Singapore. Venn diagrams were constructed to analyse the overlapping of availability of the various financial security protections for the 2 generations and their relative sizes among the 3 regions. The findings showed similar financial protection in all 3 countries. There was general agreement on the inadequacy of the formal old-age benefits, and many participants reverted to informal protections such as insurance, savings and family support. With the exception of Manila, reliance on the family support as perceived by the younger generations has lost its importance.