MANKIND is growing in numbers and age. By 2030, there will be eight billion of us, with one billion above age 65.
The enhancements in medicine and technology will continue to hack the code of life so that we're not only living longer, but better.
Malaysia is not exempted from these growing trends. Up to last year, more than seven per cent of Malaysia's population were 65 and above, making the country an "ageing nation".
At the current trajectory, those 65 and above are projected to double to 14 per cent by 2044 (aged nation) and to 20 per cent b y 2056, thus classifying Malaysia as a "super-aged" nation. At this rate, Malaysia will transform from an ageing nation to an aged nation in just under 25 years.
To put this into context, it took France 115 years, Sweden, 85 years and the United Kingdom, 45 years to achieve a similar scenario.
The major difference is that these countries had adequate time to develop and prepare by increasing per capita efficiency and gradually raising the retirement age as they made the ascent to a super-aged nation.
The Malaysia Ageing and Retirement Survey (MARS) is an ongoing study conducted by Universiti Malaya's Social Wellbeing Research Centre. Launched in 2018, MARS aims to produce a comprehensive longitudinal study on ageing by collecting various aspects of personal life and experiences of people aged 40 years and older.
Today, the database consists of 5,613 respondents, comparable to other international family surveys such as the Health and Retirement Survey in the United States and Survey of Health, Ageing and Retirement Europe.
Key findings include: ACTIVE transfers in both directions: 42 per cent of respondents gave financial support to their children, while 48 per cent of them received support from their children. The monthly median amount is RM100 and RM150, respectively.
The study also shows that more respondents received financial support as age increases; FAMILY bonds still preferred. More than half believe that they would need long-term care beyond age 65, and over 80 per cent agree that it should be mandatory by law for children to look after their older parents; RISING health costs anticipated in old age.
Hypertension tops the list of doctor-diagnosed diseases (37 per cent) followed by high cholesterol (21 per cent) and diabetes (19 per cent).
However, among respondents not diagnosed with hypertension, 44 per cent were in the category of hypertension based on tests taken during the field interview; LARGE dependence on public healthcare facilities.
The majority of respondents use government facilities for outpatient treatment, medical check-up and hospitalisation, with only a small proportion having private health insurance; and, INSUFFICIENT savings for retirement.
Four in 10 respondents are dependent on cost-of-living allowance/subsidies given by the government. Although the majority have savings and assets, the total value was low and insufficient.
A number of recommendations in the study include: GOVERNMENT incentives for family caregivers via old-age support allowance and income tax rebate. The same is done in the United States, Canada and Australia.
There should also be legislation that defines social protection for older persons in Malaysia; PROMOTE health literacy.
Develop and implement effective communication and structured education to improve knowledge, understanding and capacity to act on social and economic determinants of health; INCENTIVES to hire older workers. Greater publicity is needed on government incentives announced in the 2021 Budget on tax relief on remuneration paid to employers of senior citizens.
This incentive is extended until year of assessment 2025. Hopefully, it can be extended to include expenses on retraining and re-skilling of older persons to suit the digital economy; EXTENDING old-age allowances.
Given Malaysia's ageing trend, it is crucial to extend old-age assistance (bantuan orang tua) to include all persons 70 and older; and, RECOGNITION of the care economy.
Strengthen efforts to prepare for the increasing need in the social and care sector.
Professionalisation, certification and standards will help position the care economy as a viable career path to meet future demands.
On a final note, we must be cognisant that the policy of being too cautious may be the greatest risk of all.
It is the hope that the MARS study will provide data that can be used by researchers, ministries and agencies to propose forward-looking policies for an ageing Malaysia.
The writer is president of the Malaysian Economic Association; Emeritus Professor and Director, Social Wellbeing Research Centre, Universiti Malaya
