Motivation and financial well-being among elderly entrepreneurs in Malaysia

Abstract

The trend for aging population in the developed nations is creating pressure on the economy both in terms of consumption and productivity. Increased life span due better healthcare services and technologies has given a new meaning to 'golden years'. The work or leisure choice is no longer a simple decision to retire upon retirement age. This is exacerbated by uncertainty of old-age income adequacy with the termination of pension schemes once relied upon by previous generations as their end of life security. The phenomena of productive ageing where 60 plus men and women continue to work is on the rise. The opportunities of employment are few and far between leading to self-employment as a preferred option. The reasons for continuing to work vary from a 'have to' to a 'want to' situation. The range of reasons encapsulates both intrinsic and extrinsic motivation. This study looks at the relationship between the motivation of Malaysian elderly entrepreneurs and their financial well being.