Predictors of elderly financial dependency: an ethnic comparison

Abstract

This paper identified the predictors of financial dependency among older Malaysians from the three ethnic groups. Data from an area study in Kajang involving 806 older persons who participated in face-to-face interviews was used. Age and employment status were significant predictors of financial independence across all ethnic models. Among the Chinese elderly, logistic regression analysis showed that those who possess their own home are seven times more likely to be consider themselves financially independent than those without (OR = 6.936, 95%CI 2.064 - 23.310, p < 0.01) Those Indians who are married are 17 times more likely to be financially independent than those who are single (OR = 17.204, 95%CI 4.766 - 62.105, p <0.01 ). The study showed that there are different predictors of financial dependency by ethnic group. This result calls for different intervention strategies for the various ethnic elderly in achieving financial independence in old age.