Malaysia's fast ageing population: Are we ready to handle the consequences?

Photo: Filepic/AFP

Currently, there are an estimated 3.5 million people – or 7% of the population – in Malaysia who are above the age of 65. This group is the most vulnerable in terms of maintaining a minimum standard of living until the age of 77 or so, which is the average lifespan for a Malaysian male. This means 65-year-olds live for another 12 to 15 years after retirement.

Even now, does the ageing population have the financial resources needed to maintain a decent standard of living? And are they emotionally stable enough to overcome anxiety and feelings of neglect, loneliness and rejection? Do those who are pensionable find the rising costs of food and other necessities eating into their monthly allowance?