Malaysians are viewing ageing more positively, with the age considered “old” shifting upwards in recent years, according to new findings from Ipsos Malaysia.

Perceptions of Old Age Are Changing

The survey found that Malaysians now believe “old age” begins at 60, compared to 56 in 2018. Across 32 countries surveyed, the average age people associate with “old age” is 66.

Ipsos Malaysia managing director Arun Menon noted that while perceptions globally have remained steady since 2018, Malaysia is a notable exception.

Optimism About Later Years

Six in ten Malaysians said they look forward to life in their later years, a sentiment more common in South-East Asia than in developed economies. In countries with higher life expectancy, people tend to be less optimistic about ageing, even when the age threshold for being considered “old” is higher.

Arun highlighted that Malaysians, along with others in the region, tend to anticipate their later years positively. This outlook may be shaped by cultural respect for the elderly, close family relationships, and strong community support.

Underestimating Life Expectancy

The research also found that Malaysians often underestimate how long they are likely to live, a pattern seen in many other countries. This gap between perception and reality could have implications for financial and retirement planning.

While Malaysians seem cheerful about ageing, 2024 data from the RinggitPlus Malaysian Financial Literacy Survey reveals a different picture when it comes to retirement planning. The survey shows that 40% of Malaysians have not yet started planning for retirement. This underlines the importance of turning optimistic attitudes into concrete preparation.

Preparing for an Ageing Nation

Malaysia is projected to become an aged nation by 2043, when a significant share of the population will be 60 or older. On average, Malaysians expect to live 15 years into what they consider “old age.”

Arun said this expectation needs to be matched by investment in healthcare and social support systems. Such measures, he explained, will help ensure that optimism about ageing is supported by the ability to live later years in good health, with dignity, and with fulfilment.

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• TAGS:
• 2024 RinggitPlus Malaysian Financial Literacy Survey
• Ageing
• Ageing Nation
• Arun Menon
• Ipsos Malaysia
• Old Age
• RMFLS