POST-RETIREMENT FINANCIAL MANAGEMENT: PERSPECTIVES AND PRACTICES AMONG MUSLIM RETIREES IN MALAYSIA
DOI:
https://doi.org/10.35631/AIJBES.828038Keywords:
Financial Practices, Islamic Values, Muslim Retirees, Post-Retirement Financial ManagementAbstract
As Malaysia moves towards an aging society, concerns about the adequacy of retirement income and long-term financial sustainability among retirees have increased. Although previous studies have focused on retirement planning and financial adequacy, limited attention has been given to post-retirement financial management, particularly from an Islamic perspective. Therefore, this study explores post-retirement financial management among Muslim retirees in Malaysia by examining their perceptions and practices. Using a qualitative approach, in-depth interviews were conducted with Muslim retirees from both public and private sectors, and the data were analysed using thematic analysis. The findings show that retirees perceive financial management as the ability to manage money carefully and maintain financial adequacy in meeting daily needs. Retirees also practised careful spending, budgeting, controlled debt management, and Islamic financial practices such as sadaqah. The findings demonstrate that post-retirement financial management is shaped not only by economic considerations but also by religious values, moderation, and responsibilities towards family and society. This study contributes to the literature by providing a qualitative understanding of post-retirement financial management from behavioural and Islamic perspectives.
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