BEYOND ECONOMICS: RELIGIOUS VALUES AND FINANCIAL MANAGEMENT AMONG MUSLIM RETIREES
DOI:
https://doi.org/10.35631/AIJBES.828046Keywords:
Islamic Values, Muslim Retirees, Post-Retirement Financial Management, Sense of ResponsibilityAbstract
As Malaysia transitions into an ageing society, understanding the motivations underlying post-retirement financial management among Muslim retirees has become increasingly important. While previous studies have examined retirement planning, financial adequacy, and financial practices, the motivations shaping retirees' financial decisions, particularly those related to social responsibility and religious values, remain underexplored in the Malaysian context. This study addresses this gap by examining the motivations underlying post-retirement financial management among Muslim retirees in Malaysia. A qualitative research design was adopted, with in-depth semi-structured interviews conducted among Muslim retirees from the public and private sectors in Kelantan and Selangor. The data were analysed using thematic analysis. Two overarching themes emerged: a sense of responsibility and religious values. A sense of responsibility was reflected in ongoing obligations towards family, children, and the wider community, whereas religious values were expressed through the prioritisation of zakat and sadaqah, contentment (qana'ah), and essential needs alongside spiritual preparation for the Hereafter. The findings indicate that post-retirement financial management extends beyond managing income and expenditure, reflecting broader social responsibilities and religious commitments that shape financial decision-making in later life. By focusing on retirees' motivations rather than financial practices alone, this study contributes to the retirement finance literature and offers a richer understanding of post-retirement financial management among Muslim retirees in Malaysia. It also provides qualitative evidence on how a sense of responsibility and religious values shape post-retirement financial management among Muslim retirees in Malaysia.
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