Perceptions and intentions of Malaysian urbanites towards the concept of retirement village
Retirement village is a novel housing option that offers a new form of retirement living for the elderly, who are aged above 65 years old and able to live independently. Retirement village aims to promote an active and high-quality life during the elderly’s twilight years. Typical features in...
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| Main Author: | |
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| Format: | Thesis |
| Language: | English |
| Published: |
2018
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| Subjects: | |
| Online Access: | http://psasir.upm.edu.my/id/eprint/75787/1/FEP%202018%2021%20IR.pdf |
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| Summary: | Retirement village is a novel housing option that offers a new form of retirement
living for the elderly, who are aged above 65 years old and able to live
independently. Retirement village aims to promote an active and high-quality life
during the elderly’s twilight years. Typical features in retirement village include
panic buttons, grab bars in the bathroom, and switches at a lower level. Provision of
housing for the elderly becomes more significant with a rapid increasing number of
ageing population in our country. The concept of retirement village received good
response from various western countries but its applicability in eastern countries still
scant. Hence, this study intends to fill literature and industry gap by verifying the
perception and intention of Malaysian towards the idea of retirement village.
This study was grounded by two theories from different scope of research, that are
theory of planned behavior (TPB) from psychology field as well as ecological theory
of aging (ETA) from gerontology field. Survey questionnaire was distributed to the
respondents via face-to-face administrated approach. By using purposive sampling
technique, 261 responses were collected. All the respondents were Malaysian who
stayed in urban area. Partial least squares (PLS), a variance-based structural equation
modeling method was adopted in testing the hypotheses. In SEM-PLS, data was
analyzed and interpreted based on two-stage approach: (1) assessment measurement
model, and (2) assessment of the structural model. The results supported the model
by confirming that attitude, subjective norm and perceived behavioural control were
positively associated with retirement village buying intention. The proposed
antecedents (i.e., perceived risk, communicability and retirement planning) also
found significant influences on TPB’s construct. Next, contextual variable of social
sustainability proved to influence buying intention on retirement village. Eventually,
religion was found to strengthen the relationship between subjective norm—intention and perceived behavioural control—intention, where the positive
relationship are stronger among non-Muslim.
This research is significant in a few ways. First, to provide developers insights on
ways to position retirement village as well as insights for policy makers to develop
appropriate policies in promoting elderly housing. Second, this study also adds
knowledge in real estate literature regarding applicability of retirement village
concept in Malaysia. Finally, this study uncovers the applicability of theory of
planned behavior and ecological theory of aging in explaining Malaysian’s
acceptance towards retirement village. On top of that, there are some limitations that
offer avenues for future studies. This research merely focuses on Malaysia, limiting
its ability to generalize the results. Therefore, future studies are recommended to
replicate the model in other Asian countries. Additionally, exploring others variables,
such as personality trait, location and rate of investment, might show some
interesting implications. Also, it may be informative to take note of residents’ actual
experiences living in the village. A longitudinal research is likely to provide valuable
results in identifying residents’ level of satisfaction towards retirement villages in
Malaysia. |
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