AS Malaysians become increasingly affluent and enter their twilight years, upscale retirement homes — to the tune of RM6,000 per month — have mushroomed.
They offer an option to active seniors who are downsizing as well as those requiring a little more support in their living.
But is this a sustainable and equitable proposition, or is it profiting at the expense of our seniors?
Malaysia is fast becoming an ageing nation, according to the World Bank and United Nations.
It has been reported there are about 1,400 private aged care homes in the country.
How many cater to the ordinary people?
Reports state that the market for upscale at-home care, home caregivers and basic nursing homes could be worth RM2 billion currently.
They cater to empty-nesters — active seniors whose children have grown up and left home — who plan to sell their property and move to a smaller abode.
Indeed, a recent survey by the National Population and Family Development Board Malaysia revealed that about 70 per cent of elderly Malaysians do stay with their children or extended family.
But these living arrangements may soon change, especially with Malaysia facing a "brain drain" exodus of professionals — with some 1.86 million living abroad.
The emergence of Gen Z and Gen Alpha, characterised by a more carefree and individualistic attitude, signifies a shift in societal norms.
They are perceived as less likely to take responsibility in caring for their elderly parents, posing a significant question: where will those in the M40 group, and the worse-off B40 group, go?
Additionally, the proliferation of luxury retirement homes raises questions about their alignment with the Sustainable Development Goals (SDGs).
SDG No. 3, which aims to ensure healthy lives and promote wellbeing for all ages, and SDG No. 10, which focuses on reducing inequalities, are particularly relevant.
Enhancing the welfare of senior citizens through luxury developments does not align with these goals, as it exacerbates social inequality and neglects the needs of the less-affluent population.
The only palpable solution: hastening the impending Senior Citizens Bill — a legal and mandatory crucial step towards addressing these issues.
The bill must ensure that affordable and accessible aged care options are available to all, including providing financial support and incentives for affordable aged care homes, and ensuring that they meet high standards of care and comfort.
Therefore, private companies venturing into the aged care market must balance profitability with social responsibility.
They have a moral duty to invest in affordable aged care solutions and support community-based care models that allow seniors to age with grace, surrounded by families and communities.
We can look to Australia and Singapore for insights into developing a robust and inclusive retirement village industry.
Australia's retirement villages are supported by a world-leading legislative and quality framework and substantial investment in research.
Singapore provides another example. In 2018, it officiated its first publicly funded retirement village, which co-locates childcare and senior centres in one integrated development.
This promotes the concept of active ageing and demonstrates the benefits of integrating aged care with other community services that foster intergenerational interaction.
The government, businesses and society must ensure that the golden years of all Malaysians are lived with dignity, comfort and joy.
It is our seniors' human right!
DR THANASEELEN RAJASAKRAN
Universiti Tunku Abdul Rahman
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times