Factors affecting the Informal Labour Preparation for Economic Security in Aging Life Living

Abstract

This article aims to present the factors affecting the informal labour preparation for economic security in aging life living. The research uses quantitative research techniques; data was collected from 386 samples thru a questionnaire. There are two groups of sample: 1) informal labour who are still working with employer and 2) self-employed group.

The results are presented in two parts. Firstly, more than 90% of labour are not ready for economic security in aging life living. Secondly, there are two groups of factors affecting their preparation for economic security in aging life living, positive and negative factors. While the positive factors are level of education, employment, income, savings, bookkeeping, health insurance, financial status, family support, community/social support and their recognition on how long it should take to prepare for the aging, the negative factor is the number of children in the household. Therefore, to ensure the informal workers will be well-prepared for their economic security, the state must urgently encourage people to get more educational opportunities, promote long-term financial planning and preparation for social, financial, family and community/society assurance.