FACTORS AFFECTING PERSONAL FINANCIAL PLANNING FOR RETIREMENT OF THE PEOPLE OF GENERATION Y

Abstract

This study aims to 1) study the financial fundamental knowledge and the level of personal financial plans for the retirement of the Generation Y population 2) compare the personal economic plans for the retirement of the Generation Y population based on different individual factors and 3) study the influence of the financial fundamental knowledge on the personal economic plans for the retirement of the Generation Y population. The sample group is the Generation Y population in Bangkok and its five adjacent provinces. The study discovered that 1) the financial fundamental knowledge of the Generation Y population is high and based on score, financial risk, inflation risk, and interest rate are the most knowledgeable areas respectively 2) the level of personal economic plans for the retirement of Generation Y population is high; based on score, the plan can be ranged respectively from self-investigation, study on the source of income during the retirement, strict plan execution, plan review and evaluation, and advanced retirement expenditure target calculation 3) individual factors that influence the different financial retirement plans in Generation Y with 0.5 statistical significance are level of education and income while sex, age, marital status, occupation, and expenses are not and 4) the fundamental knowledge that influences the personal financial retirement plan of Generation Y is the knowledge of inflation. The basic knowledge of financial risk does not pose any influence on financial planning.