PARTICIPATORY ENHANCEMENT OF SAVING CAPACITY AMONG PRE-RETIREMENT AGE GROUP BASED ON THE PHILOSOPHY OF SUFFICIENCY ECONOMY: A CASE STUDY OF PHANOM THUAN DISTRICT, KANCHANABURI PROVINCE

Abstract

This research aimed to: 1) Develop the saving capacity of pre-retirement community members through a participatory approach on the philosophy of sufficiency economy of Phanom Thuan district, Kanchanaburi province, and 2) Evaluate and extract lessons from the saving capacity development based on the Sufficiency Economy Philosophy. The sample consisted of 35 pre-retirement individuals and 5 relevant stakeholders, selected through purposive sampling. The research instruments included questionnaires, interviews, and focus group discussions. Quantitative data were analyzed using descriptive statistics and paired t-tests to compare pre- and post-intervention means. Qualitative data were analyzed using content analysis. The findings revealed that the pre-retirement community had a positive attitude toward saving. Most participants saved with the aim of preparing for future illness, retirement, and their children’s education. The preferred saving methods included depositing money in banks or cooperatives, purchasing life insurance policies, and keeping cash for emergencies. Key factors influencing saving behavior among pre-retirement individuals were income fluctuations due to economic conditions and uncertainty regarding daily living expenses. After participating in the saving capacity development program, the community demonstrated a statistically significant increase in knowledge about saving and living according to the Sufficiency Economy Philosophy (t = 11.39 and 8.351, p < .000). They also developed systematic retirement saving plans across three stages: short-term, medium-term, and long-term saving. Follow-up results showed that 63.50% of the participants increased their savings, with an average increase of 5.72% compared to before the program.