Factors Affecting Personal Financial Planning to Prepare for Retirement of Maeka Municipality Employees, Muang District, Phayao Province

Abstract

This study aims to investigate the factors affecting personal financial planning and to explore the personal financial planning on retirement preparation of Maeka Municipality employees, Phayao Province. Data was collected from all populations. Descriptive statistics including frequency, mean, standard deviation, and multiple regressions were used for data analysis.

The results of the study showed that the rate of return, the attitude to financial planning, and the risk acceptance factors affected personal financial planning of retirement preparation at a high level. The economics and the financial instrument knowledge factors affected personal financial planning of retirement preparation at a moderate level. The results from hypothesis testing revealed that the financial instrument knowledge factor does not influence personal financial planning of retirement preparation at the significant level of 0.05. Whilst most of the employees acknowledged that personal financial planning is necessary for retirement preparation, some of them could not properly plan their personal finance or saved money due to insufficient income and lack of knowledge of financial instruments for the financial preparation for retirement. However, they realized that personal financial planning would help them to have sufficient money to cope with the expenditures and emergency situation in retirement. Therefore, the municipality office should train all staff about personal financial planning.