Personal Financial Management Behaviors of Employees in Local Administrative Organizations in Khemarat District, Ubon Ratchathani Province

Abstract

The objectives of this research are (1) to study personal financial management behaviors of local administrative employees in Khemarat municipality, located in Ubon Ratchathani province and (2) to investigate the relationship between their personal factors, knowledge factor, and personal financial management behaviors. Data were collected by questionnaire survey from 220 samples, and were analyzed by such statistics as percentage, mean, standard deviation, Spearman's Rank Correlation, and Chi-Square. Results are found that most of the local administrative employees in Khemarat have saving less than 5% of monthly income and their saving plan is aimed at emergency spending. They invest in private business but can bear low risks, and thus their risk management is allowing money in a bank saving account, with a demand for 15,001 – 20,000 baht a month in emergency spending cases. Most are in debt from bank loans and are able to pay back about 10,001-15,000 baht per month. Nevertheless, they expect for 15,001 – 20,000 baht of monthly income after retirement. As for the personal income tax planning, most have low income which is exempted for tax payment. However, if having high income, they plan to have life insurance as a source of a tax deduction. Furthermore, the findings confirm positive relationships between personal factors,  knowledge factors, and personal financial management at a low level. Further, the knowledge factors has positive relationship with personal financial management at a moderate level. Nevertheless, gaining insight into such relationships, gender has no relationship with personal financial management but type of employment do, with the statistical significance of 0.05