The Dynamics of Financial Retirement Planning: Financial Behavior, Health Literacy, and Financial Literacy with the Role of a Financial Advisor as a Mediating Variable in Thailand
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Abstract
This study aimed to examine the direct and indirect effects of financial behavior, health literacy, and financial literacy on financial retirement planning, with the role of a financial advisor serving as a mediating variable. The sample consisted of 480 individuals in Thailand who had used financial advisory services and were selected through convenience sampling. Data were collected using a questionnaire and analyzed through structural equation modeling (SEM) with AMOS.
The results indicated that the proposed structural equation model adequately fitted the empirical data. Financial behavior (β = 0.235, p < 0.001), financial literacy (β = 0.206, p < 0.001), and health literacy (β = 0.090, p < 0.001) had significant positive direct effects on financial retirement planning. Financial behavior (β = 0.323, p < 0.001) and financial literacy (β = 0.371, p < 0.001) also had significant positive effects on the role of a financial advisor. In contrast, health literacy did not have a statistically significant effect on the role of a financial advisor (β = 0.030, p = 0.473). The role of a financial advisor had a significant positive direct effect on financial retirement planning (β = 0.579, p < 0.001) and exhibited the strongest direct effect among all variables in the model.
Regarding the overall effects, financial behavior had a direct effect of 0.235 and an indirect effect of 0.187 through the role of a financial advisor, resulting in a total effect of 0.422 on financial retirement planning. Financial literacy had a direct effect of 0.206 and an indirect effect of 0.215, resulting in a total effect of 0.421. Health literacy had a direct effect of 0.090 and a total effect of 0.107. The model explained 79.0% of the variance in financial retirement planning.
These findings demonstrate the importance of financial behavior, financial literacy, health literacy, and the role of a financial advisor in financial retirement planning. In particular, the role of a financial advisor constitutes an important mechanism linking financial behavior and financial literacy to financial retirement planning. Government agencies, financial institutions, and other relevant organizations should therefore promote financial knowledge and responsible financial behavior while improving the provision of appropriate financial advisory services to help individuals prepare effectively for their financial needs in retirement.
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