Factors Influencing the Adequacy of Retirement Planning of State Enterprise Employees Case Study of Provincial Electricity Authority Area 3 (South) Yala Province
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Abstract
This research investigated factors influencing the adequacy of retirement savings for Provincial Electricity Authority (PEA) officials in Yala Province, Thailand. The data was collected from 323 PEA officials. The questionnaire was mainly focused on the participants' retirement savings behavior and the adequacy of retirement savings. The data was analyzed using one-way ANOVA and multiple regression. The result shows that officials typically saved 1-2 times
per month. The average monthly savings amount exceeded 5,000 baht. They had been saving for more than 5 years. The primary goal of saving was for retirement, with a preference for provident funds. Moreover, the results indicated that factors including age, marital status, education level, average monthly income, and number of family member significantly influenced the adequacy of retirement funds for PEA employees at the 0.05 level. There are several factors significantly influenced the adequacy of retirement funds for PEA employees including economic factors as inflation rates and interest rates; political and social factors and saving perception factors as return on investment rates and financial skills. Based on the results, the research suggests implementing training and knowledge programs on financial planning for PEA employees. Annual financial skills surveys are recommended to assess the development of employees' financial literacy. Policies encouraging participation in these surveys could be established. Thus, the findings from these initiatives can be used to formulate a development plan to promote financial literacy among PEA employees.
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