The Effect of Financial Literacy and Financial Behavior on Retirement Planning: A Case Study of Working-age People in Hatyai Songkhla
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Abstract
This study aimed to understand the effect of financial literacy and financial behavior on retirement planning: a case study of working-age people in Hatyai Songkhla. The purposes of this study were to measure financial knowledge and financial behaviors; the difference between demographic data and retirement planning; the difference between financial knowledge and retirement planning; and the impact of financial behavior to retirement planning. The researcher used a questionnaire to collect data on samples of 385 participants. The data was analyzed using descriptive statistics (frequency distribution, mean, and standard deviation) and inferential statistics, including T-test, one-way ANOVA, and simple regression analysis at significance level of 0.05
The study found that most of the sample were women, aged 31-40 years, married, and had 3-4 family members. Most of the respondents held a bachelor’s degree, earned an average monthly income of 40,001 THB or more, and worked in private companies. It was also found that most of the sample had a high level of financial knowledge, and they agreed that their financial behaviors and retirement planning aligned with their needs. The hypotheses testing revealed that the education level, revenue, and financial knowledge level have differing effect to retirement planning as well as financial behaviors had a significant influence on retirement planning at the 0.05 level.
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