Financial Planning Strategies for Improving the Quality of Life among the Working-Age Population in Bangkok

Abstract

The objectives of this research are: 1) To study and analyze financial planning for a good quality of life among the working-age population in Bangkok, classified by personal and economic factors; 2) To examine financial literacy and life goal setting that affect financial planning for a good quality of life; and 3) To analyze and propose financial planning guidelines for a good quality of life. A mixed-methods research approach was employed. The sample consisted of 660 working-age individuals, aged between 20 and 60 years, residing in Bangkok. The samples were obtained through stratified random sampling based on six area groups (covering all 50 districts) in Bangkok, using a probability sampling method. The statistical tools used for data analysis included descriptive statistics such as frequency and percentage. Differences in opinions regarding financial planning for a good quality of life among the working-age group in Bangkok were analyzed using an independent samples t-test and one-way analysis of variance (One-way ANOVA). Pairwise differences were examined using the LSD test. If the p-value was less than or equal to .05, the Welch Test was applied, and pairwise comparisons were conducted using the Dunnett T3 test. Multiple Regression Analysis (MRA) was used to identify the factors influencing financial planning for a good quality of life. Content analysis was also employed to summarize key themes derived from in-depth interviews, categorized by interviewee groups. The findings were synthesized and integrated with quantitative data to analyze and present comprehensive guidelines for financial planning that support a good quality of life among the working-age population in Bangkok.                              The research findings revealed that: 1) The analysis of personal and economic factors indicated that financial planning for a better quality of life among the working-age population in Bangkok differed by gender, age, educational level, marital status, dependent responsibilities, and residential area within Bangkok. However, these differences were not statistically significant at the .05 level. In contrast, significant differences were found in relation to primary occupation, average monthly income, and debt burden. 2) The results of multiple regression analysis showed that financial skills and life goal setting had a significant influence on financial planning for a better quality of life, explaining 62.4% of the variance (Adjusted R² = .624). Specifically, financial behavior, financial security goals, quality of life development goals, and self-development goals were statistically significant predictors at the .01 level. 3) The study suggested targeted financial education and motivation strategies that are “group-specific,” taking into consideration gender, marital status, income, occupation, and area of residence.