Knowledge and Understanding of the Philosophy of the Sufficiency Economy, By Application of the Philosophy of Sufficiency Economy in Personal Finance Management and the Results of Personal Financial Management of Non-Agricultural People

Abstract

This article studied knowledge and understanding of the philosophy of sufficiency economy, by applying the philosophy of the sufficiency economy in personal financial management and the results of personal financial management of non-agricultural people. In the poverty-stricken provinces in each region are Amnat Charoen province, Chainat province, Pattani province and Mae Hong Son province. The number of samples is 400 samples for a total of 1,600 samples. This article were to study: 1) Analyze direct influences and indirect influences of cognitive factors in the sufficiency economy philosophy and the application factors of sufficiency economy philosophy in managing personal finances with the results of personal financial management 2) Presenting policies to promote the adoption of the philosophy of sufficiency economy applied to sustainable personal finance management. The statistics used for data analysis are frequency, percentage, minimum (Max), Mean (Mean) and standard deviation (S.D.). The results of Goodness of Fit of the Structural Equation Modelling of the effects of understandings towards the philosophy of sufficiency economy, the application of the philosophy of sufficiency economy, and the outcomes of financial management pertaining to the philosophy of sufficiency economy show that the values of Chi-Square and degree of freedom are 1.472 with the p-value of 0.134. Goodness of Fit Index (GFI) was 0.998. Comparative Fit Index (CFI) was 1.000. The value of root mean square residual (RMR) was 0.00174 and root mean square error of approximation was (RMSEA) 0.0173. The research found that 1) Understandings towards the philosophy of sufficiency economy (UNDER) had positive direct effects on the application of the philosophy of sufficiency economy to the management of personal finance (APP) by the regression coefficient values of 0.840 with the 0.01 statistical value. 2) The application of the philosophy of sufficiency economy to the management of personal finance (APP) had positive direct effects on the outcomes of financial management pertaining to the philosophy of sufficiency economy (SUFECO) by the regression coefficient values of 0.863 with the 0.01 statistical value. 3) Understandings towards the philosophy of sufficiency economy (UNDER) had positive direct effects on the outcomes of financial management pertaining to the philosophy of sufficiency economy (SUFECO) by the regression coefficient values of 0.161 with the 0.01 statistical value. 4) Understanding of the Philosophy of Sufficiency Economy (UNDER) had total influenced on the variables of financial management pertaining to the philosophy of sufficiency economy (SUFECO) with a total influence of 0.864 which the 0.01 statistical value. 5) Understandings towards the philosophy of sufficiency economy (UNDER) had indirect effects on the outcomes of financial management pertaining to the philosophy of sufficiency economy (SUFECO) by the regression coefficient values of 0.703 with the 0.01 statistical value. 6) Policies to promote the adoption of the sufficiency economy philosophy to be applied in managing personal finances sustainable. The government and related agencies should promote and promote the public sector to have knowledge and knowledge in the philosophy of sufficiency economy and encourage the public sector to implement correctly in daily life.

Recommendation from this research was the government and related agencies should making policies concerning the philosophy of sufficiency economy clear and continuously and set assessment system to account. The public and private sectors should promote proper knowledge and understanding in the philosophy of the sufficiency economy and able to apply correctly in other areas to achieve success and sustainability.