Risk Acceptance, Financial Literacy towards Personal Finance and Saving Behavior for Retirement of Private Company Employees in Pathum Thani Province

Abstract

The objectives of this study were to examine risk acceptance, understanding towards personal finance, saving behavior for retirement, relationship between risk acceptance and saving behavior for retirement, and association between understandings towards personal finance and saving behavior for retirement of employees who worked at private companies in Pathum Thani Province. Based on multistage sampling technique, the sample group of 400 employees from private companies were used in this study. Statistics including frequency, percentage, mean, standard deviation, Independent Sample t-test, One-Way ANOVA, and Pearson’s Product Moment Correlation Coefficient were employed in the analysis at the statistical significance level of .01.

The findings indicated that risk acceptance of the respondents were at the upper-middle level whereas the understandings in personal finance were at the moderate level. Most respondents made savings for retirement 11-15 times per year, the savings amount were not greater than 2,000 baht per month. The study also revealed that employees who had difference personal factor had differences in saving behavior for retirement. Financial literacy towards personal finance had positive correlation with saving behavior for retirement while risk acceptance had no relationship to saving behavior for retirement.