A MODEL FOR SUCCESSFUL PERSONAL FINANCIAL MANAGEMENT FOR RETIREMENT OF GEN Y IN BANGKOK AND SURROUNDING AREAS
Thailand is experiencing an aging society, which is putting a strain on the national budget. Regarding retirement
planning, effective personal financial management is crucial for Gen Y individuals residing in Bangkok and
nearby areas. By organizing their finances efficiently, they can ensure a happy and secure life both in the present
and the future. The research aims to achieve the following objectives: 1) To analyze the level of financial literacy,
psychological factors, financial attitude, personal financial planning, and the success of personal financial
management for retirement among Gen Y in Bangkok and the surrounding areas. 2) To examine the impact of
financial literacy, psychological factors, financial attitude, and personal financial planning on the success of
personal money management for retirement among Gen Y in Bangkok and the surrounding areas. 3) To develop
a model that determines the success of personal money management for retirement among Gen Y in Bangkok and
the surrounding areas. This study employed both quantitative and qualitative research methods. For the
quantitative research, 360 Gen Y individuals from Bangkok and its surrounding areas were sampled using 20
times the observed variable criterion. A multi-stage random sampling method was used to select the participants,
and data was collected through questionnaires. The collected data was then analyzed using structural equation
modeling. In addition, 20 Gen Y people from Bangkok and surrounding areas and financial management experts
were interviewed for the qualitative research using in-depth interviews. The research results indicate as follows:
1) financial literacy, psychological factors, financial attitudes, personal financial planning, and management
success of Gen Y individuals in Bangkok and surrounding areas, pertaining to retirement, are at a high level. 2)
financial literacy, psychological factors, financial attitude, and personal financial planning are significant
components affecting the success of personal financial management for Gen Y individuals in Bangkok and
surrounding areas, and these components are statistically significant at the .05 level. 3) the researcher has
developed a model called the "2F2P Model" (F = Financial Literacy, F = Financial Attitude, P = Psychological
Factors, P = Personal Financial Planning) that outlines the factors contributing to the success of personal financial
management for Gen Y individuals in Bangkok and surrounding areas pertaining to retirement. In addition, based
on the qualitative research conducted, it was found that in order to enable successful personal financial
management for Gen Y people in Bangkok and surrounding areas, entrepreneurs should provide clear guidelines
to help them realize their financial goals and encourage them to save and invest wisely. The research findings can
be shared with government departments and related agencies to help them formulate policies supporting financial
businesses, thereby promoting healthy competition in the financial sector.
Personal Finance Management, Financial Literacy, Retirement, Gen Y