Key Elements of Retirement Planning Among Working Adults Living in Bangkok, Thailand

Abstract

Retirement planning has been existing for over decades but the drastic rise of the aging population over the past 10 years has led to a dramatic increase in awareness of the negative impacts of a lack of retirement planning. It has put a strain on governments in many countries around the world as it has been a chronic problem at a country level in terms of economic and social systems and has created a domino effect on all stakeholders including individuals, family, educators, employers, policymakers, financial institutions, etc. Thailand will completely become an aging society in 2025 or only 7 years from now. With the time given, it will be impossible to overcome such negative impact unless everyone seriously takes this concern into account and collaborates with one another. The first model studies what variables have relationships with saving attitude and the test showed that propensity to plan is the only variable that has a positive influence on saving attitude. The second model examines what variables have relationships with retirement planning and the outcome summarized that parental influence and propensity to plan have a statistical influence on retirement planning and parental influence was found the most positive influence. The third model was tested by intentionally employing the quota sampling and the result concluded that there is no significance of the influence of the mean difference of different monthly income levels on retirement planning.

Keywords: Bangkok, materialism influence, parental influence, propensity to plan, retirement, retirement planning, saving attitude, working adults

JEL Classification: M10, M50, I00, I30