Retirement Planning : An Analysis of the Factors Influencing Thai People

The purpose of this study was to examine the relationship of Retirement Planning with Attitude towards retirement planning, financial literacy, and goal clarity among Thai citizens. Also, the impact of demographic profile was tested as a moderator. A sample set of 151 units was used in the study which were collected through random sampling from different centers of Bangkok during the period of Oct-Nov, 2019. A moderated regression model was developed for hypothesis testing and the same was tested by the process of Andrew F. Hayes moderated regression model and the model is found significant at less than 1 percent level since the F-value (5,145) is 46.17, where p < 0.01. The explanatory power of the model is 61.42 percent (R-sq=0.6142) and there is high degree of positive correlation (R = 0.78) between Retirement Planning (DV) and the independent variables. The effect of the moderator variable ‘income' on ‘attitude' increases as the income level raises and that has a significant influence on retirement planning. The moderated regression model of Retirement Planning has been proved to be valid and significant for Thai people who are in the age group of 22 to 55 years and having a sufficient regular income of THB 20,000 or more per month. It was also proved that there exists a higher level of financial literacy and goal clarity among the above class of Thai citizens. Therefore, the investment products like pension plans, retirement plans, mutual funds, annuities, insurance etc. that are offered by investment / insurance companies shall be attractive among the above class of people in Thailand