FINANCIAL MANAGEMENT FACTORS OF THE ELDERLY INFLUENCE THE QUALITY OF LIFE UNDER THE NEW NORMAL
Keywords:
Financial management, Elderly, Quality of life, New normalAbstract
This research aims to (1) examine the level of opinions on financial management among the elderly and their quality of life under the new normal, and (2) investigate the influence of financial management on the quality of life of the elderly under the new normal. Quantitative research and questionnaires were used for data collection. The sample consisted of 380 elderly individuals aged 60 and above in the Taling Chan district. Statistical analysis included frequency, percentage, mean, standard deviation, and Structural Equation Modeling (SEM). The findings revealed that (1) financial management factors, including income generation, spending, saving, and investing, as well as the quality of life under the new normal, were at a moderate level. (2) SEM analysis showed that financial management factors had a positive influence on the quality of life of the elderly under the new normal, with investing having the greatest impact, accounting for a 71% variation. This highlights the role of financial management in enhancing the quality of life for the elderly under the new normal and provides crucial information for developing public policies and programs aimed at enhancing the quality of life for the elderly in the future, and (3) the revised structural equation model demonstrated a good alignment with the empirical data.
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