A HOUSEHOLD SAVINGS MODEL BASED ON THE SELF-SUFFICIENCY ECONOMY PRINCIPLES IN CANAL-SIDE COMMUNITIES OF WAT PHRAYA SUREN, KHLONG SAM WA DISTRICT, BANGKOK
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Abstract
Purpose: This research aimed to examine saving and spending behaviors, household items usage, and identify factors influencing the amounts of savings, spending, and household item usage. It also examines household saving patterns in Bangkok communities based on the Sufficiency Economy Philosophy.
Study Design/Methodology/Approach: This study employed a mixed-methods approach, combining quantitative and qualitative methods. The sample included 60 residents and workers from Bangkok communities. Quantitative data were collected via questionnaires and analyzed using descriptive statistics, including percentages, means, and standard deviations. Qualitative data were collected through group and in-depth interviews and analyzed using content analysis, interpretation, and conclusion drawing aligned with the research objectives.
Findings: Research findings indicate that age and financial discipline influence savings decisions. As people age, they tend to save more and withdraw less. However, part of the sample group lacked savings due to insufficient income was not enough to cover their expenses. Consequently, they withdraw their savings, which typically lasted no more than two years, a period not considered true retirement planning. A key issue was a lack of knowledge about asset investment and how to balance between savings and investments. Therefore, education about savings from government agencies, local politicians, and external organizations involved in community economic development is crucial.
Originality/Value: People with heavy debt feel ashamed and avoid seeking help; city living and high costs make life difficult for low earners; saving money cuts expenses or raises income; paying debts reduces creditors and debt value; incentives must boost savers’ benefits; budgeting and household accounts help repair debt; excessive lending-driven consumption is the main root cause.
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