Guidelines for Personal Financial Planning of Informal Workers as Professional Public Motorcyclists in Nonthaburi Province

Abstract

The objectives of this research were to study the financial structure of informal workers who are public Motorcyclists in Nonthaburi province, to study their financial plan, to determine guidelines for their personal financial planning, and to study the results of their personal financial planning. This study was a mixed-method research using both quantitative and qualitative research methods. The quantitative study was conducted to study the financial structure and the financial plan.  The research sample consisted of 350 informal workers who were public Motorcyclists in Nonthaburi province.  The research instrument was a questionnaire. Data were statistically analyzed using the frequency and percentage. The qualitative study was conducted to study guidelines for personal financial planning and the results of personal financial planning with the interviews of informant groups.  The four key informant groups comprised of a group of informal workers with experience in the management of savings planning, a group of academics with knowledge and expertise on financial planning, a group of Life Insurance Association representatives, and a group of members of Thai Financial Planners Association; each of the groups consisted of two persons.  The employed research instruments were documents and interview forms. Qualitative data were analyzed by organizing the collected information, then synthesizing, interpreting, and analyzing it into conclusions  

Research findings were as follows: (1) regarding the financial structure of the informal workers, most of them had the main income from the occupation of being the public motorcyclist with additional income from some supplementary work. When their expenditures were considered, most of them had expenditures on consuming goods and services, installing payment of their motorcycles, and supporting their children; while most of them had emergency savings. (2) Regarding their personal financial plan, most of them had their income and expenditure management plan. (3) Guidelines for personal financial planning of non-formal laborers who are public motorcycle taxi drivers comprised six steps as follows: step 1 was the determination of financial goal; step 2 was the data collection on income, expenditure, and debts; step 3 was the analysis of data for evaluation of financial status; step 4 was the preparation of personal financial plan; step 5 was the implementation of the personal financial plan; and step 6 was the review and verification of the financial plan. and (4) As for the results of the personal financial planning of the informal workers, most of their personal financial planning was clear with concrete details, could be implemented with responsibility, was feasible to be implemented within the determined time framework, and helped them to be able to prepare their financial plan efficiently to achieve their financial goals effectively.