The Causal Model of Macro-Environmental Factors, Financial Skills and Personal Finance Management Affecting the Success Factors in Financial Saving of Generation Y for Their Retirement
Keywords:
Causal Relationship, Success factors in financial saving for retirement, Generation YAbstract
This dissertation aims to study the causal model of macro-environmental factors, financial skills and personal financial management affecting to the success factors in financial saving of Generation Y for their retirement. The objectives are (1) to study Generation Y savings success factors for their retirement (2) to study a hypothetical model of the causal relationship of Generation Y financial savings success factors for the retirement. Mixed-Methods was employed in this research using both quantitative and qualitative studies to satisfy our purpose coverage. Sample data of 400 Thai nationalities of Generation-Y who were born during 1980 – 2000 have been collected and analyzed using a numerical statistical method with the Statistical Technical Equation Modeling (SEM) tool. This study can be summarized as follows.
Personal finance management factors are divided into 4 areas: personal income, expenditure, savings, and investment. The financial skills factor is divided into 3 areas: financial literacy, financial behavior, and financial attitude which affecting on the success factors in financial saving of Generation Y for their retirement. As a result, personal financial management factors reveal the direct influence value of 0.38 which has the statistically significant at levels 0.01. To sum up, all of the factors studied had influences on the success of financial saving of Generation Y.
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