Factors Affecting Household Debt in Thailand
DOI:
https://doi.org/10.55164/ecbajournal.v16i4.266508Keywords:
Household Sector, Household Debt in Thailand, Binary Logistic RegressionAbstract
Household debt is an important issue because it poses a risk to the Thai economy as a whole and also affects the quality of life of households in Thailand. This study aims to examine the household debt situation and the factors affecting household debt in Thailand. The data used came from the 2019 Household Socio-Economic Survey, which included 45,586 households, and was analyzed using Binary Logistic Regression. The study found that most Thai households had the main objective of borrowing for household consumption, and 7.52 percent of them were at risk of defaulting on debt payments. When the factors affecting Thai household debt were analyzed, the results showed that the key factors influencing household debt tendencies included sex, residential area, age, marital status, number of household members under 15 years old, disabilities, median household income, savings, real estate ownership, and employment status. To address these problems, there should be a focus on improving financial literacy, encouraging emergency savings to build financial resilience, providing financial assistance policies for households with dependents, promoting long-term savings, and accelerating the reduction of debt ratios related to household consumption.
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