Causal Factors that Influences Personal Retirement Planning of Private Company Employee in Thailand
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Abstract
The purposes of this research were 1) to study the factor that influence the personal retirement planning of private company employee in Thailand, 2) to study the influence of factor the personal retirement planning of private company employee in Thailand and 3) to create a causal factor model that influences the personal retirement planning of private company employees in Thailand. It is a mixed method of research (quantitative and qualitative) by collecting information using online questionnaires. Structural Equation Model (SEM) statistical analysis, which is one of the statistical techniques was used to test causal relationships. In-depth Interview was conducted with 5 informants, including executives and people involved in financial planning as experts to consider and help creating the research conceptual framework, concluding and reporting the results. The research results showed that factors of financial literacy have a direct positive influence on retirement behaviors and financial preparation. Financial literacy, retirement behaviors, and financial preparation have direct positive influences on retirement planning. Retirement planning has a direct positive influence on well-being. Financial literacy factors have an indirect influence on well-being. The model was consistent with the empirical data that had six harmonious indices that met the acceptant criteria: 2/df = 1.268 CFI = 1.00 GFI = 0.98 AGFI = 0.94 RMSEA = 0.026 and SRMR = 0.021
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