CAUSAL FACTORS THAT AFFECTING THE FINANCIAL BEHAVIOR OF EMPLOYEES IN NORTHEASTERN THAILAND
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Abstract
This study aimed to find the influences of objective financial literacy, subjective financial literacy and financial self-efficacy on financial behavior. Samples were 512 employees in social security system in the Northeast of Thailand. Data was collected by questionnaire and analyzed by structural equation modeling. The results of the study found that 91.3 percent of financial behavior variances of employees in social security system in the Northeast Thailand were from causal factors (R2=0.913). Financial self-efficacy had the most impact to financial behavior (ß = 0.74) followed by objective financial literacy (ß = 0.14) and subjective financial literacy (ß = 0.14). The results suggest that it is necessary to promote financial literacy and financial self-efficacy to employees. When they gain more knowledge, they may have desirable financial behavior.
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