Factors Affecting Financial Stability Planning for Retirement Generation X
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Abstract
This study aimed to examine the factors influencing financial planning for retirement among Generation X individuals, defined as those born between 1965 and 1979, residing in Bangkok and its metropolitan areas. A total of 510 participants were selected through random sampling and responded to a structured questionnaire. Data were analyzed using Structural Equation Modeling (SEM). The findings revealed that the developed model demonstrated a good fit with the empirical data, with statistically significant indicators (χ2 = 858.168, df = 279, p<0.001, χ2/df = 3.101, RMSEA = 0.067, CFI = 0.904, TLI = 0.900, SRMR = 0.051). The factors significantly influencing retirement financial planning included government policies and regulations (γ = 0.359), cultural factors (γ = 0.107), circumstantial factors (γ = 0.211), financial literacy (γ = 0.267) and, financial risk tolerance (γ = 0.242), all of which were statistically significant. These results underscore the importance of promoting financial knowledge and policy support to enhance effective retirement financial planning among this demographic group, ultimately contributing to financial security and quality of life in post-retirement years.
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