Factors Influencing Financial Products for Savings Cooperative Members Preparing for Retirement
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Abstract
This research aimed to study the factors affecting the selection of financial products by members of a savings cooperative who were preparing for retirement. It was quantitative research using a convenience sampling method with a sample size of 400 members from the savings cooperative. Data were collected through an online questionnaire and various factors were analyzed using descriptive statistics (percentage, mean) and inferential statistics (T-test and ANOVA test.) The results showed that personal factors, such as age, education level, family status, and length of membership were significantly associated with the members' perceptions and understandings of financial products (p < 0.05). Moreover, the factors related to product perception and understanding, including information channels (through officers and social media), product presentation methods, and retirement planning (career and income), significantly influenced the selection of financial products offered by the cooperative (p < 0.05). Therefore, the cooperative should select appropriate product presentation methods for different member groups to ensure their understanding and access to all product types. Additionally, the cooperative should offer suitable financial products to members who have planned for their careers and income after retirement. This will enable the cooperative to design financial products and strategies that effectively promote financial products to members preparing for retirement.
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