The effects of financial literacy and economic opinion on financial planning and household debt: A case study of households in Hat Yai, Songkhla Province
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Abstract
This study aims to investigate the impact of financial skills and economic opinion on the efficiency of financial planning and the household debt burden. The sample consisted of 303 individuals residing in Hat Yai, Songkhla Province, who possessed personal debt. Data was collected using a structured questionnaire consisting of six sections. A purposive sampling method was employed, and the data were analyzed using descriptive statistics, including frequency, percentage, mean, and standard deviation, along with multiple regression analysis. The findings reveal that financial skills have a significant positive influence on financial planning and a significant negative influence on household debt. Moreover, the economic opinion of unemployment and inflation have a positive impact on financial planning, while the interest rate has a positive effect on all aspects of financial planning, particularly savings, investment, and retirement planning. These results underscore the crucial role of financial skills in enhancing the effectiveness of financial planning and mitigating household debt. The findings offer valuable insights for policymakers and relevant institutions in designing policies that promote personal financial planning and effective household debt management. Furthermore, households and individuals can apply these findings to raise awareness of the importance of financial skills, thereby improving the efficiency of personal financial management.
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