Financial Planning for Housing and Retirement Living of Supporting Staff in Chulalongkorn University

Abstract

The supporting staff group is the largest one, 45%, in Chulalongkorn university.  When they are retirement age, it means the regular income will be terminated, and the financial and housing problems may happen after retirement.  his article aims to explore the financial planning for housing and retirement living.  Data collecting was conducted through 330 questionnaires from the CU's staffs, 40 years old and above.  Data analysis was conducted by using the statistics method.

As a result of this study, it is found that (1) the sample group had an average income of 32,138 baht per month, and had financial planning for retirement living in 60.6% with an average savings proportion of 25.16% of monthly income, and start to plan for retirement at the age of 40 years old. When tested the hypothesis from the sample group information, it is presented that there will be adequate savings to support the expenses of 11,320 baht for 11 years after retirement, and the important saving methods were through the Chulalongkorn Saving Cooperative calculated as 70% as well as through the provident fund calculated as 66% of the total staff, (2) the planning for housing in the retirement age found that there was up to 64.2% of the staff who desire to stay in the old place; on the other hand, there was 54.6% of this group who had no idea in housing improvements. In the meantime, 35.8% of the staff who would like to relocate contained the desire to move to other provinces for 71.2%, (3) the higher income group preferred the policies of savings and income generation, while the lower income group preferred the accessible financial sources and housing provision.  The samples also need the policy of savings for retirement living was purposed by the group of under 40 years old. However, 66% of the staffs had never known how to set planning for housing and retirement living.

The study results indicated that even though the supporting staffs started saving for retirement living, but most of them had limitations in financial planning literacy. Consequently, they needed the university supports both financial and housing planning, as well as to provide knowledge or study in the matter of financial planning for housing and retirement living especially provide before the age of 40 years.