A Study Of Factors And Opinions On Saving Of Finance Ministry Officials

Abstract

This study aims to study behaviors of saving patterns and factors affecting Thai people’s amount of savings toward an aging society after the COVID-19 crisis in 2020-2022.

                   The study used primary data from a sample group consisting of civil servants, government officials, permanent employees and temporary employees of the Fiscal Policy Office, Ministry of Finance. There were a total 400 samples aging between 22-60 years old. The research tools used questionnaires. Descriptive statistics, such as percentage, mean, and standard deviation, were used to analyze the data. In addition, hypothesis testing statistics was analyzed using inferential statistics including Independent Sample: (T-test) and One Way ANOVA: (F-test).

                   The study found that 64.7 percent of the respondents were female, aged between 22-39 years old and had a tertiary education level as high as 93.62 percent. The majority of them, based on all information on fundamental economic and social factors, had an average monthly income of 15,001-20,000 baht. However, the average monthly total expenses were less than 15,000 baht and the average monthly savings were 1,001-2,000 baht. Additionally, the current average total savings were less than 500,000 baht. Most importantly, the factors influencing savings were laying the foundation for the family and spending during retirement.

                   The results of this study on factors affecting behaviors and the amount of Thai people's savings toward an aging society found that there were differences in gender and age. It was due to the fact that females were more meticulous and cautious than males-this was both in terms of self and family management. In addition, there were the same differences in age and gender in the younger generation who wanted to create stability for their life and their own future in terms of average monthly income and expenses. The reason for this was that the agency’s personnel earned the majority of income through salary and held various responsibilities and roles differently. In terms of financial load, it was discovered that there were few debt burdens that could be managed. Furthermore, some personnel did not have financial obligations to pay, resulting in differences in debt obligation information. Furthermore, a multiple regression equation for savings had been prepared to support the theory of money savings. This depended on income, expenses, and other factors. Most importantly, this equation was used to forecast the future savings information.

                The results of the opinions on the behaviors and the amount of savings of Thai people toward the aging society according to objectives of savings had 5 areas:  Firstly, family. The savings were for consumption and living expenses. Secondly, education development or self-training. The savings in this area would be used for career advancement. Thirdly, life insurance or the health of one's family. The savings would be used in supporting the cost of treatment and the payment for the excess costs. Followed by retirement life security. The savings needed to be sufficient for living after retirement. Last but not least, investment. The savings used for the investment were expected to be invested in the future living stability. In addition, the type of savings was found that the government bonds were more stable than other types of savings.