An appropriate model of financial preparation and timeliness for pre-retirement age people to create stable insurance for entering the elderly. Case study, Upper Central Region and the Lower North Region

Abstract

This research article aims to: 1) Study the attitudes towards financial preparedness among pre-retirees in the upper central and lower northern regions of Thailand. 2) Examine the financial preparedness models of pre-retirees in the upper central and lower northern regions of Thailand. 3) Develop appropriate and sufficient financial preparedness models for pre-retirees in these regions to ensure a good quality of life in old age. This is mixed-method research, consisting of both quantitative and qualitative approaches. The quantitative research uses questionnaires targeting working-age individuals aged 30-59 years from Nakhon Sawan, Uthai Thani, Phichit, Lopburi, Singburi, and Chainat provinces, which fall under the jurisdiction of the Academic Promotion and Support Office 7. The qualitative research utilizes focus group discussions involving government and private sector representatives. The research findings reveal that the components of appropriate financial preparedness and financial literacy for pre-retirees include readiness in terms of physical health, housing and environment, social engagement, financial security, economic stability, technology, and innovation. The findings also highlight types of savings and measures to ensure a stable future for entering old age. It is important to assess skills and adjust savings strategies to align with the saver's needs (objectives), based on three key principles: 1) Moderation — understanding income and expenses and spending within reasonable limits; 2) Reasoning — knowing which expenses are necessary and which are not; 3) Self-immunity — saving whatever remains after expenses. These principles can be adopted by everyone at any stage of life, leading to a better quality of life, good health, and a dignified existence.