THE RELATIONSHIP BETWEEN FINANCIAL SATISFACTION, INCOME, SAVINGS, AND DEBT AND HAPPINESS OF THAI OLDER WORKERS
Keywords:
Financial Satisfaction, Happiness, Older WorkersAbstract
The objectives of this research were to study financial factors that were related to the happiness of Thai elderly workers. This research used a quantitative research method. The researcher used a data set from the 2021 Survey of the Elderly Population in Thailand of the National Statistical Office as a tool. The research samples included 43,547 people aged 60 and over, among whom 15,798 worked. The analysis used two-step estimation to reduce bias in the unselected samples (Heckman selection model). The first step (selection stage) used probit regression to study work-related factors. The second step studied the factors that were related to the happiness of Thai elderly workers.
The results of the study showed that 1. When analyzing happiness with financial satisfaction, in the case where the variable ‘satisfaction with financial conditions’ was controlled for, no matter how much income older workers had, they had the same level of happiness. On the other hand, when the variable ‘satisfaction with financial conditions’ was not controlled, the higher the income, the happier the older workers became. 2. When the variable ‘satisfaction with financial conditions’ was controlled, older workers with savings of 200,000-399,999 baht were happier than older workers without savings. However, when the variable ‘satisfaction with financial conditions’ was not controlled for, older workers with savings of less than 25,000 baht and 50,000-399,999 Baht were happier than older workers with no savings.
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