Personal Financial Planning Behaviour of Cadets in Chulachomklao Royal Military Academy
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Abstract
Appropriate financial planning behaviours help create sound financial discipline, enabling individuals to live well. It is, therefore, helpful to study this behaviour and offer guidelines for developing appropriate behaviour. The objective of this research was to exam the behaviour and find the guidance of the personal financial planning development of young cadets who will be leaders of the army and set a good example of the Thai people. The data were obtained from a stratified random sampling of all cadets. The research was multiphase mixed method design. The first phase was quantitative, followed by a qualitative approach. Instruments used were questionnaires and interviews. Data analysed by descriptive statistics. Inferential statistics and content analysis. The hypothesis test was performed by analysing one-way variance. The research results were found that of the four financial planning behaviours, income, expenditure, savings, investment, students in every year and every discipline behaved at a higher level than Thais and The Organization for Economic Co-Operation and Development (OECD) in all areas. The students of each year and each subject had different financial planning behaviors statistically significant at the 0.05 level. Last year cadets had the highest level of financial behaviour. Data from the group of cadets interviewed, all of whom had taken a personal financial management course. Weak behaviour that needs to be improved is to establish future financial goals and achieve them. The way to improve behaviour is to provide in-depth financial education, which can be done in the form of compulsory courses and encourages the organization of activities outside the classroom.
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