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Abstract:
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This independent study aimed to explore savings behavior of working-age population in Chiang Mai province and examine factors affecting the savings for retirement of these working-age population. Questionnaire were used as the tool to collect data from the research population, which were specified to 400 working-age people in Chiang Mai, whose ages were in between 20-55 years old. Data obtained were analyzed by the Descriptive Analysis, including frequency, percentage, and mean, as well as the Binary Choice Model. Results of the study were concluded as follows. According to the study on savings behavior of the working-age population, the findings presented that the majority of respondents were single female. Graduated in Bachelor’s degree. In their family, there were 2 financial dependents relying on them; while the average family income per month was 10,001-20,000 Baht. And owed outstanding debts and expected to get retired at the age of 60 years old. Regarding their savings behavior, most respondents did the savings through Social Security Fund, in which the proportion of monthly savings was ranged between 5-10% of their salary. Before making decision to do savings, they studied on the certain type of savings by themselves. Purpose of the savings was to earn interests/benefit from it. They received news and information on savings from their workplace. The person influencing their decision making on savings the most was the respondents themselves. In consideration of effect sizes that might affect the savings trends, hereafter were presented the results. A group of working-age population in the age of over than 35 years old had more probability to do savings of overall research samples. A group of working-age population who received advices from an officer of financial institute/bank had more probability to do savings of overall research samples. A group of working-age population who expected to get retired in the age of over than 60 years old had less probability to do savings of overall research samples.
Key word: Savings, Retirement, Working-age, Chiang Mai Province, Logit Model
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