Personal Financial Planning to Live of Retirement every Gen in Thailand

Abstract

Life with set goals and effective strategies becomes easier. Like other aspects of life, the financial side of a person also requires better planning. Financial planning gives a comprehensive envision of one’s current finances, financial strategies, and goals that are set to achieve other targets in life. Hence, this study is aimed to explore the role of personal financial planning, especially for the life of a person after retirement in Thailand. To achieve the results, 670 respondents of this study who were living retirement lives, were surveyed by using a questionnaire, aiming to collect primary data. Then, this primary data was analyzed by using statistical software named Partial Least Square (PLS). Results of this study analyzing the primary data revealed that better financial planning plays a significant role in the retirement life of a person. Personal financial planning such as a better strategy for asset allocation, major purchases, cash flow, estate planning, net worth, income, and insurance helps to make retirement more simple, uncomplicated, and flexible. Thus, this study is more useful for practitioners and retired people, especially in Thailand to make their lifestyle more comfortable and satisfying.