Factors Influencing the Saving Behavior of Working-Age People in Thailand

Abstract

This study aims to analyze the factors influencing the saving behavior of working-age individuals in Thailand, focusing on economic, psychological, and social factors. The sample consisted of 400 working-age individuals (22-60 years old), selected using Stratified Random Sampling. Data were collected through questionnaires and analyzed using descriptive statistics and inferential statistics.

The results revealed that 55% of respondents save regularly, while 30% save only occasionally. The most significant factors influencing saving behavior were saving motivation (r = 0.60, p < 0.01), income (r = 0.65, p < 0.01), and saving culture (r = 0.50, p < 0.01), whereas cost of living and debt burden had a negative impact on saving behavior (r = -0.48, -0.50, p < 0.05).

These findings align with the Life Cycle Hypothesis (Modigliani & Brumberg, 1954) and Behavioral Economics Theory (Thaler & Shefrin, 1981), which suggest that individuals with higher saving motivation and self-control are more likely to maintain regular savings, whereas those with a present bias tend to save less. Additionally, financial motivation and social environments play crucial roles in shaping saving behavior.

Recommendations from this study include promoting a saving culture at the national level, developing digital saving technologies, and enhancing financial literacy among working-age individuals to encourage better saving habits in the future.