A Model to Promote Saving and Spending Behaviors for Financial Security of the Elderly in Northern Thai Community
DOI:
https://doi.org/10.69650/jcdrhs.2026.1811Keywords:
SLAB Model, Saving and Spending Behaviors, Financial Literacy, Elderly, CommunityAbstract
This research aims to 1) examine the psychological conditions, social contexts, and knowledge related to saving and spending behaviors, 2) study the factors affecting saving and spending behaviors, and 3) develop a model to promote saving and spending behaviors by using a mixed-methods design with 381 survey respondents and 30 key informants from focus groups. The findings revealed that:
Beliefs: The elderly in the community believe that saving money for the future is essential because they do not want to become a burden to their dependence. Social Norms: The elderly live a simple life, focusing on modest living, and practicing self-sufficiency. Knowledge and Understanding of Saving and Spending: The components are: 1) Budgeting, 2) Investment, 3) Borrowing, 4) Taxation, 5) Personal financial management.
The predictive results showed that saving behavior explained 45.40% of the variance, with financial literacy (β = .41) as the strongest predictor. For spending behavior, the predictive factors accounted for 40.30% of the variance, and financial literacy (β = .37) was again the key predictor.
The model to promote saving and spending behaviors for secure livelihood of the elderly in community. Policy implications suggest implementing the SLAB model in community setting.
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