The Development of Sustainable Retirement Savings Model in an Aging Society
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This study aims to: 1) examine and confirm the components of causal factors influencing sustainable retirement savings in an aging society, 2) assess the consistency of the structural equation model affecting sustainable retirement savings in an aging society with empirical data, and 3) explore approaches for developing a sustainable retirement savings model for an aging society using a mixed methods research approach. The sample consisted of men and women aged 21–65 residing in 50 districts of Bangkok, with a sample size of 1,060 determined based on the guideline by Hair et al. (2010), which recommends a sample-to-parameter ratio of 20:1. With 53 parameters in the study, the multi-stage sampling method was employed. Qualitative data were collected through in-depth interviews with 12 key informants, selected using purposive sampling, including policymakers, employers, and employees. Quantitative data were analyzed using confirmatory factor analysis (CFA) and structural equation modeling with Mplus Version 8.3, while qualitative data were analyzed using content analysis. The results of the two methods were then compared for consistency. The findings revealed key components and strategies for retirement savings aligned with the context of an aging society, supporting long-term sustainability. The research findings reveal that (1) the key components, including the Sufficiency Economy Philosophy (SE), Digital Literacy (DL), Personal Financial Management (PF), and Financial Literacy (FL), significantly influence Sustainable Retirement Savings (SAV) in an aging society; (2) the developed structural equation model aligns well with empirical data; and (3) the sustainable retirement savings model developed emphasizes making sustainable retirement savings a national agenda, developing human capital to enhance knowledge and skills in saving, implementing flexible mandatory savings with a cap, fostering public-private collaboration, leveraging digital technology, and formulating demographic policies to promote long-term sustainable savings.
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