A Model To Promote Saving And Spending Behaviors For Secure Livelihood Of The Elderly In Northern Community

Abstract

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 mixed-methods research design with 381 participants and 30 key informants. 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.Overall predictive results of saving behavior for a secure livelihood explained 45.40% of the variance. The key predictors, in order of importance, were: Financial literacy, Achievement motivation in saving and spending, Action planning, Positive psychological capital, and Future orientation and self-control in saving and spending. The corresponding standardized beta coefficients were .41, .22, .16, .14, and .09. For spending behavior, overall predictive factors accounted for 40.30% of the variance. The key predictors were: Financial literacy, Action planning, Future orientation and self-control in saving and spending, Positive attitudes toward spending behavior with the beta coefficients at .37, .15, .14, and .13 respectively.

The model to promote saving and spending behaviors for secure livelihood of the elderly in community, “SLAB” model, covers: Shared public space for the elderly, Learning change, Attitude change, Behavior change.