Status of Individuals' Planning to Prepare for Retirement in Turkey

Günay, Gülay; Bener, Özgün

doi:10.1080/03601270701700219

Cited by 5 publications

(4 citation statements)

References 28 publications

(33 reference statements)

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“…When the officials retire, they will be entitled to a government pension fund lump-sum retirement allowance and a traditional civil servant pension. On the other hand, the monthly pension amount is the highest at 70% of the average salary for the previous 60 months (Günay and Bener 2008).…”

Section: Pension Systems In Thailandmentioning

confidence: 96%

“…However, Thai individuals are in debt from a young age and have overdue debts as adolescents. Over half of the working population between the ages of 25 and 35 years old has consumer or credit card debt (Günay and Bener 2008). Almost a third of Thai families did not make enough money to save (Pootrakool et al 2005).…”

Section: Financial Behavior and Investment For Retirement Among Thai Populationmentioning

confidence: 99%

“…Furthermore, some have not even started saving or investing, suggesting that there will not be enough money prepared for retirement (Günay and Bener 2008). Having a portion of the population consisting of the elderly would mean fewer people in the workforce.…”

Section: Introductionmentioning

confidence: 99%

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Towards Sustainable Retirement Planning of Wageworkers in Thailand: A Qualitative Approach in Behavioral Segmentation and Financial Pain Point Identification

Ketkaew

Wouwe

Jorissen

et al. 2022

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Thailand recently reached “aged” society status, signifying that over twenty percent of the population is over sixty. Considering that Thailand has a low literacy rate, a fractured pension system, and no regulations that could provide sufficient income to cover basic needs after retirement, there will be economic repercussions if the situation is not handled soon. The government and financial institutions have been encouraging Thai citizens to prepare retirement plans but lack understanding of the root causes of being unprepared for retirement. The objectives of this qualitative research were to explore the behavior, knowledge, and preparedness towards retirement in governmental and private wageworkers. Moreover, the study aims to identify the pain points of being unprepared for retirement and deliver the optimal solutions and sustainable retirement plans suitable for each segment. This article employed a sample of 46 wageworkers in Khon Kaen, Thailand with ages ranging from 20 to 59 years old. Qualitative semi-structured in-depth interviews and qualitative content analysis were conducted with the respondents asking about their income, expenses, pains, and problems towards saving for retirement, their desired outcome after they retire, and how they would achieve it. The framework used for the in-depth qualitative interview was by utilizing the customer, problem, and solution zoom tool. The research contributions were to facilitate Thai citizens being ready for retirement stages and overcome post-retirement risks sustainably. The results revealed that the sample could be divided into four segments by their characteristics. Two low-income segments share the same traits and behaviors that can prove that financial literacy plays an essential role in retirement readiness. Lower-income wage workers do not have their money put in place to prepare for retirement. Additionally, this article discussed the study’s implications for wageworkers, employers, and the Thai government. This article recommended that Thai citizens should accumulate wealth in various ways, including investment in financial assets and earning additional income from a second job. Employers should provide suitable retirement contribution schemes. The government should launch a policy enabling above-60-year-old seniors to continue working.

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Section: Pension Systems In Thailandmentioning

confidence: 96%

Section: Financial Behavior and Investment For Retirement Among Thai Populationmentioning

confidence: 99%

See 1 more Smart Citation

Towards Sustainable Retirement Planning of Wageworkers in Thailand: A Qualitative Approach in Behavioral Segmentation and Financial Pain Point Identification

Ketkaew

Wouwe

Jorissen

et al. 2022

Risks

View full text Add to dashboard Cite

show abstract

“…Similarly, Beal and Delpachitra (2003) identified the typical retirement planner as male, highly educated, and with higher income and assets. Education was also seen to be a key factor in retirement planning in Turkey such that as individual educational levels increased, the percentage of those who had not made any plans decreased (Gunay and Bener 2008). Both the number of years until retirement (Albert 2006) and religiosity (Blanco, Aguila et al 2017) were negatively associated with retirement planning.…”

Section: Factors Associated With Retirement Preparedness and Planningmentioning

confidence: 99%