Reinforcement Of Financial Planning Based on Buddhist Perspectives for Retirement Preparation

Abstract

This study aimed to 1) study financial planning for retirement preparedness; 2) examine Buddhist cognitive systems that enhance financial planning for retirement preparedness; 3) strengthen financial planning for retirement preparedness through Buddhist cognitive systems; and               4) propose a model and body of knowledge concerning the enhancement of financial planning for retirement preparedness through Buddhist cognitive systems. The study employed a qualitative research methodology. Data were collected through in-depth interviews with 15 key informants and analyzed using descriptive analysis.

The findings revealed that financial planning for retirement preparedness in Thailand relies primarily on welfare funds and long-term savings mechanisms, including the Social Security Fund, Government Pension Fund, Provident Fund, National Savings Fund, and Retirement Mutual Fund. The Buddhist cognitive systems that enhance financial planning consist of 1) the development of financial literacy, 2) the cultivation of financial discipline, and 3) the establishment of financial goals. The analysis further showed that the principle of Santosa supports financial planning based on knowledge, skills, and moral values; the principle of Bhoga-vibhāga promotes disciplined financial management; and the principle of Diṭṭhadhammikattha encourages diligence, saving behavior, social networking, and moderate consumption. The findings led to the development of a “Model for Enhancing Financial Planning for Retirement Preparedness through Buddhist Cognitive Systems,” which can be applied to promote effective financial planning and retirement preparedness.