Economic Preparation for Retirement of Population Aged 50 – 59 Years Old in Thailand

AbstractThis study aimed to assess the economic preparation for retirement under two dimensions, including amount of saving and ownership of accommodation, of working-age population aged 50 – 59 years old in Thailand and investigate the determinants of the economic preparation for retirement by utilizing binary logistic regression analysis. The finding revealed that, in average, working-age population aged 50 – 59 years old in Thailand had moderate economic preparation for retirement. Moreover, the findings also revealed that age, income, income sufficiency, year of schooling and health condition had the positive influences on the opportunity to have above average economic preparation for retirement. Males had the higher opportunity to have above average economic preparation for retirement than females while married people had the higher opportunity than people with the other marital statuses. Private enterprise employees were found having the lower opportunity to have above average economic preparation for retirement than all other occupations and those who admitted that the economic preparation for retirement was necessary had the higher opportunity to have above average preparation than those who did not. In addition, those who lived as a head of household or a spouse of a head of household had the highest opportunity to have above average economic preparation for retirement. However, living with children under 18 years old lowered the opportunity to have above average economic preparation for retirement while indebtedness raised the opportunity to have it