Guidelines for Promoting Household Financial Wellbeing in Bang Kruai District, Nonthaburi Province

Abstract

This article uses quantitative methods to achieve two objectives: assessing the needs of and creating suitable and appropriate guidelines for promoting financial wellbeing of households in Bang Kruai district, Nonthaburi province, Thailand. The sample group provided with questionnaires consisted of 400 representatives of households, obtained by multi-stage sampling. The statistics used for data analysis were descriptive statistics such as frequency, percentage, Mean, standard deviation and the priority need index (PNI modified). We found that households have needs for financial decision-making, including spending and buying items as needed, earning extra income, increasing investment financial capacity, planning spending, and earning income and expense control. Regarding financial sense, confidence that there is money available in case of an emergency is important, as well as an absence of concern over income and expenses, and satisfaction with household savings. Our guidelines for promoting household financial wellbeing included financial planning for reserves, fund management and investments to generate returns, spending according to the philosophy of sufficiency economy, and organizing activities and saving projects.