Financial Motivation and Emotional Value in Relation to Inheritance Planning andRetirement Security Among Older Adults Who Invest in Gold in Thailand
DOI:
https://doi.org/10.33152/jmphss-10.5.9Keywords:
Financial motivation, Emotional value, Inheritance planning, Retirement securityAbstract
Thailand is currently faced with rapid population ageing and there has been increased interest in retirement, financial security, and intergenerational wealth management. While gold is a popular and important asset for many people, there has been limited understanding of how financial motivation and the emotional value of gold investment practices associate with inheritance planning and retirement security in the context of Thailand. The purpose of this study was to examine the associations between financial motivation, emotional value, inheritance planning, and retirement security, with a focus on the mediating role of inheritance planning. The study involved a quantitative survey of 400 older adults in Thailand who invest in gold. Structural equation modelling was performed using Mplus to test the study associations. The results identified positive associations between financial motivation and inheritance, emotional value and inheritance, and inheritance planning and retirement security. In addition, inheritance planning was found to have significant indirect associations between financial motivation and retirement security, and between emotional value and retirement security. The results suggest that the financial and emotional aspects of wealth management might be related to inheritance planning, which is associated with retirement security. By highlighting the mediating role of inheritance planning, this study contributes to the emerging literature on behavioral finance and retirement planning by emphasizing the link between wealth management and retirement security among older adult population in Thailand. In addition, the findings have important implications for financial institutions, financial planners, and policymakers in terms of supporting financial planning, inheritance planning, wealth management, and retirement security practices of older adults in Thailand.
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