Perceived Brand Equity and the Intention to Purchase Financial Products to Support the Voluntary Retirement of the Thai Working-Age Population in the Digital Economy Era
Abstract
This study investigates how perceived brand equity influences the intention to purchase financial products tailored to support voluntary retirement among Thailand's working-age population in the digital economy era. Amidst rapid technological advancements and demographic changes, the findings aim to provide actionable insights for financial institutions and policymakers. The study focuses on financial products supporting voluntary retirement under the third pillar of the Five Pillar Framework proposed by the World Bank. In Thailand, this framework encompasses four financial products designed for personal wealth planning for retirement, offered by three relevant entities: 1) Asset Management Companies, providing Retirement Mutual Funds (RMF) and Provident Funds (PVD) 2) Life Insurance Companies, offering pension-based life insurance products and 3) The National Savings Fund (NSF), which provides retirement savings services specifically for self-employed individuals who lack retirement security from the government. Data collection was conducted through questionnaires completed by 600 working-age individuals nationwide, from August 2022 to September 2024. Quantitative data analysis included calculating frequency, percentage, mean, standard deviation, and hypothesis testing using Pearson correlation coefficients. This study emphasizes the critical role of perceived brand equity in influencing the intention to purchase financial products for voluntary retirement planning. By leveraging insights from this research, financial institutions and policymakers can develop strategies to support the financial well-being of Thailand's working-age population in the digital economy era.
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