Factors Influencing the Demand for Retirement Financial Products Among the Working-Age Population in Bangkok

Abstract

This study aimed to examine: (1) the relationship between the perceived value of retirement products and the desire to purchase retirement products; (2) the relationship between financial anxiety and the desire to purchase retirement products; and (3) the relationship between risk aversion and the desire to purchase retirement products. This quantitative research collected data using questionnaires from 385 working professionals aged 25–59 years in Bangkok. The data were analyzed using frequency distribution, percentages, means, and standard deviations, along with multiple regression analysis to test the hypotheses, with statistical significance set at the 0.05 level. The results showed that: (1) The perceived value of retirement products had a positive correlation with the desire to purchase retirement products, with statistical significance at the 0.05 level. Consumers who perceived the products as valuable, providing financial security, and offering appropriate returns had a higher intention and desire to purchase them. (2) Financial anxiety had no positive correlation with the desire to purchase retirement products. Although consumers were concerned about future expenses, uncertain income, and economic volatility, these concerns did not increase their intention to purchase retirement products. Conversely, they may lead to further delays in decision-making. (3) Risk aversion showed no positive correlation with the demand for retirement products. Even though consumers prioritize principal safety, high levels of risk aversion do not necessarily lead to increased demand. Consumers desire more information, transparency, and assurance before making a decision.