Guidelines for Positive Financial Behaviors to Enhance Financial Well-Being among Thai Middle-class Employees: A Qualitative Study

Abstract

Background: Nearly half of Thai middle-class employees, aged 40–59 years, lack retirement readiness. They are carrying heavy household debt, postpone saving, underestimate post-retirement expenses, and rely on an underfunded pension system. This gap stems from the common assumption that pre-retirees have already prepared themselves, leading to their needs being overlooked. Objective: This study explored the key conditions that shaped positive financial behaviors and generated actionable guidelines to promote positive financial behaviors and retirement readiness among Thai middle-class employees. Design and Methodology: Based on a constructivist qualitative case study approach, data were collected through semi-structured interviews with financially successful pre-retirees or retirees, using a purposive snowball sampling technique that continued until data saturation. Documentary evidence was also included for triangulation. Verbatim transcripts underwent reflexive thematic analysis, with member checks and an audit trail ensuring rigor. Findings: The findings indicated that positive financial behaviors supported daily needs, debt management, emergency savings, and life-goals planning. The determinants of these behaviors included attitudes, personal traits, socioeconomic context, and financial knowledge. Actionable strategies involved cultivating self-awareness, learning from role-models, using financial tools, implementing tailored programs, providing hands-on training, and maintaining ongoing tracking and evaluation. Conclusion and Implications: The study’s originality stems from integrating practitioner perspectives to generate strategic behavioral guidelines. These guidelines provide direction for policymakers and educators to design financial programs that clos the intention-action gap and address financial behavioral biases, ultimately enhancing the retirement readiness of Thai pre-retirees and supporting the development of sustained positive financial behaviors.