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Financial Literacy: Does It Improve Well-being? A Case Study of Farmers in Khon Kaen, Thailand

In: Environmental, Social, and Governance Perspectives on Economic Development in Asia

Author

Listed:
  • Natchaya Thongrak
  • Surachai Chancharat
  • Ploypailin Kijkasiwat

Abstract

Financial literacy can affect well-being. This chapter aims to assess financial literacy of farmers in Khon Kaen, Thailand. The chapter investigates the relationship between it and the well-being of farmers. Data were collected from 354 farmers in the northeast of Thailand. The analysis adopts descriptive statistics and inferential statistics to test the Least Significant Difference as well as using multiple regression analysis. The results show that financial attitudes had a positive influence on the well-being of farmers, while financial behavior had a negative influence. Financial literacy influences the well-being of farmers differently, depending on personal characteristics such as education level, gender and monthly income.

Suggested Citation

  • Natchaya Thongrak & Surachai Chancharat & Ploypailin Kijkasiwat, 2021. "Financial Literacy: Does It Improve Well-being? A Case Study of Farmers in Khon Kaen, Thailand," International Symposia in Economic Theory and Econometrics, in: Environmental, Social, and Governance Perspectives on Economic Development in Asia, volume 29, pages 117-129, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-03862021000029a022
    DOI: 10.1108/S1571-03862021000029A022
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    More about this item

    Keywords

    Well-being; financial literacy; farmer; Thailand; quality of life; financial behavior; D14; D91; E21;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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