The study was quantitative research. There were four main objectives 1) to investigate
demographic, economic, social, household and health condition characteristics of the elderly; 2) to explore
the difference between these mentioned characteristics and the elderly’s patterns of expenditure; 3) to prove
patterns of expenditure effecting income adequacy of the elderly and; 4) to search for the difference
between an adequacy of income and the elderly’s happiness. A three-stage sampling technique was used,
which covered 486 samples aged 60 and over, and a structured interview was employed.
The results of the study revealed that most of the elderly earned an income. 43 percent of them
earned a sufficient income for their expenses and savings. Approximately, the elderly used 3,690 baht per
month for expenses. According to Maslow’s hierarchy needs, expenditures were classified into three
categories in which ten patterns of expenditures exist. The results demonstrated that expenditures for
physical needs were mostly aimed at consumer goods and utilities. Expenditures for economic and social
needs were mainly used for economic purposes, while expenditures for emotional and mental needs were
mostly focused on religious preservation and public charities.
The study also found that differences in demographic, economic, social, households and health
condition characteristics of the elderly contribute a statistical significance for different patterns of
expenditure. The findings from Multinomial Logistic Regression analysis, to prove expenditure patterns
effecting adequacy of income, showed that the elderly whose major expenses were for goods and utilities
were more likely to experience an income insufficiency than those who did not spend. This finding
contrasted with the Buddhist economy-based hypothesis that the elderly’s insufficient income would derive
from their expenses on addictive substances, gambling, risk-taking and for children and relatives. The reason
was that old people with an income insufficiency used most of their money for consumer goods, which were
also viewed by them as the heaviest burden. Compared to expenditures for self-pampering and unlimited
needs, such as addictives, gambling and risk-taking, these were minimally spent on by them due to their
aging conditions and physical deterioration as well as social expectation that provided them with less
chances than other age groups to exposure to these kinds of expenditure.
It was statistically significant that the elderly with savings and a sufficient income were found to be
happier than those with an insufficient income. The sufficiency of income was, therefore, a factor in happiness.
Thus, life planning, particularly economic planning prior to entering old age is necessary for all people. It is also
important to elderly people to realize efficient financial management for their happy life in the future.
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