Financial Management of the Household in Mueang District, Phayao Province: During the COVID-19 Crisis
Keywords:
Financial Management, Household, COVID-19 CrisisAbstract
The COVID-19 outbreak has not only affected the economic system but also brought instability to household finance. Therefore, the purposes of this research are to evaluate the level of household financial management and to examine the factors influencing household financial management during the COVID-19 crisis. The data were obtained through a questionnaire from 382 households in Mueang district, Phayao province with two-stage sampling, and employed the structural equation modeling analysis.
The research showed that: 1) during the COVID-19 crisis the level of household financial management is moderate, but interestingly, most households do not have an extra income and no debt payment priority, 2) causal relationship analysis presented evidence that the changes in the level of household financial management during the COVID-19 crisis is affected by education level, types of income, amount of income, types of saving or investing, and amount of saving or investing. The findings of this research could apply for household financial management and for adjusting the financial plan in accordance with the new normal that will happen in future.
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