Saving Behavior of Royal Thai Naval Personnel in Relation to Financial Goals Based on Maslow’s Hierarchy of Needs

Abstract

This research paper studies the personal factors, saving behavior attitude of Royal Thai Naval personnels, focusing on the relationship between their financial behavioral perspectives and financial goals through the lens of Maslow’s Hierarchy of Needs. The objective of this research is to apply the findings to enhance financial planning at the policy, organizational, and individual levels within the Royal Thai Navy.

          A sample of 569 naval personnels participated in the study, with data analyzed using descriptive and inferential statistical methods. The findings reveal a strong correlation between financial behavior and savings goals, particularly at Maslow’s highest level—Self-Actualization. The study highlights key saving motivations, including saving for investment returns (r = .513), for future capital requirement (r = .500), and for asset acquisition (r = .481). Furthermore, regression analysis indicates that savings for investment return, for future capital requirement, for personal expenditures, for asset acquisition, and retirement planning serve as significant predictors of financial goal achievement (R² = .410, p < .05).

          In conclusion, Royal Thai Navy personnel demonstrate a solid foundation in basic financial stability, effectively covering the first four levels of Maslow’s hierarchy. In additional ,the result stresses the importance of saving and financial investment for self-acyualization needs. We, the authors, hope that the result of this research would be applied to bring the maximum benefit of Royal Thai Navy in the future.

         A sample of 569 naval personnels participated in the study, with data analyzed using descriptive and inferential statistical methods. The findings reveal a strong correlation between financial behavior and savings goals, particularly at Maslow’s highest level—Self-Actualization. The study highlights key saving motivations, including saving for investment returns (r = .513), for future capital requirement (r = .500), and for asset acquisition (r = .481). Furthermore, regression analysis indicates that savings for investment return, for future capital requirement, for personal expenditures, for asset acquisition, and retirement planning serve as significant predictors of financial goal achievement (R² = .410, p < .05).

         In conclusion, Royal Thai Navy personnel demonstrate a solid foundation in financial stability, effectively covering the first four levels of Maslow’s hierarchy. In additional ,the result stresses the importance of saving and financial planning for future. We, the authors, hope that the result of this research would be applied to bring the maximum benefit of Royal Thai Navy in the future.