Financial Planning for Royal Thai Naval Cadets to Prepare for Financial Stability

Abstract

In today's world, financial planning is very important due to the volatile economic conditions, higher cost of living and the increase of Bank of Thailand's monetary policy rate. The uncertainty and volatility mentioned above make financial planning even more important, therefore, knowledge in financial planning is extremely important because it helps individuals understand their own financial behavior and attitude towards saving money to achieve their financial goals. In summary, this research used a questionnaire to examine personal factors and factors related to personal financial planning among Royal Thai naval cadets. It also proposed guidelines for teaching financial planning to cadets at the Royal Thai Naval Academy. The findings emphasized the importance of financial knowledge in understanding financial planning and discipline, particularly to prevent overspending among new naval officers. Key findings include the majority of cadets receiving monthly income from parents in the range of 2,001 – 6,000 baht, active income and expense tracking by most cadets, and good or average levels of financial planning knowledge among them. The study revealed significant correlations between academic year level and factors such as financial support from parents, accounting for income and expenses, and financial knowledge scores. Senior naval students showed higher levels of financial knowledge and better financial management skills compared to junior students.