Household financial management in rural village of Thailand during pandemic crisis based on sufficiency economy philosophy

Wiranya Sutthikun; Pimvimol Poramatworachote; Tarika Yamkamang; Sasipat Sunkolkit

doi:10.53730/ijhs.v6n2.11019

Authors

Wiranya Sutthikun Ubon Ratchathani Rajabhat University, Thailand
Pimvimol Poramatworachote
Pimvimol.p@ubru.ac.th
Ubon Ratchathani Rajabhat University, Thailand
Tarika Yamkamang Kasetsart University, Camphang Saen Campus, Thailand
Sasipat Sunkolkit Rajamangala University of Technology Lanna, Thailand

Keywords:

COVID-19 pandemic, financial management, household accounting, rural village, sufficiency economic philosophy

Abstract

Household accounting is an important aspect of financial sustainability. Every family must be accountable for their finances and ensure proper bookkeeping tendencies for several reasons. The objectives of this research were: 1) to study household accounting according to sufficiency economy philosophy in rural village, northeastern region of Thailand. 2) to study the correlation between personal factors and household finances based on the sufficiency economy philosophy. The sample group was 173 people from the village. The research instrument was a questionnaire, data analysis tools were descriptive statistics and inferential statistics (T-test and one-way ANOVA). Results of this study showed household financial management could help survive through an economic crisis (during the COVID-19 pandemic) with the highest level followed by fundamentals of sustainability and rural villager's knowledge in accounting aspect was at the middle level at statistically significant 0.5, the population with different factors in age, occupation, education, and a family member had an impact on household accounting and the population with different factors in gender and marital status had no impact on household accounting based sufficiency economic philosophy. In conclusion, rural villagers are poorly informed about financial management, which explains the poor financial sustainability in those areas.

Downloads

Download data is not yet available.

References

Arundee, S., & Thiphoom, S. (2015). The solid waste management according to sufficiency economy philosophy of the personal characteristics at Phra-yot-mueangy fort, Nakhon Phaom province, Thailand. Procedia-Social and Behavioral Sciences, 197, 1107-1112. https://doi.org/10.1016/j.sbspro.2015.07.356

Attamimi, H. R. ., Lestari, Y. ., Situmorang, B. . H. L. ., Antari, G. Y. ., & Nugrawati, N. . (2020). Application of habituation method in germas interventionsin: the pandemic time COVID-19. International Journal of Health & Medical Sciences, 3(1), 98-104. https://doi.org/10.31295/ijhms.v3n1.175

Borgonovo, E., & Peccati, L. (2009). Financial management in inventory problems: Risk averse vs risk neutral policies. International Journal of Production Economics, 118(1), 233-242. https://doi.org/10.1016/j.ijpe.2008.08.040

Busaba Aree. (2014). Payap University Journal, Vol. 24. No. 1.

Choochom, O. (2015). A causal relationship of living behavior based on sufficiency economy philosophy for Thai university students. Procedia-Social and Behavioral Sciences, 177, 260-264. https://doi.org/10.1016/j.sbspro.2015.02.329

District Maha Sarakham Province. Maha Sarakham Rajabhat University.

Grubaugh, N. D., Hanage, W. P., & Rasmussen, A. L. (2020). Making sense of mutation: what D614G means for the COVID-19 pandemic remains unclear. Cell, 182(4), 794-795. https://doi.org/10.1016/j.cell.2020.06.040

Hendrikx, D., & Gelderblom, O. (2022). Accounting for agricultural development? The case of the Netherlands, 1840–1940. Agricultural History Review, 70(1), 23-48.

Kasem Wattanachai. (2007). The privy councilor advises Chiang Rai people with sufficiency economy to help

Komori, N. (2012). Visualizing the negative space: Making feminine accounting practices visible by reference to Japanese women's household accounting practices. Critical Perspectives on Accounting, 23(6), 451-467. https://doi.org/10.1016/j.cpa.2012.04.006

Larrimore, J. (2014). Accounting for U nited S tates Household Income Inequality Trends: The Changing Importance of Household Structure and Male and Female Labor Earnings Inequality. Review of Income and Wealth, 60(4), 683-701.

Llewellyn, S., & Walker, S. P. (2000). Household accounting as an interface activity: the home, the economy and gender. Critical Perspectives on Accounting, 11(4), 447-478. https://doi.org/10.1006/cpac.1999.0373

Manokarn, S. (2017). Developing Household Account Preparation for Self-reliance in Baan Na Lae Community Silalang Sub-district, Pua district, Nan province. Master of Science (Geosocial Based Sustainable Development). Maejo University.

Mongsawad, P., & Thongpakde, N. (2016). Sufficiency economy philosophy: A holistic approach to economic development and mainstream economic thought. Asian Social Science, 12(7), 136-142.

Murari, K. (2019). Managing household finance: An assessment of financial knowledge and behaviour of rural households. Journal of Rural Development, 38(4), 705-732.

Nacaskul, P., FSVP, Q. M., Analytics, E., & PCL, S. C. B. (2015). Sufficiency Economy Philosophy: Conceptual Background & Introduction. Social Science Research Network Electronic Journal, 1, 1-16.

Prasetyo, W. (2020). Covid-19 Learning Concerning Financial Planning Importance and Household Accounting. Jurnal Reviu Akuntansi dan Keuangan, 10(3), 444-457.

Silanoi, L. (2012). The development of teaching pattern for promoting the building up of character education based on sufficiency economy philosophy in Thailand. Procedia-Social and Behavioral Sciences, 69, 1812-1816. https://doi.org/10.1016/j.sbspro.2012.12.131

Silveistr, A., Zozuliak-Sluchyk, R., Iaroshevska, L., Strikhar, O., & Derkach, S. (2022). Assessment of situation in educational activities with need to introduce remote technologies during pandemic. International Journal of Health Sciences, 6(1), 32–39. https://doi.org/10.53730/ijhs.v6n1.3063

Suvachittanont, W., & Sangsirimongkolying, R. (2013). Raw Material Management of Community Incense Production through Sufficiency Economy Philosophy. Procedia-Social and Behavioral Sciences, 91, 697-702. https://doi.org/10.1016/j.sbspro.2013.08.471

Wang, W., Simonich, S. L. M., Wang, W., Giri, B., Zhao, J., Xue, M., ... & Tao, S. (2011). Atmospheric polycyclic aromatic hydrocarbon concentrations and gas/particle partitioning at background, rural village and urban sites in the North China Plain. Atmospheric Research, 99(2), 197-206. https://doi.org/10.1016/j.atmosres.2010.10.002

Wang, W., Simonich, S., Giri, B., Chang, Y., Zhang, Y., Jia, Y., ... & Lu, X. (2011). Atmospheric concentrations and air–soil gas exchange of polycyclic aromatic hydrocarbons (PAHs) in remote, rural village and urban areas of Beijing–Tianjin region, North China. Science of the Total Environment, 409(15), 2942-2950. https://doi.org/10.1016/j.scitotenv.2011.04.021

Wang, Y. J. (2002). Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan. Journal of multinational financial management, 12(2), 159-169. https://doi.org/10.1016/S1042-444X(01)00047-0

Whitelaw, S., Mamas, M. A., Topol, E., & Van Spall, H. G. (2020). Applications of digital technology in COVID-19 pandemic planning and response. The Lancet Digital Health, 2(8), e435-e440. https://doi.org/10.1016/S2589-7500(20)30142-4