December 21, 2023
BANGKOK – Some 50% of Thais of working age are not financially ready to retire, a survey by the Faculty of Commerce and Accountancy at Chulalongkorn University has found, with the institute recommending that government take steps to increase public education in financial planning, investment, and saving.
The survey, which was conducted among 2,400 Thais of working age nationwide, found that 49.3 of the respondents are financially prepared for retirement, Prof Wilert Puriwat, dean of the Commerce and Accountancy faculty, said on Monday.
“This leaves about half ill-prepared to stop working when they reach retirement age,” he said. “Moreover, seniors often have increased expenses from medical treatment, putting them at risk of financial hardship.”
Wilert was speaking at the forum titled “National Policy for Financial Readiness” hosted by the faculty and the Capital Market Development Fund.
Wilert urged the government to adjust its policies, pointing out that Thailand is well on the way to becoming an ageing society. Areas that should be emphasised include promoting public education in financial planning and investment, improving people’s financial skills, and promoting a saving habit, he said.
Wilert however commented that the percentage of people who are financially ready to retire has marginally increased compared to the results of a similar survey carried out in 2021, pointing to better financial status of Thais.
Santitarn Sathirathai, a member of the Bank of Thailand’s Monetary Policy Committee who joined the forum, added that another skill on which all Thais should focus is digital banking.
“As transformation to digital banking is inevitable, the government and related agencies are rolling out measures to help improve people’s digital banking skills, as well as enhancing security against cyber threats,” he added.