PM suggests Thais to start saving for their future

[Russell17au]

Another one of the problems is the banks, they do not pay a reasonable interest rate but they charge high fees, One bank that I know charges you 100 baht if you draw money out over the counter and it is not your branch of the bank, that is nothing but government backed theft. Bank fees must be reduced and some like the one that I have just mentioned done away with altogether

[RichardColeman]

In Thailand if you are a Thai you are probably better off dead than retired. Maybe Mr. Watchface should try living on the income of Thai pensioners for a month and see how he handles it.

[shaurene]

It is really pathetic. Go through the villages and see how they struggle to get some food. They pick as much as they can from the gardens, off the trees, go out in the fields to get some bamboo and mushrooms. . They go to a pond or river to try and catch a fish or frogs. And they are son kind the government and increase the minimum wage by a whopping 15 baht. That would but them a little bit more rice from the market.

[Shaunduhpostman]

A better man would ask, "why aren't people saving," and proceed from there.  So many people borrow and that is what is pushed. Occasionally I catch wind of what people pay to borrow in Thailand and it seems ruinous. I believe it was last year, the  the Farmer's collective or somebody or other purporting to support the farmers had set up shop in teh village and were loaning the farmers money at 25% per year. You'd think theyy were giving money away, everyone was in the line for hours. ONe guy I talked to really didn;t seem to realize that by the time he paid his loan back he'd have paid 3 times what he'd pay if he paid outright. People receive no training or examples from anywhere as to how to plan, prevent etc. So it is not very helpful to be told you ought to save money. I'm sure that thought has crossed most people's minds but there is too much social pressure to spend to have a fancy car, a this a that, plus people are stymied by a culture that punishes those who try to get ahead or excell, that protects the rich and their monopolies. For example if I wanted to brew beer, the law says I must start an enormous factory, otherwise its illegal. I'm sure its no different with many enterprises, if you are not already a big fish no can do. So, essentially he is saying, the only thing you are allowed to do other borrow money is to save it, not make it.

[PAIBKK]

Don't they have private owned, not government owned, pension funds in Thailand ???
Maybe it will be an idea to start one... 
But as far as I know, Thais don't think about future. 
Offer a Thai 5,000 now or 25,000 3 months later. The Thai will go for the cash now !!! 

Edited January 6, 2018 by PAIBKK

[ttrd]

2 minutes ago, Shaunduhpostman said:

A better man would ask, "why aren't people saving," and proceed from there.  So many people borrow and that is what is pushed. Occasionally I catch wind of what people pay to borrow in Thailand and it seems ruinous. I believe it was last year, the  the Farmer's collective or somebody or other purporting to support the farmers had set up shop in teh village and were loaning the farmers money at 25% per year. You'd think theyy were giving money away, everyone was in the line for hours. ONe guy I talked to really didn;t seem to realize that by the time he paid his loan back he'd have paid 3 times what he'd pay if he paid outright. People receive no training or examples from anywhere as to how to plan, prevent etc. So it is not very helpful to be told you ought to save money. I'm sure that thought has crossed most people's minds but there is too much social pressure to spend to have a fancy car, a this a that, plus people are stymied by a culture that punishes those who try to get ahead or excell, that protects the rich and their monopolies. For example if I wanted to brew beer, the law says I must start an enormous factory, otherwise its illegal. I'm sure its no different with many enterprises, if you are not already a big fish no can do. So, essentially he is saying, the only thing you are allowed to do other borrow money is to save it, not make it.

It is very expensive to be poor - it has always been and it will always be...

[soalbundy]

1 minute ago, PAIBKK said:

Don't they have private owned, not government owned, pension funds in Thailand ???
Maybe it will be an idea to start one... 
But as far as I know, Thais don't think about future. 
Offer a Thai 5,000 or 25,000 a month later. The Thai will go for the cash now !!! 

Usually because he needs it now, not in a months time. They are no more stupid than the British maxing out their credit cards for Christmas and then whining about how they are going to pay it back.

[jenny2017]

 

However, he said that many people would question how could they start saving because their income was not enough to meet their spending.

 

    Is it only me who always gets the creep when seeing/hearing the little general? How can  a naked man put anything in his pocket? 

[farcanell]

What’s he thinking? Right?

 

Yer... yer... that’ll <deleted> em... now what can I say?

 

sattelites... no

submarines... no

air craft carriers... no

watches... damnit... stupid stupid

road saf...,sigh 

how long does this damn weekly address have to go on for.... can’t give the buggers extra question time?

 

[soalbundy]

4 minutes ago, jenny2017 said:

 

However, he said that many people would question how could they start saving because their income was not enough to meet their spending.

 

    Is it only me who always gets the creep when seeing/hearing the little general? How can  a naked man put anything in his pocket? 

He has an anus, innovation will see them through, or not but what does the general care.

[soalbundy]

2 hours ago, farcanell said:

What’s he thinking? Right?

 

Yer... yer... that’ll <deleted> em... now what can I say?

 

sattelites... no

submarines... no

air craft carriers... no

watches... damnit... stupid stupid

road saf...,sigh 

how long does this damn weekly address have to go on for.... can’t give the buggers extra question time?

 

There is always the time honoured, "Oh I'm feeling a little faint, is that you mother"?

[peterb17]

Come on- we all are aware of the constant phone calls to the kids - where is my money this month ? It’s the way it works here - it shouldn’t and would lift a whole generation out of that appalling burden . 

[Jonmarleesco]

Obviously Prawit has already seen the light.

[Russell17au]

2 minutes ago, Jonmarleesco said:

Obviously Prawit has already seen the light.

Yes, but he had to check the time first

[MrMo]

Really ?   What future ?   Can't see him providing a future for anyone other than his family and cronies !

The history of Thailand has shown that the Army and the "elite" of the 1900's have provided for themselves and only for themselves.    The Shinawatras did more for the other 95% of the Thai people than anyone from the Army or the rest of the 5% did in 110 years.

[Sir Dude]

How can they start to save when most are in silly debt and best case situation is they can service that debt if they are of the lucky few. Announcing something like that just shows how out-of-touch he is. If he wants to be voted in on a wave of public optimism, then debt cancellation or some degree of it would make that happen. Ditch the subs and silly stuff and do what most locals want. Problem is with that though, you would gain power legit style on a wave of populism (not unlike some who have come before) but you'd have to stop the locals from running off the debt cliff again like lemmings...which would be hard to say the least. Good luck with that.

[sammieuk1]

He must be talking about Generals!

[SpeakeasyThai]

5 hours ago, amvet said:

Tax change is the only way I see to do it.  Make the middle class more appealing and fund it from inheritance tax.  Match savings dollar for dollar and call it the Robin Hood tax system. 

Agree. But we are westerners with different values and our logical way of thinking is 500 years ahead. People need to be educated and have the ability to think for themselves instead of just building new temples. Pathetic really the more i think about it.

Edited January 6, 2018 by SpeakeasyThai

[The Theory]

My neighbor with 2 children save lots of empty alcohol bottles on their front yard. He tries hard to save more bottles by drinking every night. 

 

[mettech]

How could they save?,,, on a 500 bht per month??? This is what seniors get when they turn 50 years old. 

They used to go to the village chief to get their money but now they have to go to the bank and use a bank card most of the villagers old one do not own a transportation or can not read nev r less using a Pin and they should sav? it is unsane.

My best guess the premier must of speak for the government and hi so people.

[Happyman58]

Speech should of went this way   My fellow Thais  I want you to start saving for the future if you want money for retirement  Look at my Generals they are doing that now  Lining their pockets with your money so they can have  a happy retirement Dont you think they are a great role model?

[lvr181]

Wow, what  guy! (steven100 take note). He is going to give the poor a pay rise so they can save. No more 'poor' in Thailand. No more scrimping and scratching for a living.

 

Someone (maybe steven100 and fellow sycopants) will nominate the PM for a Nobel Peace Prize?  Woo hoo - NOT.

[connda]

Remember when banks use to pay 4 to 7% interest?  Up until the central banks started to print money with abandon after 2007, literally give free money to banks to loan, and dropped the interest rates so that the government and corporations could borrow, spend, and purchase stocks artificially driving up the market - well, up until that time, we 'little people' could save and receive interest income on our saving investments.  But now?  There is no incentive to save.  Plus, people who save don't spend, spend, spend.  Thus the banks offer 'easy money' and virtually all segments of society are completely overwhelmed by debt, and the banks are over-extended (again) regardless of the bravo sierra statistics that the banks and government publish to say how healthy they are.  When this bubble pops, it's going to be the mother of all popped bubbles.  And all that saved money in the banks?  Well, remember Cyprus?  Know the term - "Bail-in".  So save, save, save?  Better have a plan.

[Billy Bloggs]

First step(impossible I know) Stop the corruption, this will stop the trickle up effect.

Thats it, if this isnt done you will never get anything else that matters done.

[connda]

12 hours ago, The Theory said:

My neighbor with 2 children save lots of empty alcohol bottles on their front yard. He tries hard to save more bottles by drinking every night. 

 

But, he is saving!!!  Think of all the thousands of satangs the family will receive when the recycle all the glass bottles and aluminum cans!!!

[connda]

1 minute ago, Billy Bloggs said:

First step(impossible I know) Stop the corruption, this will stop the trickle up effect.

Thats it, if this isnt done you will never get anything else that matters done.

See, all the generals like Prawit know how to save.  They don't actually buy multi-million THB watches, they borrow them from some undisclosed source.  That way they can put that extra money in the bank where they can earn 1% interest on their hard earned money.

[Krataiboy]

And this from the same leadership which offered tax concessions to encourage a Christmas spending bonanza among Thai families! Small wonder most Thai families are deeply in debt, to the tune of an average of over 119,000 baht apiece.

 

The government should start encouraging people to live within their means, crack down on loan sharks and encourage savers to safeguard the future by forcing profiteering banks to offer fairer interest rates to depositors.

 

 

 

[nong38]

Its not in the Thai mind to save for the future, tomorrow may never come and money burns their fingers best live for today.

[sambum]

"However, he said that many people would question how could they start saving because their income was not enough to meet their spending."

 

Give that man a banana!

 

[Lacessit]

He must be worried the 800 baht/month government pension is not enough, or maybe it is underfunded.