Most Thais don’t have enough savings to last six months if they stop working

[snoop1130]

Most Thais don’t have enough savings to last six months if they stop working

 

 

About 80 percent of working Thais, especially among the “Gen Y” and “Gen X” groups, have savings just enough to last only six months if they stop working or become unemployed, according to a study conducted by the Customer Insights Centre of the Thai Military Bank.

 

The study was based on an online survey of working Thais aged 18-54 from the database of 35 million working Thais.

 

Only 20 percent of the working Thais have enough savings to last more than six months after they stop working, said the study, adding that the problem of not enough savings occurs when Thais start working (Gen Y) and carries on until Gen X.

 

Full Story: http://englishnews.thaipbs.or.th/thais-dont-enough-savings-last-six-months-stop-working/

 

-- © Copyright Thai PBS 2018-6-22

[kannot]

my experience of hiring  Thai is they dont have enough for 6 days let alone 6 months

[Jdiddy]

Similar in the western world

[Eligius]

Yes, I, too, am very surprised that according to the survey, 'most Thais' have enough savings to last them six months without working. I would have thought it was more likely to be six weeks, at most. 

[Get Real]

Let´s just put it all together in three words. "People don´t think"

[BEVUP]

21 minutes ago, Jdiddy said:

Similar in the western world

Wrong

The biggest problem in the western world is that if you did have enough,& take a year + off work, you will be discriminated against 

An example

Applied for a job (through a labour hire company )  & even though I had 20 + years experience in my field was told I may have a job with one multi big local company, but would not be allowed on a multi international companies site (owned by royalty )

This is in Auss & talking BIIIIIIIG COMPANIES

Edited June 22, 2018 by BEVUP

[Lungstib]

Seems like the wealthy elite the world over have put the big squeeze on the workers. I saw this just yesterday .......        Can you cover an unexpected $400 expense? Four in ten Americans can't, according to a new report from the Federal Reserve Board.          Where I live most people are working hand to mouth and like many suggest here couldn't last 6 days without work. In fact, many are permanently in debt and paying last weeks bills with this weeks pay. Its the price that has to be paid for that 0.1% who have the mega billions with no intentions of ever letting it go. Capitalism at its worst.

[quadperfect]

And the point is? Are they doing something wrong? Cause the rest of the world is exactly in the same situation.

[BEVUP]

4 minutes ago, Lungstib said:

Seems like the wealthy elite the world over have put the big squeeze on the workers. I saw this just yesterday .......        Can you cover an unexpected $400 expense? Four in ten Americans can't, according to a new report from the Federal Reserve Board.          Where I live most people are working hand to mouth and like many suggest here couldn't last 6 days without work. In fact, many are permanently in debt and paying last weeks bills with this weeks pay. Its the price that has to be paid for that 0.1% who have the mega billions with no intentions of ever letting it go. Capitalism at its worst.

& also not forgetting that the western world companies need to restructure if their not gaining on their 8 Billion profit from the previous yr

In AUSS there is a prediction (actually known fact ) that 20,000 + in the next 3 yrs will lose their jobs due to this

 

Not like Thialand where you have to dodge the employees in a Retail shop ( at least they have a job to live day by day ) 

[CGW]

36 minutes ago, Get Real said:

Let´s just put it all together in three words. "People don´t think"

People are bought up to be in debt, is all part of being a wage slave! "people don't think" why should they when the Nanny state does it for them?

Thankfully some can see through the BS and are in a position to escape, the average working person isn't, but they have their mobile gadgets, football etc to keep them happy ? 

[Jeremy50]

Most Thais are in debt, between 100.000 baht and a million usually. If they stop working, they'll be living off their credit cards, or more likely off family members who are also in debt. It's all going to end in tears.

 

The basic rules for 'happy' financial probity are:

 

1. Don't have a credit card, and don't borrow.

2. Don't spend your capital.

3. If you don't have the money, don't buy it.

4. Embrace austerity if you have to, and find ways to benefit from that situation, for example, finding beneficial pastimes that cost little or nothing.

[shady86]

If people here have enough savings, department stores wouldn't be growing like mushrooms.

[Jeremy50]

11 minutes ago, quadperfect said:

And the point is? Are they doing something wrong? Cause the rest of the world is exactly in the same situation.

Not really, most Germans are not in debt, and feel a deep sense of shame if they are put in that situation, and that is as it should be. The Dutch and Scandinavians are similar, anywhere that has a deeply rooted Protestant work ethic. 

[Sir Dude]

Well, that's because of the fascist discriminatory system that is forced on most Thais by the elite and the high prices of buying anything, plus the totally unrealistic expectations of what the average person thinks now as to what they are entitled too/expected to have. Everyone other than the elite are screwed left, right and center here. No big surprise there. How about raising interest rates and encouraging people to save. Sadly, Thailand's elite require a slave class that will work for little, even if they have a degree... and is one of the most socially unequal countries in the world. My wife often laments that Thailand is always top on the list of the worst topic surveys. 

[kotsak]

Ok, now that all has been said, when is the new iPhone coming out? ?

[Odysseus123]

12 minutes ago, kotsak said:

Ok, now that all has been said, when is the new iPhone coming out? ?

Yeah,to hell with it-let's throw yet another party..sanook,sanook..sabai..sabai

[neeray]

53 minutes ago, BEVUP said:

& also not forgetting that the western world companies need to restructure if their not gaining on their 8 Billion profit from the previous yr

In AUSS there is a prediction (actually known fact ) that 20,000 + in the next 3 yrs will lose their jobs due to this

 

Not like Thialand where you have to dodge the employees in a Retail shop ( at least they have a job to live day by day ) 

I see all these staff when in big stores. However, are they actually paid even a base pay or are they strictly on a commission. If only commission (and not much sales), it is not a reliable income source.

[BestB]

Most Thais can not think that far ahead, i am sorry to say

[amexpat]

55 minutes ago, Jeremy50 said:

Most Thais are in debt, between 100.000 baht and a million usually. If they stop working, they'll be living off their credit cards, or more likely off family members who are also in debt. It's all going to end in tears.

 

The basic rules for 'happy' financial probity are:

 

1. Don't have a credit card, and don't borrow.

2. Don't spend your capital.

3. If you don't have the money, don't buy it.

4. Embrace austerity if you have to, and find ways to benefit from that situation, for example, finding beneficial pastimes that cost little or nothing.

5. Don't be born into a poor family. 

[DrTuner]

Six months is pretty good. I would have guessed six minutes.

[Odysseus123]

2 minutes ago, amexpat said:

5. Don't be born into a poor family. 

"Life is like a box of chocolates.."

[amexpat]

2 minutes ago, Odysseus123 said:

"Life is like a box of chocolates.."

A stitch it time?  YOLO?  Whiskey Tango Foxtrot? 

[worgeordie]

They don't have payday loans companies here,they have loan sharks,

both charge  crazy rates ,but people have got to have the latest stuff,

so use them.

regards worgeordie

[Odysseus123]

Just now, amexpat said:

A stitch it time?  YOLO?  Whiskey Tango Foxtrot? 

As you say "Whiskey Tango Foxtrot"

 

We used to say WAFTAM.

[neeray]

1 hour ago, shady86 said:

If people here have enough savings, department stores wouldn't be growing like mushrooms.

Please clarify what you mean by " growing like mushrooms".

[55Jay]

19 minutes ago, neeray said:

Please clarify what you mean by " growing like mushrooms".

I think he meant moneylaunderingrooms, but spelled it wrong.  ?

[Justfine]

So why aren't Thais taking 5 months holiday?

 

They are lucky to have 5 days off.

[Thunder26]

I'm in the same boat ?

 

[amexpat]

56 minutes ago, Odysseus123 said:

As you say "Whiskey Tango Foxtrot"

 

We used to say WAFTAM.

? Google WAFTAM just returns me great prices on waftam and info on people named waftam. 555

[Hong Bong Dynasty]

you can file this headline under , "and  the sun comes up every morning".