Survey: Thais are short of money - and it's worse than Indonesia!

 

Caption: Thais' money trouble are a source of concern

 

A survey conducted by Gobear, the insurance and financial services company, has said that half of all Thais are only surviving on a month to month basis.

 

In some age groups more than half only have just enough money to cover expenses. 

 

While a quarter of people say they are short of money - this is worse than other countries in the region, notably Indonesia said Sanook. 

 

In the 18-65 age range 49.8% of Thais live from month to month. 

 

It's worse when the age ranges are narrowed down. In the 36-45 age range it's 53% and 51% in both the 56-65 and 26-35 ranges. 

 

A total of 25% said they suffered money shortfalls each month. 

 

And 15% have absolutely no savings in the event they lose their jobs. 

 

Sanook called the findings a worry. 

 

Source: Sanook

 

-- © Copyright Thai Visa News 2019-10-19

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They are all spending to stimulate the Thai economy.

Edited October 19, 20196 yr by RotBenz8888

Why worry?
Tomorrow does not exist yet ...

Thai also have more expensive cars than indonesians

 

But the banks are announcing record profits?

 

BangkokBank net profits go beyond Bt9 bn in third quarter

Edited October 19, 20196 yr by PatOngo

The wealthiest 1% said they had absolutely no problem as they are sitting on 66% of the countries wealth!

 

 

Edited October 19, 20196 yr by PatOngo

And household debt continues to rise so that these banks can make the record profits as we see all over the world BANKS don't care about their customers just profits .

Thais (and five-year-olds) simply cannot plan ahead, or manage their money; raise the monthly minimum-income to 50,000 baht and they still won't be able to do it...

 

And banks make it too easy, effectively forcing debt onto people who won't be able to ever repay the money.

our world is sick and in desperate need of an enema 

34 minutes ago, rooster59 said:

Thais are short of money

The new iPhone 11 will be a timely distraction!

While waiting for the explosion of some bubbles:

real estate,

excessive indebtedness of the population,
non refund of millions of new vehicles, ...

it starts to do a lot;
it is the banks that are most exposed to these bubbles and when they will burst, maybe in addition all at the same time it will do a lot of damage.

Can't see any western countries in better shape.

Everyone appears to be drowning in a sea of debt.

 

............ except me, and that's only because nobody will give me credit.

Let them eat som tam!

The hugely distorted media at work again, we rely on these people for our "news" more fool us!

 

Thailand in reality! has about 40% of its people that rely on agriculture for a living, the vast majority of these workers do not live "month to month" they live day to day! but why let reality spoil a yet another idiotic survey!

Same problem the world over.

26 minutes ago, PatOngo said:

But the banks are announcing record profits?

 

BangkokBank net profits go beyond Bt9 bn in third quarter

Yes...., sure as Thai immigration force ret. ext. foreigners to force  "sponsor" half of the 800k/400k keep on bank…. next is the "foreigner insurance sponsor" forcing !

 

Edited October 19, 20196 yr by david555

I don;t have a great income - enough for extension based on marriage now, but that's about it. My wife, me and our child live a relatively OK life.

 

BUT we don't currently own a 3 motorbikes, a pick-up, an estate, a 65 inch TV, or both have the latest Apple phones, and we certainly don;t live on pizza, KFC and McDonalds deliveries four times a week, all of which our Thai neighbours on about a 1/2 of our income seem to be able to do.

 

Mind you, there seems to be a high turnover of Thai neighbours now - so that may answer some of it 

I was in MaDonalds the other day and was horrified to see that a hamburger had risen from 29 to 35 bts! Yesterday I ancied I would make a tuna/mayo roll so looked at the tins of tuna, they had also gone up from 35/39 to 44/46  bts. These are huge percentage rises and not the .52% claimed the Government. My wife says everything has recently gone up so its not surprising that the ordinary people are finding life tough, they don't get annual pay increases unless they can wangle a promotion do they. They buy things they don't need, usually on long term credit, to show how successful they are to the "Jones's" It has to fall apart, it cannot go on. The banks will go on they cannot lose, if the payments are not met then the banks reclaim, same for suppliers.

Foe people who have had exposure to financial planning money is a dangerous thing.

3 minutes ago, nong38 said:

I was in MaDonalds the other day and was horrified to see that a hamburger had risen from 29 to 35 bts! Yesterday I ancied I would make a tuna/mayo roll so looked at the tins of tuna, they had also gone up from 35/39 to 44/46  bts. These are huge percentage rises and not the .52% claimed the Government. My wife says everything has recently gone up so its not surprising that the ordinary people are finding life tough, they don't get annual pay increases unless they can wangle a promotion do they. They buy things they don't need, usually on long term credit, to show how successful they are to the "Jones's" It has to fall apart, it cannot go on. The banks will go on they cannot lose, if the payments are not met then the banks reclaim, same for suppliers.

Foe people who have had exposure to financial planning money is a dangerous thing.

Yes, face is very expensive!

However, he said, if chemical pesticides are banned but chemical fertilisers still allowed, then there may be enough food for domestic consumption, though the cost of production will rise as more labour will be required and the cost of labour is very high. 

 

Who's fooling who?

47 minutes ago, PatOngo said:

But the banks are announcing record profits?

 

BangkokBank net profits go beyond Bt9 bn in third quarter

It's because of all the 800K deposits from ex-pats.

10 minutes ago, mikebell said:

It's because of all the 800K deposits from ex-pats.

Nice try. ????

37 minutes ago, CGW said:

Thailand in reality! has about 40% of its people that rely on agriculture for a living, the vast majority of these workers do not live "month to month" they live day to day!

You can take away from that 40% the millions of farmers who make two and sometimes even three crops of rice in the year; Central plain of Chai Praya and all those lucky enough to have their rice fields along a river or at the edge of a lake.
These farmers are very far from being poor;
on the other hand, the other millions of peasants in Issan who only harvest once a year at the whim of the very rare rains that year 2019 (except in the province of Ubon where everything is drowned), those are poor but they are so because they have abandoned the way of making their ancestors;
we no longer see buffaloes working in the rice fields;
in their place, you can see motor tillers and even more and more Kubota tractors or other international brands.
But these oil machines are not free and the diesel to make them work, either;
you have to buy them, most often on credit ....
and they are in a bad state when the credit is over ...
Vicious circle..when one or a few buffaloes would have done exactly the same job for a few tufts of grass ...
and the countryman could, in addition, recover his excrement to make manure and thus natural fertilizer.

A few expats around my area who have bought land have all had to pay off the debt on the land to get the papers back.

49 minutes ago, nong38 said:

I was in MaDonalds the other day and was horrified to see that a hamburger had risen from 29 to 35 bts! Yesterday I ancied I would make a tuna/mayo roll so looked at the tins of tuna, they had also gone up from 35/39 to 44/46  bts. These are huge percentage rises and not the .52% claimed the Government.

Most Thais don't live on tinned tuna and McDs.

My lot mainly eat rice with a bit of frog/fish/snake/insect that they caught in the field. 

Pudding is whatever is growing on the bushes/trees outside.

Edited October 19, 20196 yr by BritManToo

Can always find money for Gambling

52 minutes ago, nong38 said:

I was in MaDonalds the other day and was horrified to see that a hamburger had risen from 29 to 35 bts! Yesterday I ancied I would make a tuna/mayo roll so looked at the tins of tuna, they had also gone up from 35/39 to 44/46  bts. These are huge percentage rises and not the .52% claimed the Government. My wife says everything has recently gone up so its not surprising that the ordinary people are finding life tough, they don't get annual pay increases unless they can wangle a promotion do they. They buy things they don't need, usually on long term credit, to show how successful they are to the "Jones's" It has to fall apart, it cannot go on. The banks will go on they cannot lose, if the payments are not met then the banks reclaim, same for suppliers.

Foe people who have had exposure to financial planning money is a dangerous thing.

7/11 did the same a few weeks ago seems like everything jumped 5 Baht

Hmmm... more Thai women in need of money. Good to know. ????

Edited October 19, 20196 yr by Kelsall

Sounds like the US (and most of the world) only with smaller paycheck. 

23 minutes ago, happy chappie said:

A few expats around my area who have bought land have all had to pay off the debt on the land to get the papers back.

Expats BUYING land?