PM urges Thais to start saving and to make saving a Thai culture

[GAZZPA]

Is this going to form any part of the elusive political reforms? PM, how are the reforms coming along? Any work done on the reforms today?

[johnklinrak]

In the picture to the left isn't that the Bamboo Bridge that collapsed the other day ? An unfortunate choice of symbolism. Perhaps it is a warning of the impending collapse of the Thai banking system.

[springheeled jack]

what is thainess basically its a live for today attitude something which the pm obviously hasn't thought about to get people to start saving money means changing peoples attitudes that would mean changing thainess.

[martijn12345]

There must be some kind of mistake. I am sure if you take a better look there will be some Burmese workers who are clearly the real criminals here.

[ratcatcher]

Given how hard life is for so many people, I am surprised to read that 59% actually have savings at all and that as many as 44% are capable, to some degree or other, of saving for their old age. It is sad, though, to learn that an unusually rich politician is telling the poor to save.

'It is sad, though, to learn that an unusually rich politician is telling the poor to save."

It's even sadder that a few years ago an unusually rich politician was telling the poor he'd make them all rich within six months .

[trainman34014]

I would like this man to walk around some of our local Village's 'explaining' to the people that they should save for their old age. Somehow i doubt he would reach the end of the tour alive but, if he did he may have learned something about how millions of people live hand to mouth on a daily basis in this country because he obviously knows diddly <deleted> about how it is outside of his Ivory Tower.

[Ks45672]

Given how hard life is for so many people, I am surprised to read that 59% actually have savings at all and that as many as 44% are capable, to some degree or other, of saving for their old age. It is sad, though, to learn that an unusually rich politician is telling the poor to save.

'It is sad, though, to learn that an unusually rich politician is telling the poor to save."

It's even sadder that a few years ago an unusually rich politician was telling the poor he'd make them all rich within six months .

The saddest part is they believed him... And voted him into the bosses chair... And he went on to steal all the cash.... And they are still too stupid to realise that and many would vote for him again given the chance.

That's really sad...

[Krataiboy]

Thais only live for the day and moment.

Poor people generally do. And most Thais are poor.

[biggles45]

There s constant talk about Thai Culture ! Has anyone actually set out what these aspects of thai culture are that everyone talks about being eager to preserve?

[carlyai]

this man is a complete baffoon, guess when you have 500 Billion baht saving is not a problem, i remember when he was a hired killer (Army) and he banned one of thailand most famous meal Krapow Moo because HE didnt like the smell

What a lot of crap.

Do you actually live in Thailand at the moment.

[Thaidream]

Most Thais are definitely poor. they have no hope that their life is going to be better and that is why they turn to alcohol and drugs to try and make it through the night until the next day when the cycle begins again. Thais are just like us- they want their life to have some meaning and want their children to have opportunity and their lives to be better. Take away all hope and you get a decaying society. The Thai psyche somehow keeps things fairly orderly. That is why Thaksin was so popular. He provided some hope although his hope was based upon lies and a false sense that he was going to take care of the people when they were down.In addition, the Red Shirt movement offered some hope that they could change the dynamic.Both were false prophets.

I know the Prime Minster would like to see Thais change their mindset and save for the future, but it is impossible. There is no difference between poor Thais and poor Americans. When you lose hope- you live for today because for them -there is no tomorrow The saying 'eat , drink and be merry, for tomorrow you may die' is what keeps the poor going. If Thailand really wants to help the poor- they must stop the rampant corruption in which 30%-some estimate is stolen. In addition, the government must use its resources to help the poor.Investment must spread to Issan through government tax incentives for foreign companies to relocate, Bangkok, Samut Prakon; Chinburi and Rayong are the last places the government should allow a foreign company to relocate. The problem in Thailand just like in the West is greed. Those that have it don't want to relinquish their hold. The clock is ticking- because there are a lot more of the poor than their are the rich both in Thailand and the West. If the General can at least acknowledge this then maybe there is some hope.

[sawadee1947]

56 percent are incapable of saving for use in their old ages while 52 percent of the aging people admit they cannot depend on themselves.

High time to introduce a pension scheme, my soldier....!

[louse1953]

"Prime Minister Prayut Chan-ocha urges Thai people to start saving and to make savings a Thai culture."

A bit out of touch with the commoners whose choice would be to spend their earnings on food and shelter or starve and save that money. Not everyone has the ability or opportunity to be the part of Thai Culture that shakes down motorists and business owners for enough money to save. Of course, I doubt they would give up that other part of Thai Culture which takes up a big chunk of their income...the Mia Noi.

Food and shelter? What I have seen is booze and gaming upon receiving their pay, both parents...

Don't know where you live,but it's not like that where i live,nor in villages close by.Sure,there are a few lao khao pissheads,but they're dying off.

[louse1953]

Most of the Thais live on credit and have not got the money to save. this guy lives in a differenht world

Just like the west,eh.

[wow64]

Good advice PM everyone should save money.... This has just resolved the financial problems of the poor.

[Thaidream]

What the World needs now are great leaders such as we had during the era of World War II. Leaders like Churchill, Roosevelt and others who rallied-their people through their rhetoric and dynamic programs that gave people hope. Thailand is severely lacking this dynamism. They need a leader who can say to the people I hear you, I am with you and I can help you. then offer specific programs that can actually lead to some improvement in daily lives. It is a form of populism and that is why Thaksin was so good at. His error was that he tried to take too much of the pot for himself and change Thai culture because he became too enamored with his own importance. As long as the military has a say- that will never be allowed. Thailand like the West has a dearth of talent.

[louse1953]

this man is a complete baffoon, guess when you have 500 Billion baht saving is not a problem, i remember when he was a hired killer (Army) and he banned one of thailand most famous meal Krapow Moo because HE didnt like the smell

Not many buffoons have huge savings, but are you sure that he has savings of 500 BILLION. After a while, it all becomes just a load of zeros. Million, billion, trillion, zillion...........

I suggest he's closer to B600 million.

He done really well to save up that amount of money on a Soldiers pay likewise the Police Chiefs seem to have a great savings plan that accumulates hundreds of millions of Baht out of a Policeman's pay.

He should just come clean on how he and all other Generals manage to amass such wealth as an example to the rest of the Thai population, maybe they can use the same savings plan as he did.

How about land inheritence for starters.

[smutcakes]

I think many people here are missing the point of the PMs message. He wants people to join the new national savings fund, where the govt contributes into people's accounts too. Maybe all the TV members here saying the govt should do more don't know about this. I know my gf did not really know anything about it. The govt pays in from 50% to 100% of people's own contributions, depending on their age.

So if people bought an average Samsung/Nokia phone instead of "having" to get a new iPhone every time they could save 15000 baht plus another 50-100% from the govt. That would add up over the years, but no Thai that I know can think that far ahead financially . The other day one person asked my how I retired early, she is middle class and fairly well educated, but she could not grasp the concept of me putting extra money into my superannuation so that I could finish work early.

A bit of financial planning education in high school would not go astray.

That just cannot be correct. Paying in from 50-100%? Seems wrong.

[Daniel Boon]

they barely have enough to feed themselves, let alone save anything

[johng]

He could give every Thai person 1 million baht ( from his personal fortune )

and still have over 500 million left........ would everyone be "happy" then ?

And I would suggest you are either way off in your estimate of the Thai population or as financially illiterate as many Thais...

He is worth around 600 million.

Population of Thailand is approx 68 million.

600,000,000/68,000,000 = 8.82 baht each.

I am sure everybody will be very happy on less than 9 baht!

Ooops. Ha ha

Yes I'll go stand in the corner with the dunce's hat on.

[soalbundy]

the hub of savers is next.

[louse1953]

yes general and self-appointed "PM", we will all follow your example and through thriftiness save our way to become millionaires on our modest Thai salaries...

I don't like people who are "preaching" like this Herr Goh-Hok... especially when they do not have an actual solution which makes sure that people have pensions in their old age, or universal coverage when they are sick, or free education, or, .... almost anything else that benefits the broader society and not only the wealthiest elites and their military muscle...

They do have a pension,but it ain't much.Starting at 500 baht/month when your 60,and going up as you get older.30 baht for hospital and nearly free education until 16.

[Ks45672]

they barely have enough to feed themselves, let alone save anything

Many of them have enough to buy new pickups, motorcycles and iPhones

Of course there are many poor, but

Also a lot of irresponsible spenders

Who will get into debts they can never

Repay to get the latest thing

They have no idea of the concept of saving the yearly bonus from work if they can buy something cool with it

Education will take generations, prayuth or anyone else couldn't fix this problem even when they're giving away free money as subsidies every year to the "poor" farmers and illegal fishermen

[dcutman]

I think many people here are missing the point of the PMs message. He wants people to join the new national savings fund, where the govt contributes into people's accounts too. Maybe all the TV members here saying the govt should do more don't know about this. I know my gf did not really know anything about it. The govt pays in from 50% to 100% of people's own contributions, depending on their age.

So if people bought an average Samsung/Nokia phone instead of "having" to get a new iPhone every time they could save 15000 baht plus another 50-100% from the govt. That would add up over the years, but no Thai that I know can think that far ahead financially . The other day one person asked my how I retired early, she is middle class and fairly well educated, but she could not grasp the concept of me putting extra money into my superannuation so that I could finish work early.

A bit of financial planning education in high school would not go astray.

I think a big problem is, at least for the last several years, the govt have been pounding people to spend spend spend. Even borrow to spend. Spend spend spend is being pushed to this very day. The govt has set up and financed billions for people to barrow, to spend.

Now today he says save your money. It does get a bit confusing, does it not?

Edited November 1, 2015 by dcutman

[louse1953]

What the World needs now are great leaders such as we had during the era of World War II. Leaders like Churchill, Roosevelt and others who rallied-their people through their rhetoric and dynamic programs that gave people hope. Thailand is severely lacking this dynamism. They need a leader who can say to the people I hear you, I am with you and I can help you. then offer specific programs that can actually lead to some improvement in daily lives. It is a form of populism and that is why Thaksin was so good at. His error was that he tried to take too much of the pot for himself and change Thai culture because he became too enamored with his own importance. As long as the military has a say- that will never be allowed. Thailand like the West has a dearth of talent.

I don't think it's that at all.The public has woken up to their bs,including your 2.It's the same propoganda from the lot of them,and when they are in,nothing changes.Small countries are beholding to big banks and big biz.USA does what it wants,who is gunna say stop.China is anotherbig player but has found the capitalistic world is not so easy.Europe is old.Sub continent is a basket case and the mid east is f...ed.We need a totally new way,but it wont come from this lot,or us.When things get desperate in another 50 years,on all manor of fronts,countries and people will have to work together,or they are doomed to a miserable life.

Mean while i've had a good time.

[stickylies]

A real circus. Thailand. Excellent cure for My imminent winter depression. Lsd in tap water. Happiness of the people. 555

[khaowong1]

Save money?

[ravip]

What intelligent posts, extending even to call someone stupid - #14

I guess the views are from the lower end, after a beer too many.

[bangon04]

What intelligent posts, extending even to call someone stupid - #14

I guess the views are from the lower end, after a beer too many.

Whereas your stunning contribution to the debate has been completely stellar, insightful and a real pleasure to read...... congratulations.

[Whyamiandwhatamidoinghere]

Just put an end to the government and black lotteries. Then close all borders that have casinos. Then there would be significant savings opportunities.

Edited November 1, 2015 by Whyamiandwhatamidoinghere