Improving Thailand’s financial literacy via digital channels

By SPECIAL TO THE NATION

 

OVER THE NEXT decade, Thailand will be joining the ranks of ageing societies like Japan and Germany. The difference, though, is that those are predominantly high-income countries.

 

As well, given the current speed of Thailand’s economic growth, it is likely that our working population will retire before they get rich. The future financial well-being of our people will be at risk.

For a typical person, most income is spent on consumption ranging from foods to electronic gadgets, instead of saving and investment. According to official statistics, the ratio of savings to disposable income contracted from 11 per cent in 2007 to 8.5 per cent in 2014. 

 

Full story: http://www.nationmultimedia.com/news/business/columns_management/30300875

 

 

 

-- © Copyright The Nation 2016-11-26

4 hours ago, rooster59 said:

it is likely that our working population will retire before they get rich.

Really. Have you heard the phrase "Shop till you drop" well take out the word shop and insert the word work. This is now the universal goal world wide by governments that are bankrupt with workers clamoring for their justly deserved pensions. This so called world of plenty is raising their retirement ages just as workers must go toe to toe with AI. The elite want their slice of the pie well no the whole thing while the workers get to eat humble pie. 

For a typical  person, most income is spent on consumption. . .  instead of saving and investment. 

 

With over 80 percent of Thai households are 'deeply" in debt, just how are Thais supposed to save? And what's the point anyway, when returns on deposits are lower than the rate of inflation?

 

The reality is that saving is a mug's game and has been for years. Depositors' money is used to prop up ailing banks, which gamble with nine times its value, and to subsidise economies wrecked by successive waves inept/corrupt career politicians.

 

In the not too distant future all banks will be charging us for giving them our hard-earned cash to play with and, within a decade or so, the globalist dream cashless society will become a reality and all fiat money will be outlawed.

 

So, assuming you are lucky enough to have any, it makes sense to stash at least some spare cash in a home safe or even under the mattress (which is  probably safer than having it in a bank, anyway). Alternatively, use it to buy gold, silver or some other commodity of lasting value.

 

Like a new, king-size mattress?