Central Bank to stimulate more saving by Generation Y group

 

 

BANGKOK: -- The Bank of Thailand has announced that it will be launching programs to foster greater saving by the younger generation of the public starting with school children up to university students.

 

The central bank’s assistant governor for Planning and Budgeting Group Miss Nawaporn Maharagkaga said a study carried out to gauge saving habits of this group indicates that of the young people or generation Y, aged between 18 to 25 years of age,  50% do not have savings.

 

There are approximately 7.5 million people in this group which are made up of students or young, recently graduated employees.

Studies showed they regularly overspend which results in immersing themselves in debt which then severely limits their financial options.

 

Full story: http://englishnews.thaipbs.or.th/central-bank-stimulate-saving-generation-y-group/

 

-- © Copyright Thai PBS 2017-02-22

6 minutes ago, webfact said:

Central Bank to stimulate more saving by Generation Y group

Translation, Generation Y will pay the price for the debts of past generations,..... thank you.

7 hours ago, webfact said:

Studies showed they regularly overspend which results in immersing themselves in debt which then severely limits their financial options.

I sincerely wish the government all the best on this one. First move take all the mobiles off display. Cut back on the fancy clothing and shoe displays and much much more. The young are hooked plain and simple no turning back. I am really surprised that 50% have a savings account. It must have been opened by their grandparents and they are regularly making deposits on birthdays and Christmas. 

I am surprised the self inflicted chosen one has not had an idea under 44

 

You Will Save 25% of weekly Salary and I will look after it for you

Oh god dont give him ideas like that !!

If they want people to save money why dont they give an incentive like maybe some interest that is multiple times the inflation rate and no tax

Problem only with Generation Y? All other generations except Baby Boomers do not save much either when interest rates is kept almost non-existent for over a decade.

I hate to sound cynical, but when the establishment (in all countries) come up with plans for the youth to save..it makes me to wonder what is the motivation?

 

-Fat cats worried there will not be consumers to pay the bonanza of huge real estate costs they expect when they bail out?

-Gen Y consumer buying power will not be enough to sustain growth and buy the goods we ram down their throat?

 

Correct me if its to simple an assumption, but if one group has money in the bank, that money will be getting lent out to another group who will then be in more debt?

I think the BoT needs to understand that aside from the few privilaged most 18 - 25yo get paid stuff all. 15k starting for a graduate does not leave that much meat on the bone for savings. 

 

Teaching financial independence and self reliance is important and intrinsic to that is savings.

And a good many are on 300 baht or day or about 9000 baht per month which doesnt leave anything over at the end of the month.

It's difficult to save what they don't have. 

As students, most of them don't have jobs/income and the young graduates earn so little that it's difficult for them to survive let alone save anything. 

 

 

I think the BoT needs to understand that aside from the few privilaged most 18 - 25yo get paid stuff all. 15k starting for a graduate does not leave that much meat on the bone for savings. 
 
Teaching financial independence and self reliance is important and intrinsic to that is savings.

Would agree - i thought that 50% of them having savings was a very positive figure since most of them will only just have started earning and many would still be in university.