BANGKOK (NNT) – With Thailand’s household debt now at an 18-year high due to the COVID-19 pandemic, the Stock Exchange of Thailand has launched a campaign promoting savings as a good financial practice for everyone, while raising awareness on financial literacy.
The Stock Exchange of Thailand has joined hands with the Government Pension Fund and the Student Loan Fund to launch the Happy Money campaign promoting good financial practices among Thai people, as the economy has reached a fragile point from the COVID-19 pandemic.
Presiding over the launching ceremony, the Minister of Finance Arkhom Termpittayapaisith, said today the pandemic has enlarged household debt, with the figure in Q3 2020 recorded at 86.6% of the national GDP, which is higher than the previous period which was at 78.9%.
He said as Thailand is becoming an ageing society, where the population of those 60 years or older will account for more than 20% the entire population by 2023, the practice of good financial management and savings to support one’s retirement jave become more important, as most of the retirees in Thailand at 90% are still dependent on their children or must continue to work. Only a small 2.3% of them are found to be self-sustainable.
Mr Arkhom said the government is trying to improve the financial status and stability of Thai people through the promotion of financial literacy and the practice of savings, to ensure all will have money to sustain themselves after retirement.
He said the Happy Money campaign will help promote essential financial knowledge needed to help drive the country’s economy forward in a sustainable manner.