The United Overseas Bank (UOB) released a significant report revealing the current economic sentiments of citizens and businesses across five ASEAN nations – Singapore, Malaysia, Indonesia, Vietnam, and Thailand. Two days ago, Yuthchai Tayaratchakul, the Executive Vice President of UOB, provided a statement regarding the ASEAN Consumer Sentiment Study (ACSS).
The UOB report aimed to shed light on the top financial concerns that are prevalent among the respondents. The rising inflation, escalating household expenses, and reducing savings emerged as the primary worries. These concerns have led the Thai population to adopt a more frugal approach towards spending.
Interestingly, it was also observed that a growing number of Thais are turning to digital banking platforms for their investment needs.
When it comes to investments, the study found a tendency among Thais to prefer low-risk options. They are inclined towards savings that yield fixed deposits and are also diversifying their investment portfolios to include safer options such as insurance and real estate.
The ACSS report also provided fascinating insights into the investment and saving habits of different generations. Generation Z, individuals born between 1996 and 2010, were found to be most cautious about savings and investments, with well-defined saving plans in place.
On the other hand, Generation Y, those born between 1981 and 1996, prioritise investment over savings, reported Pattaya News.
Yuthchai mentioned UOB’s commitment to personalised banking and highlighted their application, UOB TMRW. This application utilises artificial intelligence to analyse financial transitions, aiming to assist customers in managing their finances more conveniently and efficiently.
“UOB has a clear vision of personalized banking via our application, UOB TMRW, which uses AI to analyse financial transitions. The application will help customers manage their finances more conveniently and efficiently.”
During the current economic challenges, the chief economist at Kiatnakin Phatra Securities has raised a serious alarm about the government’s growing dependence on fiscal budget deficits.
They caution that this strategy could have detrimental effects on the economy in the long term. Read more HERE.
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