Survey reveals half of Thai workers unprepared for retirement

Photo courtesy of The Nation

In a startling revelation, a recent survey conducted by the Faculty of Commerce and Accountancy at Chulalongkorn University has unveiled a concerning truth – a staggering 50% of working-age Thais are not financially equipped for retirement.

The implications are dire, as experts warn of the impending challenges faced by the nation’s ageing population.

The survey, involving 2,400 participants nationwide, disclosed that a mere 49.3% of respondents are financially prepared for their golden years. Professor Wilert Puriwat, the Dean of the Commerce and Accountancy Faculty, sounded the alarm on December 18, emphasising the urgent need for government intervention to bolster public awareness in financial planning, investment, and savings.

“This leaves about half ill-prepared to stop working when they reach retirement age.

“Moreover, seniors often have increased expenses from medical treatment, putting them at risk of financial hardship.”

Addressing the critical issue at the National Policy for Financial Readiness forum, Professor Wilert urged the government to adapt policies to meet the challenges of Thailand’s inevitable transition into an ageing society. His recommendations included a strategic emphasis on public education in financial planning and investment, enhancement of financial skills, and the promotion of a savings culture.

Despite the grim findings, the faculty dean offered a glimmer of hope, noting a marginal increase in the percentage of financially prepared individuals compared to a similar survey conducted in 2021. This improvement points to an overall better financial status among the Thai population, reported The Nation.

Santitarn Sathirathai, a prominent member of the Bank of Thailand’s Monetary Policy Committee, highlighted another crucial aspect at the forum – the necessity for all Thais to hone their digital banking skills.

“As transformation to digital banking is inevitable, the government and related agencies are rolling out measures to help improve people’s digital banking skills, as well as enhancing security against cyber threats.”

In related news, the Defence Ministry is advancing with an initiative to streamline the Thai military, proposing the allocation of 600 million baht from the central budget to facilitate an early retirement scheme over the next three years. Read more about this story HERE.

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Mitch Connor

Mitch is a Bangkok resident, having relocated from Southern California, via Florida in 2022. He studied journalism before dropping out of college to teach English in South America. After returning to the US, he spent 4 years working for various online publishers before moving to Thailand.

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