SET Senior Executive Vice President - Head of Corporate Strategic Planning Division and Capital Market Sustainability Development Division Soraphol Tulayasathien said that the number of senior citizens in Thailand has increased at the fast clip and the country is entering the completely aged society defined as a country where the ratio of population aged 60 or above is 20 percent.
In addition, the survey results showed that a majority of retired Thai people have financial problem with 54 percent having some savings for retirement but most of their savings below THB 50,000 (approx. USD 1,453), which is unable to make them a financially comfortable retirement. Most of the senior citizens still rely on others for their main income and have to continue working to earn some money. Furthermore, the survey also showed that 55 percent of the senior citizens still lack financial literacy.
"SET has envisioned significant changes in the Thai population structure, as well as the gaps in financial skills and knowledge that need to be bridged and improved urgently. SET has recently launched a special campaign called "Happy Money, Happy Young Old" to encourage the Thai people, especially the working groups aged 45-65, to be equipped with basic knowledge of financial management for retirement. The contents and tools have been tailored to focus on appropriate allocation of retirement portfolio enough to live comfortably for the rest of their lives, leading to a happy retirement. Significantly, this campaign is expected to be a vital learning source for everyone who wants to prepare for the future, help upgrade the quality of life of the Thai people in terms of financial stability and get ready for retirement particularly when Thailand is entering the completely aged society," added Soraphol.
The "Happy Money, Happy Young Old" campaign provides knowledge for retirement preparation, consisting of two new SET e-Learning courses (total of two hours): "Age 50+: Preparing for a Wealthy Life, Welcoming Retirement Day", and "Age 60+: Managing Money after Retirement, Cool Gen." For further understanding, SET provides a six - hour workshop with hands-on practice in retirement planning. Moreover, SET will also arrange a group mentor session for those who would like to exchange knowledge and get advice from financial planning experts.
Persons interested in financial planning and retirement preparation can attend SET e-Learning free of charge, inclusive of a certificate, at www.set.or.th/elearning and the "SET App" application. For more information, please contact SET Contact Center, tel 66 2009 9999.
Source: The Stock Exchange of Thailand