The Ministry of Social Development and Human Security's Department of Older Persons Director-General Ramrung Worawat said that Thailand is currently facing a demographic transition crisis which reshapes economic and social landscapes, and consequently, affects the elderly's quality of life. It is a critical issue that requires future guidelines. The Ministry of Social Development and Human Security then has placed important on reskilling / upskilling to cater to labour market demands; equipping senior citizen with necessary life skills such as health, financial management, and digital literacy; adjusting employment systems to be more flexible for elderly capabilities, and extending the retirement age.
These align with the ministry's mission to raise awareness across all sectors on the necessity of preparing people of all ages for a quality transition into old age in all aspects, especially economy, savings, and financial planning. The ministry is delighted to collaborate in empowering society with quality financial planning knowledge through the "Happy Money, Happy Young Old" project, to reach all target groups and encourage appropriate financial discipline among the population. The goal is to create long-term economic security and quality of living as Thailand is transitioning towards a high-quality aged society in the future.
SET Senior Executive Vice President Soraphol Tulayasathien said the SET is determined to make the capital market beneficial to all sectors. One of its key missions that has been carried out continuously is to enhance financial literacy, a crucial skill for building life security at all ages. Significantly, Thailand is an aged society and senior citizens must be prepared to brace for many changes including financial security. The elderly need knowledge and understanding about financial management in the contexts and with the goals that are different from people of other ages. The recent data highlights that Thai retirees is financially vulnerable because they lack financial knowledge and skill.
SET embarked on the "Happy Money, Happy Young Old" project in 2023. In synergy with partners, SET has enhanced knowledge and understanding about proper savings plans and allocation for retirement life to address the need of financial management for those nearing retirement and already retired. The project has been well received, attracting 6,684 attendees to take SET e-Learning courses on basic financial planning for retirement last year. Their knowledge increased by 31.05 percent, leading to change in their financial mindsets and behaviors.
At the latest development, SET has moved forward with the "From Aged Society to Happy Young Old" event to widen the project's impact and open up space for all organizations to collaboratively drive and bring knowledge to the target groups. This year SET is promoting learning through two SET e-Learning courses - "Age 50+: Preparing for a Wealthy Life, Welcoming Retirement Day", and "Age 60+: Managing Money for Post-Retirement, Cool Gen". Participants can build upon with hands-on training through the post-retirement money management workshop course and get advice from financial gurus through the latest activity called "Financial Planning Clinic". The initiative is aimed to be a valuable source of knowledge that will uplift quality of life of Thais with financial security and happiness after retirement in the aged society.
For more information on "Happy Money, Happy Young Old" project, please visit www.set.or.th/happymoney .
Source: SET Corporate Communications