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Bank of Thailand reveals survey results of Thai people saving more money but not enough for 3 months

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Bank of Thailand reveals survey results of Thai people saving more money but not enough for 3 months Should start saving 10%

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Date 28 Oct. ’64 Miss Nawaporn Maharakkhaka assistant governor Enterprise Risk Management Division The Bank of Thailand (BOT) revealed that the BOT released the results of the 2020 Thailand Financial Skills Survey, which is the eighth survey under the framework of The Organization for Economic Co-operation and Development (OECD), covering groups of Examples of all provinces across the country A total of 11,901 households were used as information for financial skills development of Thai people. and build good financial immunity

The 2020 Financial Skills Survey shows that Thai people have improved their financial skills level at 71%, higher than the previous survey of 66.2% in 2018 and above the average of the last financial skills survey. of the OECD in 2020 at 60.5%. Considering the components of the three financial skills, Thai people have improved in all areas. Financial literacy was 62.9%, improving in all topics, but there were still topics that could be further developed and promoted, such as calculating compound interest. investment risk diversification and the value of money over time

In terms of financial behavior, it was at 71.1%, with the topic of allocation of money before spending and studying data from appropriate sources had a very high score. In terms of financial attitudes, at 82%, there has been a continuous improvement. In particular, attitudes towards long-term future planning were the most evolving topic from 2018.

“Instability in income from the Covid-19 epidemic crisis It should contribute to making people more aware of the importance of being prepared for future events.”

Ms. Nawaporn He said that when looking at the level of financial skills by age dimension, it was found that all ages showed improvements in all aspects consistent with the overall picture of the country. High financial knowledge and behavior But there are relatively few financial attitude scores.

It was followed by Gen X, with financial attitude being the highest-rated topic compared to other age groups. Gen Z had a relatively low score on financial skills. It had the lowest scores for financial behavior and attitudes across all ages, but showed significant improvement in financial skill levels compared to 2018 scores, particularly financial literacy and behavior, and Gen Baby Boomer and above had skills scores. The least financially, with lower literacy scores than other age groups.

for the survey of saving attitudes and behaviors It found that the proportion of people with savings in the sample increased to 74.7% in 2020 from 72% in 2018, and most people are aware of saving for emergencies. and saving for retirement which the epidemic of COVID-19 This is probably the reason why people are more aware of the necessity of keeping reserves.

However, only 38% had a reserve of more than three months if they had to stop working suddenly. The main motivation for saving comes from having a clear goal or plan for spending money in the future, but only 19.7% allocate money to save before putting it in. Spending may be a reason for not achieving savings goals.

“Even though Thai people have an increased proportion of savings But found that the bumper in case of lack of income is still quite thin Over 60% of them have insufficient savings for 3 months, of which 30% do not even know how much they have to have. Importantly, only 17.8% or less than 1 in 5 have enough savings after retirement.”

The Bank of Thailand proposes to have savings before spending at the level of 40% of income, or at least in the situation of COVID-19. You should start saving 10%. If you make it a habit, you can have strong financial health. by the appropriate savings level Should be enough to use in the 3-6 months if you have to suddenly lose income. By setting savings goals, calculating income and expenses, recording and setting aside the necessary expenditures first.

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