Most Thai’s are living a financially risky lifestyle

It has been reported that most Thai’s have a risky lifestyle with no savings in the case for emergency or retirement life. This is mainly caused by an addiction to comfort, where money is used as soon as it comes into the hands of its owners.




The good news is that the lower income individuals have had a recent growth of savings in the last few years. The savings are represented through normal savings, life insurances, bonds, and more. This information comes from a research conducted by the Government Savings Bank. They found out that those with a lower income of not exceeding 15,000 THB per month, over 32% have an average savings of 1,500 THB per month with the main purpose for using it in emergencies and as a base to further investment. Where a quarter intends to use their savings for retirement.


Those with no savings imply that they simply cannot do so in the case that the income needs to be used for food, car, lease payments, and in many cases, the income is not even enough to fulfill their personal or family’s monthly needs.



TMB bank has also done a similar research where the results from over 35 million citizens were shocking. Over 80% of those who are between 18 to 54 years old had savings that wouldn’t even last them 6 months and only 20% had enough savings to last them more than 20%. Both Gen Y and Gen X were included in this research and most that faced financial problems were those of salarymen and freelancers.


Furthermore, over 70% with earnings of more than 30,000 THB still faced financial problems, mainly those who reside in Bangkok and the Suburban area. This is mainly due to a lifestyle that addicted to fast and comfortable actions such as restaurant dining, fancy social media habits, and alcohol and tobacco consumption. Where the latter took up over a quarter of what was a totally unnecessary payment.




What truly represents the financial crisis that is seeping into consumers lives is that over 50% of those who held credit cards were not able to make the full monthly payment, and over 48% chose to make payment installments with interests attached. This is a habit that is toxic, with the main issue of consuming the money of the future, or simply the money they don’t yet have. With this type of lifestyle, consumers forget to think about the future resulting in a financial crisis when the age of retirement arrives.


It’s sad but true, that only 38% of those between 18 to 54 years of age consider holding separate accounts for daily payments and savings accounts. Over 49% stick to the idea of postponing their savings plan and rather focusing on the happiness of today. Where 13% don’t even consider the idea of opening a savings account. Only 35% are able to save an amount that is stable throughout every month. Where over 21% have never even considered on planning with what to do with their monthly income other than spending it from day to day. 


FB Caption: Gen X and Gen Y have savings that won’t even last for 6 months.

Source: Thairath