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SET launches savings promotion campaign as Thailand’s household debt skyrocketed


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By Tanakorn Sangiam

   

BANGKOK (NNT) - With Thailand’s household debt now at an 18-year high due to the COVID-19 pandemic, the Stock Exchange of Thailand has launched a campaign promoting savings as a good financial practice for everyone, while raising awareness on financial literacy.

 

The Stock Exchange of Thailand has joined hands with the Government Pension Fund and the Student Loan Fund to launch the Happy Money campaign promoting good financial practices among Thai people, as the economy has reached a fragile point from the COVID-19 pandemic.

 

Presiding over the launching ceremony, the Minister of Finance Arkhom Termpittayapaisith, said today the pandemic has enlarged household debt, with the figure in Q3 2020 recorded at 86.6% of the national GDP, which is higher than the previous period which was at 78.9%.

 

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40 minutes ago, webfact said:

86.6% of the national GDP, which is higher than the previous period which was at 78.9%.

 

Jeez' this dude is sharp .. 

 

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1 hour ago, RichardColeman said:

Pretty sure Q4 will show 90% and Q1 2021 95% up.

 

If Thailand is not fully up and non-quarantine tourists arriving by X-mas then pretty safe to assume household debt 100% of GDP by end of year

If they open the floodgates, as they should after the debt memorandum expired, the bottom part of this debt will slide into special mention loans,  then NPL and finally evaporate and be written off.

There is still a slim chance to keep it below the magic 100% of GDP. 

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1 hour ago, daveAustin said:

Thais are not savers...   😪

That's right, money is for spending, not saving! 🎉

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5 hours ago, Olivie said:

The same government that was promoting holidays for thai people.

The same institutions that a few weeks ago said household debt was manageable and not a threat.

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The problem is, the Thai people should have been taught to save for a rainy day before the massive downpour, that this pandemic is, hit them.

 

Now it's too late, isn't it? Someone who has just lost their job or whose earnings have been slashed simply cannot save. 

Edited by Caldera
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59 minutes ago, PatOngo said:

Saving! What a good idea! Very innovative, I might even give it a try myself! 👍

 

 

Who on earth came up with the name 'Happy Money'? It surely adds several layers or ridiculousness to what was already a pretty stupid article.

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1 minute ago, ParkerN said:

 

 

Who on earth came up with the name 'Happy Money'?  

Obviously someone who has their snout in the trough!

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Just now, PatOngo said:

Obviously someone who has their snout in the trough!

 

Right. That narrows it down to 2 or 3 million people.

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A desperate futile attempt to replenish depleted bank deposits due to coronavirus??????

 

The magic of bankers

 

 

 

 

 

Edited by Burma Bill
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