Financial Preparation Guidance of Thailand’s Working Age for Entering into Aging Society

Abstract

This article is aimed to propose guidelines for financial preparation of the Thai working age population when becoming the elderly. The study showed that the Thai working age population has several perspectives and ideas on financial preparation. Despite various welfare benefits in Thailand that promote financial preparation for retirement, they are insufficient to maintain the quality of life after retirement. Due to Thailand's entry into an aging society and the increasing trend of poverty and inequality, all sectors should work together to address these challenges. Some people also lack goals or financial knowledge to solve the problems. The public and private sectors should promote financial preparation at the individual level along with systematic measures, including issuing housing welfare for the elderly, improving welfare and benefits such as pension and social security to be in accordance with the cost of living and guidelines for maintaining a stable and sustainable capital fund, changing voluntary welfare system to compulsory program and promoting forced saving where people can save more from saving consumer tax. In order to formulate appropriate policies or guidelines for the elderly, it is necessary to consider the composition or various characteristics of the elderly population both in the present and in the future because the elderly have different characteristics, potentials, needs and challenges.