Thai Financial Planners Association points out the problem of rising cost of living, suggests solutions for financial planning

The Thai Financial Planners Association points out that the problem of high cost of living - the Sandwich Generation or 'The Back' group faces a heavy burden. It is recommended to urgently manage with financial planning. In response to World Financial Planning Day on Oct 9, there will be an activity to campaign for the public to see the importance of financial planning. Mr. Wiroj Tangcharoen, President of the Thai Financial Planners Association (TFPA), revealed that the problem of rising cost of living is a top financial problem for people around the world. According to the 2023 Household Economic and Social Survey by the National Statistical Office, Thai households' average monthly expenses have continuously increased from 22,372 baht in 2022 to 23,695 baht in 2023, with an expense-to-income ratio of 81.6%, most of which are consumption expenses at 87.1%. In addition, the presentation of the first quarter of 2024 on the state of Thai society by the National Economic and Social Development Board also indica ted that Thai households with the characteristics of a sandwich generation, or 3-generation households, which are working-age people who have to take care of multiple generations, including parents and children or grandchildren, number 3.4 million households, or 14% of all households, which is a decrease compared to last year. 2017, but people who are the Sandwich Generation are financially fragile. 49.1% of Sandwich households have a net income of less than 10% and 69.8% still have debt. In addition, the debt burden to monthly income is higher than the overall household income in the country. This affects long-term financial ability. Therefore, it is very important to urgently promote people to have financial planning skills and knowledge, instill savings behavior from a young age, and start financial planning to create long-term financial security to support life after retirement. Also, 9 October is World Financial Planning Day 2024 by the Financial Planning Standards Board Ltd. (FPSB), which is the body t hat sets standards for financial planning. Therefore, the association, together with a network of 26 countries around the world, organized a campaign to promote public awareness of the importance of financial planning and the benefits of consulting with a CFP® financial planner, disseminating both in the form of articles and video clips on various social media of the association, such as the website (www.tfpa.or.th), Facebook, YouTube and LINEofficial (@cfpthailand), etc. In addition, there is also a Financial Planning Clinic activity, providing online financial planning consultation services with a CFP financial planner on a one-to-one basis on Saturday, 19 October 2024. Source: Thai News Agency