The Elderly Society: The Financial Security Policy of Thailand

Abstract

Thailand and other countries are experiencing a continuous increase in the elderly population, which could impact the nation's financial security. This research aims to examine the socio-economic environment,the pension system for the elderly, and the financial and social preparedness for aging in Thailand. The study employs qualitative research methods, including document analysis and in-depth interviews, involving 30 participants: 5 representatives from government agencies, 5 from private sector organizations, 15 elderly individuals over 60 years old, and 5 politicians, academics, and financial planners.

          The research findings are as follows:

          1) Government Readiness and Policy Effectiveness in Managing an Aging Society:The government and relevant agencies arefocusing on strategies to address the challenges and opportunities presented by the growingelderly population. However, there is still a lack of readiness to support the aging society in terms of budget and housing. 2) Business Preparedness in Elderly Service Centers: The business sector has adapted well, with a significant increase in services and products designed to meet the needs of the elderly. Despite this growth, the availability of elderly care services still does not meet the rising demand. 3) Personal Financial Preparedness for the Elderly: Only 32.6% of the elderly population is financially prepared to take care of themselves, with minimum savings of at least 4 million baht post-retirement. The remaining 68.4% are unable to support themselves and must rely on family and government assistance. This highlights the critical need for the government to reform the pension system to ensure future sustainability.