An increasing number of Thai seniors are finding it difficult to make ends meet as they have no savings and huge debts. The rise in cost of living and medical expenses, coupled with a lack of retirement planning and financial literacy, is taking a toll on the elderly population in Thailand. With limited job opportunities and social security benefits, many seniors are struggling to survive and are forced to rely on their children or resort to desperate measures such as borrowing money from loan sharks. The situation highlights the urgent need for better financial education and support for Thailand’s ageing population.
Despite Thailand’s National Elderly Day falling on 13 April each year, many Thai seniors struggle to survive without support or welfare. A 2021 survey reveals that 50% of people in their sixties are working to support themselves. Whilst anyone above 60 in Thailand is eligible for state subsidies of THB600, Thailand has an ageing society with over 20% of 66.7 million citizens aged over 60. People who worked outside the formal sector usually have no savings, thus in their later years, finding themselves burdened with debt. The Gerontology Research and Development Institute suggests recommendations to extend the retirement age from 60 to 65 or 70, to increase monthly subsidies to every elderly Thai by THB3k, and for the government to supplement this by offering support through welfare cards. Political parties are also making financial promises to the elderly during these upcoming elections.
