SET and strategic alliances enhance “Happy Money” project to build financial literacy for Thais nationwide

BANGKOK, April 22, 2021 – The Stock Exchange of Thailand (SET) has strengthened

partnership with private and public sectors to enhance the current “Happy Money”

financial planning project, with an aim to provide financial planning knowledge

and pass on healthy financial habits to Thai people. Finance Minister Arkhom

Termpittayapaisith today presided over the launch ceremony and delivered keynote

address on the importance of improving financial literacy. The project is

expected to provide financial knowledge to over 3 million people across the

country. SET also signed a memorandum of understanding (MoU) to promote

financial knowledge in collaboration with the Government Pension Fund (GPF), the

Student Loan Fund (SLF), and the National Savings Fund (NSF) to recover and

build financial immunity for Thai people.

 

In the keynote speech on “Restoring Thai household’s financial health: Join

force to strengthen financial immunity”, Arkhom stated that the financial

well-being of the Thai people is very crucial and a close monitoring is

warranted, given the impact of the COVID-19 pandemic, the increase of Thai

household debt, the lack of basic financial knowledge and the coming aged

society. Therefore, the problems must be solved continuously and integratedly to

align with financial and capital market development direction that focuses on

five issues: 1) Building structure and mechanism that are in favour of economic

and social development; 2) Developing human resource to be equipped with

essential skills for taking care of oneself, particularly financial and savings

knowledge; 3) Building people’s awareness on managing risk in life by

encouraging them to have good planning and providing them adequate knowledge; 4)

Regaining and building financial immunity toward positive financial and savings

attitude and behavior; and 5) Collaborating among related agencies of both

public and private sectors at all levels to provide people financial literacy.

It can be said that the “Happy Money” project is introduced at the right time as

the economic rehabilitation must be done hand in hand with the enhancement of

people’s potentials. Significantly, strong collaboration among all parties is

also needed for fast and vast results to enable Thai people to become resilient

and manage their lives appropriately amid uncertainties.

 

SET President Pakorn Peetathawatchai said SET has strong commitment to develop

the capital market to benefit all parties. One of the key ongoing tasks is

enhancement of financial literacy which is actually a vital skill to build

financial security in life. Since 2009, SET, in partnership with 523 private and

public organizations, has created 6,003 financial trainers to inclusively and

continuously provide financial planning and savings knowledge to 2.4 million

employees of various companies and organizations nationwide. The coverage is

expected to be extended to over 3 million people by end of this year.

 

“This year, the “Happy Money” project will play a pivotal role as a learning hub

of savings and financial planning systematically. It will also support

organizations and agencies that are project participants in transferring

knowledge efficiently, leading towards the changing financial behaviors, proper

management of income and expenses. SET will work together with alliances to

transfer knowledge to diverse groups including students, workers and general

public,” Pakorn said.

 

Recently, SET, together with the GPF, SLF and NSF, has signed the renewal of the

MoU on promoting financial knowledge to reach out to wider target audiences,

and practically building financial security for general public nationwide.

 

GPF Secretary General Srikanya Yathip said that equipping over 1 million members

with true knowledge and understanding of savings and investment as well as

generating return for financially secure retirement for members are GPF’s key

tasks. It has continuously joined hands with SET to enhance knowledge through

e-learning system to enable the fund’s members to access to appropriate

knowledge and offer them guide on financial knowledge. Furthermore, SET’s

experts have taken part in being seminar lecturers for GPF’s members. For future

collaboration, GPF will apply knowledge and learning materials provided by SET

to better align with the members’ context to make them clearly understand GFP’s

portfolio management and achieve their goals of living sufficiently in retired

life.

 

SLF Manager Chainarong Katchapanan said that SLF has been established with the

objective to support and enhance education by lending to needy students. SLF has

been a project partner with SET since the 2019 academic year, and leverage

knowledge and e-learning materials to the target audiences consisting of

students; borrowers; educational personnel; interested persons to learn about

financial planning, investment and entrepreneurship through SET e-Learning

system offering 15 curricula. Students who complete each curriculum can count as

community service hours required by SLF. So far, 560,000 students have taken

SET e-Learning courses. SLF aims that if the fund’s borrowers are financially

literate, they will be capable of appropriately managing their income, assets

and debts; and arranging their loan repayment as scheduled to allow in-needed

others to access to educational opportunity. SLF is committed to offering equal

educational opportunity for all students.

 

NSF Secretary General Charuluck Ruangsuwan said that NSF is fully committed to

building a pension scheme to informal workers, self-employed workers, merchants,

farmers, as well as secondary school and university students. The voluntary

pension fund’s members aged 15-60 is required to contribute THB 50-13,200 per

year, while the government will match contribution up to THB 1,200 a year based

on member’s age. Participant contribution to NSF is fully tax-deductible. This

partnership is aimed at improving financial knowledge to cultivate savings and

investing discipline, and financial planning skill to create sound financial

health for happy retirement. In additional, SET will help enhance financial

knowledge to general public, partnership network, and NSF’s existing and

prospect members in various formats such as training courses and additional

learning materials relevant to NSF to transfer knowledge that fits well with

target groups, and online channel for informal workers, and students. NSF is

aimed to achieve its goal in becoming starting point in instilling savings

discipline for future of Thai youth.

 

The opening ceremony of “Happy Money” project was held on Thursday, April 22,

2021 at 9:00 a.m.- 12:00 p.m. Participants can have an opportunity to attend the

online seminars on “Join forces to promote financial literacy among Thais”, and

“How to transfer financial knowledge for sustainable disciplines: a corporate

model in driving and enhancing financial skills”. Interested persons are welcome

to watch a video playback via “SET Thailand” Facebook and YouTube. For

organizations interested in SET’s financial knowledge, please visit

www.set.or.th/happymoney for more details.

 

 

Source: The Stock Exchange of Thailand

 

Post Author: web Desk