BANGKOK – A study by PueyUngphakorn Institute for Economic Research has identified just over 30 million Thais with savings accounts, altogether responsible for over 10 trillion baht in deposits, noting that a disproportionate 93% of depositors are considered affluent, with only 7% considered small time account holders and concluding that Thai citizens are still low on savings.
Head of the research team, AtchanaLamsam, explained the study was carried out by the PueyUngphakorn Institute for Economic Research and the Deposit Protection Agency, with a focus on Thai savings behavior. Data as of June 2017 showed that 37.9 million citizens have savings in the country’s 34 commercial banks worth a combined 12 trillion baht. It was noted that 11 trillion baht of the total is attributed to just 10% of all depositors.
The team indicated that only a small percentage of Thais have a significant amount of savings in their bank accounts, with one in three people holding less than 500 baht in their account and only 0.2% of all depositors with over 10 million baht in their account. It has suggested the state encourage more savings and increase public understanding of the need to save and different approaches. It was recommended that information also be provided about different account types with better yields.
