Promote financial literacy: Business

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Promote financial literacy: Business 
Bangkok Post: 27 Dec 2010
EDUCATION
Financial literacy promoted

Business leaders have proposed the government include a financial literacy curriculum in schools so young Thais can learn personal finance and discipline at an early age.

Paiboon Nalinthrangkurn, chairman of the Federation of Thai Market Organisations (FeTCO), said now was the right time to put financial literacy on the national agenda.

FeTCO representatives joined other business groups last week in talks with Prime Minister Abhisit Vejjajiva about the private sector's role in the government's new Pracha Wiwat programme.

"This can be considered corporate social responsibility," said Mr Paiboon.

"This should be on the national agenda. In developed countries, they have in-school financial literacy programmes for children," he added, noting the premier agreed with the project. If the government agrees in principle, a committee will be set up with representatives from the capital markets and the Education Ministry.

He said financial education including personal finance would be a part of the basic curriculum in schools, while a non-formal study programme would be set up for working-age Thais.

"Educating working Thais about finance can help capital markets to become sustainable," added Mr Paiboon.

The financial knowledge of Thais is relatively low given the number of accounts in the capital market, he said.

Securities trading accounts number around 300,000, with mutual fund accounts at around 2.4 million.

According to a recent Securities and Exchange Commission (SEC) survey of 966 respondents, both existing and potential investors were interested in various products but still lacked confidence. This was due mainly to their lack of understanding about financial products and concerns about the economy.

Therefore, the SEC plans to offer a financial course for investors next year.

http://www.bangkokpost.com/business/economics/213246/financial-literacy-promoted