Financial experts encourage Thais to invest for their retirement

Speaking at the recent forum “Bonds, Stocks, and Beyond: Building a Resilient Thai Economy”, they said that while the country's money market is currently solid, with a large market capitalisation, and mature enough for businesses and entrepreneurs to raise funds, signs of sustained growth are weak due to the limited number of individual investors.

Only a few hundred thousand people of Thailand’s 77-million population invest in financial products such as bonds, stocks, and bank loans.

Worse, less than half have made well-planned investments and can allocate their investment portfolio correctly and appropriately.

In addition to accurate and clear regulations to support Thailand's money market expansion, the experts stressed that practical practices are now required to encourage Thai citizens to participate.

Wasin suggested that the description of an investor be reviewed, stating that most Thai people do not want to become professional investors; instead, they participate with the expectation of growing their wealth rather than saving in banks.

Bonds and stocks in the capital market are additional options for people at a time when bank deposit rates are low, he said.

Theeranat added that with the country's population continuing to age, saving for retirement is no longer an option but a must.

Taking this into account, alongside providing access to more financial literacy resources, the country must train professional financial advisors to assist most amateurs in designing the most appropriate wealth management plan.

Furthermore, he suggested that regulators find a way to force people to save for retirement, as it is clear that voluntary measures do not work well.

"Having some form of enforcement from a legal authority will help create an investment culture in Thailand," he noted.

Dr Somjin, president of the Thai Bond Market Association, agreed with Theeranat that Thailand needs more professional financial advisors, noting that the primary goal of having such advisors is not to make people more greedy by speculating on the market to maximise profits but to help them understand the mechanisms of the capital market, money products, financial planning, and risk management.

"With the assistance of a financial advisor, the average person will develop his or her own financial plan. This will help them improve their well-being, particularly at retirement age, while also reducing the government's burden of caring for these elderly citizens," he explained.

The three financial experts discussed Thailand's identical financial future as Finnomena Group, the country's leading wealth creation platform, announced its new ambitious goal of guiding one million Thais to financial success by curating expert-led advice and championing the best investment opportunities.

The move is part of its strategic rebranding plan to further expand the business.

“Looking ahead, Finnomena is entering a new phase that we are calling ‘Ahead of the Game’. Our mission is to help one million Thais achieve financial success through expert investment selection, market trend forecasting, and an evolving platform that adapts to changing landscapes. Our goal is to increase assets under advisement to 100 billion baht by 2026," said Jessada Sookdhis, group CEO.

He pledged to provide more precise and insightful services to customers, stating that the group will analyse what actions to take to maximise portfolio benefits, adapt to rapidly changing investment environments, and deliver a comprehensive investment experience.

Fund CEO Chayanon Rakkanjanan said a wider range of investment assets, such as mutual funds, bonds, debt crowdfunding, high-interest deposits, and peer-to-peer lending, will be offered, along with a comprehensive data-driven platform that is user-friendly.

"We will provide consultation services, developing investor services with unbiased guided advice from in-depth analysis, and supported by an investment advisory team that closely monitors investment portfolios through various trading style recommendations," he said.

He added that Finnomena will ensure quality through local and global partnerships, as well as expert advisors in various investment areas.

Kasin Suthammanas, Finnomena's chief strategy officer, added that the company's transformation since its major rebranding demonstrates a better understanding of its value proposition.

“The goal is to go beyond simply providing investment opportunities and assist customers in investing more effectively from the time they make their first investment until they reach financial success,” he said.