Almost Half of Thailand’s Elderly Carry Debt and Lack Savings, Raising Alarms for New Government
With ageing society accelerating, the Anutin-Ekniti administration faces urgent pressure to shield seniors and stabilise state finances
Thailand is entering a pivotal moment: nearly fifty percent of its senior citizens are living with debt and lack sufficient savings, even as the country transitions into a super-aged society.
These vulnerabilities place serious strain on both households and the public purse.
Recent studies show that around 45.7 percent of elderly Thais hold no meaningful savings, while over half still carry liabilities.
Low income, rising medical and living expenses, and reliance on family or part-time work further exacerbate their fragility.
According to the National Economic and Social Development Council (NESDC), as of January 2024 more than thirteen million citizens were aged sixty or older—roughly one fifth of the total population—and only seventeen point eight percent had met their savings goals.
For many seniors, the primary source of support comes from their children (about 35.7 percent), followed by labour income (33.9 percent) and modest state allowances (13.3 percent).
But work participation drops sharply after fifty for women and fifty-five for men, reducing household security in later life.
Between 2015 and 2023, about 36.5 percent of older Thais—around 4.4 million people—remained economically active, generating some 610 billion baht in income annually.
The projection from 2024 to 2033 anticipates that number will grow to 6.6 million seniors, pulling in 880 billion baht per year.
These demographic and economic shifts threaten to slow growth and burden state finances.
The incoming administration of Prime Minister Anutin Charnvirakul and Finance Minister Ekniti Nitithanprapas has already placed the ageing issue at the core of its agenda.
Ekniti, who previously studied ageing policy, warns of a “twin debt problem” in which both public and household debt escalate together.
His proposed strategy rests on four pillars: extending the retirement age and reskilling older workers to keep them in the labour force; widening tax incentives and encouraging senior employment; bolstering social welfare capacities at local level; and fostering investment in industries aligned with elderly care, digital health and sustainable infrastructure.
Ekniti has urged the revival of successful stimulus schemes such as “Let’s Go Halves” and “Easy E-Receipt” to boost demand and household liquidity, and is coordinating with the Bank of Thailand to moderate the baht’s strength and monitor irregular capital inflows.
The new government is under pressure to act swiftly: global ratings agencies have already downgraded Thailand’s outlook, citing fiscal risk and weak growth.
Thailand’s passage into a super-aged era demands not only policy ambition but execution.
The nation’s future hinges in large measure on whether this government can align growth, social protection and fiscal sustainability for its senior citizens, without compromising stability or burdening the next generation.
These vulnerabilities place serious strain on both households and the public purse.
Recent studies show that around 45.7 percent of elderly Thais hold no meaningful savings, while over half still carry liabilities.
Low income, rising medical and living expenses, and reliance on family or part-time work further exacerbate their fragility.
According to the National Economic and Social Development Council (NESDC), as of January 2024 more than thirteen million citizens were aged sixty or older—roughly one fifth of the total population—and only seventeen point eight percent had met their savings goals.
For many seniors, the primary source of support comes from their children (about 35.7 percent), followed by labour income (33.9 percent) and modest state allowances (13.3 percent).
But work participation drops sharply after fifty for women and fifty-five for men, reducing household security in later life.
Between 2015 and 2023, about 36.5 percent of older Thais—around 4.4 million people—remained economically active, generating some 610 billion baht in income annually.
The projection from 2024 to 2033 anticipates that number will grow to 6.6 million seniors, pulling in 880 billion baht per year.
These demographic and economic shifts threaten to slow growth and burden state finances.
The incoming administration of Prime Minister Anutin Charnvirakul and Finance Minister Ekniti Nitithanprapas has already placed the ageing issue at the core of its agenda.
Ekniti, who previously studied ageing policy, warns of a “twin debt problem” in which both public and household debt escalate together.
His proposed strategy rests on four pillars: extending the retirement age and reskilling older workers to keep them in the labour force; widening tax incentives and encouraging senior employment; bolstering social welfare capacities at local level; and fostering investment in industries aligned with elderly care, digital health and sustainable infrastructure.
Ekniti has urged the revival of successful stimulus schemes such as “Let’s Go Halves” and “Easy E-Receipt” to boost demand and household liquidity, and is coordinating with the Bank of Thailand to moderate the baht’s strength and monitor irregular capital inflows.
The new government is under pressure to act swiftly: global ratings agencies have already downgraded Thailand’s outlook, citing fiscal risk and weak growth.
Thailand’s passage into a super-aged era demands not only policy ambition but execution.
The nation’s future hinges in large measure on whether this government can align growth, social protection and fiscal sustainability for its senior citizens, without compromising stability or burdening the next generation.
