Longevity is a Trend: Muang Thai Life Focuses on Wealthspan
Sara Lamsam addresses Thailand's aging society, highlighting that 30% of Thais have no retirement savings while advocating for financial security.
Stock photo for illustration only, not from the actual event
- Thailand and Singapore are the only ASEAN nations in full aging society status
- 30% of Thai citizens have zero savings, with 60% having under 200,000 baht
- Muang Thai Life promotes Wealthspan alongside Lifespan and Healthspan
Discussions surrounding longevity typically focus on nutrition, regular exercise, and annual health checkups. However, Sara Lamsam, Chief Executive Officer of Muang Thai Life Assurance PCL, pointed out during a keynote presentation that a crucial element has been missing from the conversation: financial security.
Speaking at a press event under the theme 'Longevity is a Trend,' Sara emphasized that a quality long life relies on a balanced equation of three pillars: an extended Lifespan, a healthy Healthspan, and sufficient financial stability known as Wealthspan, with the latter being the least discussed yet most critical factor in Thai society.
Stock photo for illustration only, not from the actual event
Sara noted that within ASEAN, only Singapore and Thailand have fully transitioned into aging societies, defined by a population aged 60 and over exceeding 20 percent. Furthermore, Thailand's mortality rate has surpassed its birth rate for a prolonged period.
According to projections by Chulalongkorn University cited during the event, if current birth trends continue, Thailand's population will drop from roughly 66 million to 33 million by 2083. Meanwhile, the working-age population between 15 and 64 years old is expected to shrink from 46 million down to just 14 million.
The rapid contraction of the workforce poses an immense challenge to the nation's economic framework and public welfare systems. As the tax base shrinks and healthcare demands surge, relying solely on government support becomes increasingly unviable, making robust individual financial planning an absolute necessity.
Comparing the situation to Singapore's population of around 6 million, Sara highlighted Singapore's structured framework, which includes forced savings systems, medical co-payment models, and early financial literacy cultivation. Conversely, data referenced from Prachachat Business indicates that roughly 30 percent of Thais have no savings at all, and about 60 percent possess less than 200,000 baht in savings.
We age and we become poor, and we do not have a forced savings system.
Sara Lamsam
Regarding the gap between lifespan and healthspan, Sara pointed to studies in developed nations showing an 11-year gap, while Thailand's gap stands at approximately 10 years. This signifies that Thais spend their final decade dealing with chronic illnesses, disabilities, or dementia.
Sara also expanded the definition of Wealthspan beyond simple accumulation of savings to include the ability to generate personal income for as long as possible through continuous reskilling and upskilling, adapting to the demands of modern employment structures.
Source: Techsauce
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