Central Scrutinizer Posted January 20, 2009 Report Share Posted January 20, 2009 Most affluent people are cautious in their spending By The Nation Published on January 20, 2009 Putting money in the bank is the most preferred investment avenue. Most well-paid people are cautious about their spending and investments in this time of global economic slowdown, a survey has found. "All 447 respondents in our survey earn at least Bt75,000 a month," Noppadon Kannika said as the head of ABAC Social Innovation in Management and Business Analysis Research Centre. "They are between 30 and 49 years old". Conducted from December 1, 2008 to January 18 this year, the survey aimed to find out how affluent people are spending their money and making life plans. Of those polled, 80.8 per cent said their purchasing decisions were based on their needs and products' utility. Some 9.7 per cent waited for product prices to drop before making purchases. Just 6.6 per cent of those polled buy on impulse. With most respondents earning more than they spend, 67.6 per cent have allocated some money for savings and investment. Putting money into bank accounts is the most favoured option among those polled. About two-thirds of respondents said they had little interest in buying stocks or government bonds. "The point here is that money in bank accounts usually gives very little return," Noppadon says, "Over a long period of time, these affluent people's life savings may not be enough". From the findings, Noppadon believes the government should encourage people to make wise investments. "Their money will stimulate the economy at individual and public levels," he explained. Asked what could seriously affect their financial positions, 65.5 per cent of the respondents mentioned "the country's political affairs" and 64.6 per cent cited "the global economic situation". Other common answers included commodity and petrol prices, job insecurity, as well as interest and inflation rates. More than half the respondents reckoned they could live off their savings for less than one year if bad things, like job loss or serious illness, happened. Box: Recent survey conducted among people with monthly earnings of at least Bt75,000. All respondents are aged between 30 and 49. http://www.nationmultimedia.com/2009/01/20/national/national_30093641.php Link to comment Share on other sites More sharing options...
Flashermac Posted January 20, 2009 Report Share Posted January 20, 2009 Thais have an amazing ignorance of what Farangs make here. The other day a taxi driver asked me what my university salary was. He guessed at 300,000 baht a month! I told him to divide that by 10 and he'd be closer to the number. He seemed very surprised. "Why so little?" he asked. Plenty of university lecturers have been asking the same thing, which is why many have left to go elsewhere. Link to comment Share on other sites More sharing options...
Faustian Posted January 20, 2009 Report Share Posted January 20, 2009 I've had similar experiences with Thais thinking all farang are wealthy. When you explain and show them the figures, they understand and seem to grasp the concept, although some seem a little shocked. Link to comment Share on other sites More sharing options...
Flashermac Posted January 20, 2009 Report Share Posted January 20, 2009 A couple of years ago an idiot wrote a letter to the Bangkok Post demanding that Farangs be charged 100,000 baht for a work permit. After all, they were ripping off the country with their fantastic salaries. Seems many people think that way. Link to comment Share on other sites More sharing options...
khunsanuk Posted January 20, 2009 Report Share Posted January 20, 2009 Hi, I've always wondered what would happen to this country if all foreigners upped and left overnight, taking all their technology and money with them. My guess is that the country would bypass Laos on the way down in a couple of weeks/months. Sanuk! Link to comment Share on other sites More sharing options...
drogon Posted January 20, 2009 Report Share Posted January 20, 2009 Yep, many educated Thais still have no idea about farang income.... Sure some foreigners have nice salaries of 800K bht+ (my damn cousin for example) but they are the minority... My missus company is looking for a foreign financial accountant/advisor -> been looking for one year and still don't find. My missus manager was stunned when I told him that if they really want someone with the qualifications listed -> then they should multiply the salary offered by at least 5.... A few months ago, the company found a young foreigner willing to accept the salary on offer...of course the poor lad didn't have the 10 years professional experience, the language skills etc... required. Missus is more and more tempted to go work in the west as she is perfectly conscious that a Thai company is not a good future for someone qualified.... KS: Thailand could as well become Zimbabwe if all the foreigners decide to pack and leave.... Link to comment Share on other sites More sharing options...
Faustian Posted January 20, 2009 Report Share Posted January 20, 2009 If we took the technology there'd be nothing left....name a Thai invention...go on, I dare you! Money wise I think Thailand would be reduced significantly, but there are quite a few rich Thai's nowadays, so they'd survive. Albeit with huge unemployment and crippled for decades...but this will never happen. drogon, what does your cousin do to get 800k per month, that's crazy money anywhere! Link to comment Share on other sites More sharing options...
.. Posted January 20, 2009 Report Share Posted January 20, 2009 ...name a Thai invention... Red Bull energy drink. Worth billions. You did not say that it had to benefit society LOL! Otherwise, Thailand is a leader in stem-cell research. Jing jing. And this: http://www.biothai.org Cheers, SD Link to comment Share on other sites More sharing options...
Faustian Posted January 20, 2009 Report Share Posted January 20, 2009 It might be a leader, but who did the ground work...they are borrowing technology and knowledge... Red Bull...hell yeah! I take it all back... Link to comment Share on other sites More sharing options...
BelgianBoy Posted January 20, 2009 Report Share Posted January 20, 2009 Most affluent people are cautious in their spending "All 447 respondents in our survey earn at least Bt75,000 a month," Noppadon Kannika said as the head of ABAC Social Innovation in Management and Business Analysis Research Centre. "They are between 30 and 49 years old". I fully agree that Thais have misconceptions on farang salaries, but I fear that also work both ways. Looking around my in-laws and kids, I see salaries upto 180K per month with a brother in law who is a civil engineer architect working for a Finnish company in BKK. Wife left her job 5 years ago at 55K per month. "affluent" with 75K per month ?? not in my book, but YMMV. BB Link to comment Share on other sites More sharing options...
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