Central bank chief voices concern over increasing insecurity for young Thais

Bank of Thailand Governor Sethaput Suthiwartnarueput said on Thursday that the young generation serves as a key force behind the country’s development but they are experiencing insecurity in many ways.

He pointed out that when compared to previous generations, young Thais today were in a time of slower economic growth and rapid global changes, making it difficult for them to stay updated. Also, compared to previous generations, many people have debt at a young age.

“Half of the people in their 30s have credit card debts stemming from their consumption. One-fifth of people with bad debts are those aged 29 and below. They are in the working age and just starting a new family,” Sethaput said.

He was speaking at the central bank’s annual seminar on “Strengthening Economic and Financial Foundations for the Next Generation”.

Regarding social insecurity, Sethaput said that young Thais are living at a time when the country is seeing a rise in violent social conflicts.

“What’s worrying is that social insecurity in Thailand does not appear to be decreasing in the future,” the central bank governor said.

Instead, conflicts appear to be worsening due to extreme views and biased feelings spread repeatedly among people with the same opinions through the “echo chamber”, he added.

Sethaput pointed out that environmental insecurity was caused by worsening climate change, which is damaging economies and people’s livelihoods across the world.

He said Thailand is among the first countries to be affected by severe natural disasters while the country’s capacity in dealing with natural disasters is low, being ranked 39th among 48 countries assessed.

Environmental insecurity also includes food and human settlements, he said.

The lack of security in many ways is undermining young people’s future, aspirations, readiness and opportunity, according to the central bank chief.