Currently, the world faces situations of political conflict, geopolitics, trade wars, and climate variability, which impact the fiscal burden of the public sector in maintaining stability and security. It is therefore necessary for citizens to strengthen their individual economic immunity to build household security and reduce dependence on the state, which is “personal financial management.”
The 2024 assessment by the Organisation for Economic Co-operation and Development (OECD) indicates that Thailand’s household debt ratio remains at approximately 88–90% of Gross Domestic Product (GDP)[i], which is considered high compared to many countries in the region. This debt burden reflects continuous financial pressure, while the ability of many Thai households to save and prepare emergency reserves remains limited. This situation arises not only from economic constraints but is also directly related to the level of financial knowledge and management skills among the population.
“Financial literacy” refers to an individual’s ability to use knowledge, skills, and attitudes to manage finances in daily life rationally. This covers income-expenditure planning, savings, debt management, and decision-making regarding financial products. Such knowledge is not merely a theoretical understanding of economics but a life skill that helps individuals carefully evaluate financial options and risks. An OECD survey found that a portion of the population still has limitations in understanding basic issues, such as compound interest or comparing financial alternatives, which correlates with overspending behavior and unsystematic financial planning[ii].
The lack of financial literacy in Thai society is not just a personal problem but also reflects structural issues in Thailand across dimensions of education, inequality, and public service provision, which can be summarized into three points as follows:
First: Financial management is not yet included in the basic education curriculum. Financial management refers to a subject that teaches learners to develop knowledge and skills in savings, income-expenditure planning, debt management, and age-appropriate financial decision-making. Currently, the basic education curriculum from kindergarten to upper secondary level does not include financial management as a specific subject; instead, the content is often dispersed as sub-topics within various subject groups, such as Social Studies and Mathematics. As a result, learners have not developed financial skills systematically or in a way that aligns with daily life and future preparation.
Second: Inequality affects financial literacy. Socio-economic differences impact opportunities to access financial knowledge. Children and youth from families with financial resources or experience often receive more knowledge transfer, while low-income households may face constraints in accessing learning. These differences can accumulate and lead to long-term economic inequality.
Third: The world moves fast, but Thailand still lacks financial knowledge updates for all groups. Current financial products and services are complex and change rapidly. Up-to-date information and knowledge are essential tools that help Thai people make correct decisions. The public sector should therefore establish policies or mandatory measures through the services of financial institutions to act as providers of information and knowledge sets for all groups. For example, including financial literacy media within the applications of all banks—such as short tips during transactions or easy-to-understand content regarding savings, borrowing, and risks—would allow citizens to learn alongside actual usage. In the case of people with disabilities, media should be produced appropriately for them, or implemented through community leaders to truly reach all groups. This will help reduce risks from financial decisions and strengthen long-term economic immunity.
The Role of OECD/INFE in Developing Financial Literacy Policies
The OECD is an international organization focused on driving economic and social development through public policy processes and the elevation of international standards in various fields, including financial stability, consumer protection, and educational quality. Recognizing the structural problems in fostering financial literacy, the OECD established the International Network on Financial Education (OECD/INFE) to support countries in developing financial literacy policies. The framework of this network emphasizes the creation of national strategies, the integration of financial literacy into the education system, the development of teachers and learning media, and monitoring and evaluation using empirical data. The goal is to create a learning system that enables citizens to make rational financial decisions and adapt to a rapidly changing economic context. Thailand has already joined the OECD/INFE network, with the Bank of Thailand working alongside economic and educational government agencies as key mechanisms to drive cooperation and apply international best practices. This aims to promote continuous access to financial knowledge for the public, which is a vital foundation for building financial immunity and long-term economic security[iii].
International Experiences and Empirical Results of OECD/INFE
The operations of the OECD/INFE network have yielded positive results for various countries, such as:
France : Implemented a national financial literacy strategy under the OECD/INFE framework by integrating budget planning, savings, and financial decision-making into the school curriculum, while systematically developing learning media and teacher training. Follow-up results indicate that students have a greater ability to manage income and expenditures and a better understanding of savings concepts, affecting financial planning behavior from school age[iv].
Japan: Applied OECD/INFE principles to define financial literacy as part of compulsory education, emphasizing practical learning such as money usage simulations, budget planning, and financial risk assessment. This learning resulted from cooperation between the Ministry of Education and the Central Bank to keep content modern. The results from practical learning reflect that youth have better spending discipline and a positive attitude toward long-term savings[v].
Colombia : Considered a developing country that used the OECD/INFE framework to create a national strategy aimed at reducing inequality in accessing financial knowledge. It emphasizes learning in schools alongside providing knowledge to households and communities. Follow-up reports found that households have more systematic financial planning and a better understanding of financial products suitable for them[vi].
Singapore : Although not an OECD member, Singapore has adapted OECD/INFE concepts through a national strategy linking financial and educational agencies. It focuses on building financial management skills from school age through to working age. Evaluation results reflect that citizens have consistent savings behavior, the ability to plan finances long-term, and an increased awareness of financial risks[vii].
Policy Guidelines for Thailand to Enhance Financial Literacy under the OECD/INFE Framework
Lessons from abroad under the OECD/INFE framework reflect that enhancing public financial literacy requires continuous structural policy adjustments. Thailand may consider adjusting policies or practices as follows:
(1) Inclusion of financial management as a subject in the basic education curriculum.
(2) Development of practical learning activities.
(3) Capacity building for teachers and educational personnel.
(4) Establishment of a systematic monitoring and evaluation system, alongside promoting cooperation between educational agencies and the financial sector.
(5) Requiring financial institutions to integrate financial literacy media into bank applications, designed to be accessible to all groups, including people with disabilities, to support learning during service usage.
Implementing these policies and practices will help strengthen the ability to plan finances prudently, reduce risks from debt problems, and increase household economic immunity, which is a vital foundation for long-term economic stability.
“Enhancing public financial literacy” should therefore be viewed as an important policy agenda for national development. The public sector will play a crucial role in driving and integrating policy guidelines according to the OECD/INFE framework into the basic education system, as well as in establishing policies or measures for the private sector to act as a bridge in translating policy into practice for the people. This aims to strengthen the ability to make rational financial decisions from childhood and youth, so they grow into adults with strong financial knowledge and immunity, which will help reduce economic vulnerability and support sustainable economic development. This will lead to household security, social strength, and national stability in the long term.
Prepared by Ms. Amonwan Srisa-ard
Student, Bangkok University, Faculty of Economics and Investment
References
[i] Organisation for Economic Co-operation and Development. (2025). OECD capital market review of Thailand: Assessment and recommendations. Retrieved from https://www.oecd.org
[ii] Organisation for Economic Co-operation and Development / International Network on Financial Education. (2023). International survey of adult financial literacy. Retrieved from https://www.oecd.org
[iii] Organisation for Economic Co-operation and Development / International Network on Financial Education. (2023). OECD/INFE 2023 international survey of adult financial literacy: Participating economies (including Thailand). Retrieved from https://www.oecd.org
[iv] Banque de France. (2022). National strategy for financial education in France. Retrieved from https://www.banque-france.fr
[ii] Organisation for Economic Co-operation and Development / International Network on Financial Education. (2023). International survey of adult financial literacy. Retrieved from https://www.oecd.org
[iii] Organisation for Economic Co-operation and Development / International Network on Financial Education. (2023). OECD/INFE 2023 international survey of adult financial literacy: Participating economies (including Thailand). Retrieved from https://www.oecd.org
[iv] Banque de France. (2022). National strategy for financial education in France. Retrieved from https://www.banque-france.fr
[v] Financial Services Agency of Japan. (2022). Financial
[v] Financial Services Agency of Japan. (2022). Financial literacy education initiatives in Japan. Retrieved from https://www.fsa.go.jp
[vi] Government of Colombia, Ministry of Finance and Public Credit. (2021). National strategy for economic and financial education. Retrieved from https://www.minhacienda.gov.co
[ii] Organisation for Economic Co-operation and Development / International Network on Financial Education. (2023). International survey of adult financial literacy. Retrieved from https://www.oecd.org
[iii] Organisation for Economic Co-operation and Development / International Network on Financial Education. (2023). OECD/INFE 2023 international survey of adult financial literacy: Participating economies (including Thailand). Retrieved from https://www.oecd.org
[iv] Banque de France. (2022). National strategy for financial education in France. Retrieved from https://www.banque-france.fr
[v] Financial Services Agency of Japan. (2022). Financial literacy education initiatives in Japan. Retrieved from https://www.fsa.go.jp
[vi] Government of Colombia, Ministry of Finance and Public Credit. (2021). National strategy for economic and financial education. Retrieved from https://www.minhacienda.gov.co
[vii] Monetary Authority of Singapore. (2022). MoneySense: National financial education
[vii] Monetary Authority of Singapore. (2022). MoneySense: National financial education programme. Retrieved from https://www.moneysense.gov.sg