Today, it is evident that the younger generation manages their finances in a way that suits their lifestyle, often lacking a systematic saving plan. This can hinder their ability to save money to reach their financial goals, and in times of crisis, this group becomes particularly concerning due to the absence of emergency savings.

      Data from the National Credit Bureau indicates that the household debt situation in Thailand is “increasing... significantly,” with many young Thais already in debt. The data shows that over 50% of Thais aged 30 have debt, and 1 in 5 individuals aged 29 are in non-performing loans (NPLs).

      Meanwhile, data from the National Statistical Office and the Pooying Economic Research Institute reveals that from 2009 to 2017, the savings rate among Thai households has continuously declined. For example, among those earning 60,000 baht per month, the savings rate was as high as 35% in 2011, but dropped by about 5% per year until 2017.

      Consistent with data from the Bank of Thailand in April 2020, which states that there are approximately 102 million savings accounts in Thailand, totaling 15 trillion baht. Over 86.6% of these accounts hold less than 50,000 baht, with 88 million accounts averaging 5,000 baht per account. Meanwhile, only 10.4% have deposits between 50,000 and 500,000 baht, and a mere 0.1% have more than 10 million baht, amounting to just 140,000 accounts.

        This data reflects the weak financial quality of the Thai population, where low savings are a significant root cause of rising household debt, affecting their ability to make monthly repayments and forcing them to extend repayment periods. Therefore, changing spending habits by “increasing savings” is a solution to reduce the likelihood of accumulating more debt in the future.

        Certainly, many banks have developed attractive savings account options with higher interest rates to entice customers, allowing them to choose services that meet their needs. However, a savings method that appeals to the younger generation, offering flexibility and self-control over savings, is another option. TerraBKK has noted the innovative financial management platform from Krungsri Bank, which is intriguing, and we will share information about this app that makes saving money easy and flexible according to individual preferences.

     

        This application is called “Kept by Krungsri”, developed under the concept of small change for BIG FUTURE #A little adjustment can change your life. It makes saving money easy, fun, and truly achievable, functioning as both a wallet and a piggy bank in one, while also offering higher-than-average interest rates.

Kept has automatic features that simplify saving money and can be adjusted according to the customer's lifestyle through three accounts: Kept, Grow, and Fun, which work together automatically in a system of 1 wallet and 2 piggy banks:

Account/Pocket Kept - serves as a wallet for daily expenses.

Customers can transfer money into the Kept wallet and set a predetermined amount for spending. The remaining balance will be automatically transferred to the Grow piggy bank at the end of each day. If the funds in the Kept wallet are insufficient, the system features an automatic transfer that retrieves the shortfall from the Grow piggy bank back to the Kept wallet, allowing customers to transfer money in and out of the Kept account as often as they wish without incurring fees.

Account/Piggy Bank Grow - acts as a piggy bank for saving larger sums.

It automatically saves the excess funds from the amount set for spending from the Kept wallet into the Grow piggy bank (minimum 5,000 baht) to earn higher interest in the first year and even more in the second year, with interest calculated daily and paid on the 28th of each month. Currently, the interest rates are 1.6% and 1.8%, respectively.

 

Account/Piggy Bank Fun - serves as a piggy bank for small savings that can be done daily. It comes with two exciting features that make saving money fun: Secret Savings which helps save money every time you transfer out or pay via QR code, with customizable secret saving methods, and Scheduled Savings  that allows you to save any amount at any time, helping to maintain consistent savings without changing your lifestyle. When you need to access funds from this piggy bank, you can easily transfer them back to the Kept wallet.

        For the application “Kept by Krungsri”, the usage is simple: download the Kept application available on both iOS and Android, and you can open an account through a digital identity verification system (National Digital ID – NDID) without needing to visit a branch, or verify your identity through Krungsri i-CONFIRM, which is available at all Krungsri Bank branches nationwide.

This is another innovative savings solution that meets the needs of the younger generation, providing those interested in saving cash with a flexible saving channel, allowing them to have savings for future use as desired.

Thank you for the information: Krungsri Bank