A Comparative Study of Financial Literacy between the EU and Thailand. What can Thailand learn from the EU?

Abstract

Financial literacy is a key factor in promoting economic stability. In a situation where the world is changing rapidly, financial literacy is essential in various contexts. Nowadays, many Thai retired individuals face an increase in debt burden, and they do not have enough money for living after retirement. As the researcher is a Thai nationality, the researcher aspires to contribute to Thailand's financial literacy. Pursuing Master of Arts in European Studies have led the researcher to develop an interest in comparing the financial skills of Thais and Europeans. The objective of this study is to compare the financial literacy between the EU and Thailand, using Germany as a case study. Results from secondary data analysis show that Thailand appears relatively weak in financial knowledge score due to lower education. Therefore, it is recommended that the government should incorporate aspects of education from the European Union and Germany to fix policies to include practical aspects of financial education for Thailand to achieve better financial literacy standards.