Bangkok, December 22, 2014 ? The SEC and Bank of Thailand together with 24 nations agree to further strengthening collaboration in financial education to promote financial inclusion and literacy during the OECD-Thailand Seminar on Financial Inclusion and Financial Literacy in Asia, the event co-hosted by the SEC and the Bank of Thailand at the Mandarin Oriental Hotel, Bangkok from December 16-17, 2014.

SEC Secretary-General Vorapol Socatiyanurak said, ?It is a great opportunity that Thailand has been trusted by OECD to host this event as financial illiteracy is prevalent in Thai society where over-spending is widespread and many people start savings too late. In the future, with growing number of aged population, the problem will become even more pronounced and could affect the country?s financial stability. Considering that lack of skill and awareness in financial management has been found in individuals at all levels, collaboration to elevate financial knowledge is needed from all sectors to formulate national strategy, targeting children and workers. At this meeting, OECD provided selected policy recommendations for Asian countries which will be very beneficial, if implemented by the relevant parties.

For the SEC, the promotion of financial literacy has been continuing for years. We hope to see all the parties concerned strengthen the collaboration and take up this matter seriously.?

Dr.Prasarn Triratvorakul, the Bank of Thailand Governor said, ?The potential root causes or threats that influence people to make an adverse decision on their saving and spending manner might consist of 3 factors which are poverty, consumerism, and ignorance. Poverty has long been one of the most important issues policy makers strive to overcome. When there is insufficient wealth to nourish basic needs, indebtedness could become inevitable and it is difficult to get out of the vicious cycle of debt. Consumerism, on the other hand, could largely overshadowed consumers? self-restraint and eventually entices them to spend recklessly. In this well-connected era, consumerism has rapidly intensified and spread widely through various perceptive channels especially the mass media. Ignorance is another essential cause of improper financial behavior.

Even with a well-designed financial education program with meaningful messages and effective delivery channels, financial literacy cannot be achieved if consumers neglect the necessity and benefits of appropriate personal financial management.?

One of the highlights of the seminar is the discussion on the draft report ?Financial Education Policies in Asia?. The report content is based on the replies of national authorities to various questionnaires circulated across the OECD/INFE in recent years. It provides a preliminary overview of recent trends and development on financial education policies in Asia, including issues of concern and challenges as well as the policy responses and initiatives by public authorities on the matter. Based on the analysis of national responses, certain policy recommendations were offered for consideration by Asian policy makers to improve efficiency and effectiveness of initiatives in their respective countries covering the following areas.

??Collecting more evidence on financial gaps and needs using internationally accepted instruments in order to identify target groups and policy areas to focus and to compare with countries in the region or internationally
??Monitoring of financial institutions? role in financial education to avoid possible conflicts between their educational and commercial activities
??Further strengthening the delivery of financial education in schools
??Strengthening financial education for future pensioners
??Monitoring implementation of various initiatives and evaluating the impacts

The seminar participants have also exchanged ideas and comments vigorously on the challenges in relation to consumer protection in digital/mobile financial services, one of the most current issues in focus of OECD.

Mr. Andre ' Laboul, Chair of the OECD International Network on Financial Education (INFE) said ?This Seminar highlighted the importance of taking into account regional and national specificities such as in Asia and Thailand. But the main underlying objectives are common. Financial education, financial consumer protection and financial inclusion are parts of a fully integrated trilogy which contributes to promote inclusive growth and financial stability. National strategies are essential and notably aimed at identifying specific target audience and groups in needs for dedicated financial education approaches such as micro and SMEs. Such national strategies should be based on evidence collected through cross-country surveys and robust impact assessment of programmes. What we need is ?efficient? financial education. This should involve a large range of relevant public, private and civil stakeholders. I would like to command the Bank of Thailand and the Securities and Exchange Commission for hosting this event and for their impressive endeavors to improve financial literacy in their country.