The Association of Investment Management Companies (AIMC) aims to promote national savings in mutual funds, hoping they expand to 45% of the country's GDP as Thailand's population ages.
The long-term goal is a leap from the existing 25% of GDP in mutual fund investment.
Vorawan Tarapoom, honorary chairman of AIMC, said the goal can be reached if a mandatory provident fund is established.
The association also plans to establish a database for individual fund investors nationwide as a means to enhance savings at the national level, Mrs Voravan said.
"The central registrar database for mutual fund investors will help the government at the policy stage for national savings, while the financial industry will also see the overall picture and individuals will raise the total wealth of their mutual fund investment," she said.
"Advanced technology can help us set up a central database similar to the FundConnext project initiated by the Stock Exchange of Thailand (SET)," she said, adding that the database will help promote investment in mutual funds in the future as well.
As of June, the mutual fund industry's total assets under management totalled 5 trillion baht or about 25% of the country's GDP, with 6.2 million accounts of mutual fund holders and more than 1,500 choices of mutual fund investments.
Of the 6.2 million accounts, many are held by the same investors; they can open several investment accounts with different asset management companies, with each company refraining from sharing customer information.
The National Savings Fund (NSF) aims to extend the age range of people allowed to apply as fund members to age seven to 60-plus years old. The current age range is 15-60 years old.
"The NSF board is discussing extending the age range for the first step [of promoting national savings]," said secretary-general Charuluck Ruangsuwan.
The NSF is also partnering with the SET on training community leaders about the importance of savings, whereupon the leaders can pass on financial literacy and financial planning skills to their communities.