Thai Credit Retail Bank Public Company Limited (TCRB) has introduced the Thai Credit Foundation under the brand name of “EMpower".
The Foundation aims to ‘Empower’ small business entrepreneurs and underprivileged individuals through financial literacy training designed to ensure wiser financial planning and decision making. The bank firmly believes that improved financial literacy will lead to stronger financial discipline, both of which are keys to building a sustainable business, individual value and consequently a stronger community. This will also help reduce the huge national problem of household debt.
In 2023, the foundation targets welcoming no fewer than 50,000 persons to participate in its financial literacy program, 55% of whom will be small business entrepreneurs, and 45% will be those in other careers including young people, salaried workers, and underprivileged individuals.
The foundation's Chairman Winyou Chaiyawan revealed that the foundation adheres to the TCRB’s “Everyone Matters” philosophy and has created the EMpower Brand and Strategy as the core of operations to enhance financial skills. Through the Tang To Know-How financial literacy courses, the foundation aims to strengthen the target groups nationwide and communities who have a below-standard quality of life.
The foundation will implement the "EMpower for Sustainable Community" project in the pilot areas through the integration model to enhance financial literacy, create careers and income, while also promoting art & culture and an environment for stronger communities with better quality of life.
Under the EMpower strategy, the foundation has the three key operating goals: to create interesting, timely, and easy-to-understand content that promotes financial literacy; to ensure easy and approachable access to financial content, both face to face and online; and to leverage content and a curriculum to promote financial empowerment, career development and improve income generation.
The foundation’s Vice Chairman Roy Agustinus Gunara stressed that the promotion of financial literacy will help improve the quality of life. The results of a survey of 844 samples nationwide between 10 December 2022 and 3 January 2023 based on Core Competencies Frameworks on Financial Literacy developed by the Organisation for Economic Co-operation and Development (OECD), found that the financial skill score of all the participants was 79.3%, higher than the OECD average score of 60.5%.
But an in-depth analysis indicated that proper savings behaviour of the Thai people scored only 55.7% which is below the OECD average of 70.4%. Significantly, 80.7% of surveyed adults were short of money, higher than the OECD score which gave the average as 35.3%. Moreover, 54.6% of respondents borrowed money when they were short on cash, higher that the OECD average of 25.8%
The survey findings indicate that the foundation should place greater emphasis on promoting financial literacy. The foundation aims to encourage awareness of the importance of savings, the proper savings methods, and income management to meet essential expenses and not build too much debt. These will help people avoid household debt which remains a national problem.
The foundation's Chairman added that in the first year of operation, the foundation plans to develop the existing financial literary courses for small business entrepreneurs to respond to the current situation. The courses will be designed from basic to advanced levels, enabling participants to acquire in-depth knowledge. In addition, new courses will be created suited to each target group and career allowing participants to learn about personal finance management and help them prepare for retirement.
The foundation expects that the participants, namely small business entrepreneurs, vendors, individuals, youth and underprivileged people, will have higher income, lower debt, and develop business for sustainable growth. The foundation plans to register as a charitable organisation within the next three years.
Over the past six years, the bank has delivered financial literacy knowledge to small business entrepreneurs, individuals and young people through Tang To Know-How program with over 118,555 participants. From 2023, the CSR project organised by the Thai Credit Foundation will expand CSR activities across all dimensions and target groups for better quality of life of the people.
