Building on the financial literacy work conducted under the two previous ADB technical assistance, the TA will support the development of country specific survey questionnaires based on OECD/INFE Toolkit to Measure Financial Literacy and Financial Inclusion. A national survey with a sample size of at least 10,000 will be carried out. The demand side of financial literacy in Thailand will be reflected through the survey result and the analysis (where the gaps are in terms of awareness, understanding and skills). Based on the survey questionnaires developed, the TA will support the development of a web-based questionnaire and data processing system which will be a sustainable monitoring and evaluation tool. The TA will help to strengthen the supply side of financial knowledge in Thailand both in terms of content and coordination mechanism.
| Project Name | Advancing National Financial Literacy | ||||
| Project Number | 48152-001 | ||||
| Country | Thailand |
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| Project Status | Closed | ||||
| Project Type / Modality of Assistance | Technical Assistance |
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| Source of Funding / Amount |
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| Strategic Agendas | Inclusive economic growth |
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| Drivers of Change | Knowledge solutions Partnerships |
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| Sector / Subsector | Finance / Inclusive finance |
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| Gender Equity and Mainstreaming | No gender elements | ||||
| Description | Building on the financial literacy work conducted under the two previous ADB technical assistance, the TA will support the development of country specific survey questionnaires based on OECD/INFE Toolkit to Measure Financial Literacy and Financial Inclusion. A national survey with a sample size of at least 10,000 will be carried out. The demand side of financial literacy in Thailand will be reflected through the survey result and the analysis (where the gaps are in terms of awareness, understanding and skills). Based on the survey questionnaires developed, the TA will support the development of a web-based questionnaire and data processing system which will be a sustainable monitoring and evaluation tool. The TA will help to strengthen the supply side of financial knowledge in Thailand both in terms of content and coordination mechanism. The TA will develop strategic directions, key messages and a core program for financial education which includes organized financial knowledge content, tools and activity designs. The TA will also recommend measures to strengthen financial consumer protection. | ||||
| Project Rationale and Linkage to Country/Regional Strategy | To assist Thailand to achieve inclusive and sustainable rapid economic growth, ADB will work with Thailand under the 2013-2016 CPS through four program areas: infrastructure development; financial sector development; environmentally sustainable development; and RCI initiatives. Under financial sector development program, advancing financial literacy and inclusive finance are priority areas. Understanding financial matters from the basic of budgeting up to investment planning is fundamental for inclusive finance. Many of the problems in the Thai financial sector, from rising household debt to inadequate pension to poor record-keeping by SMEs can be traced back to lack of understanding of financial matter. The findings of the previous TA (TA-7602-THA: Capital Market Development Phase III) shows that there is no shortage of supply of financial education in Thailand but there is little coordination mechanism among different programs, no program evaluation nor impact assessment, and not yet a central strategy for financial education. Interconnected with financial literacy is the issue of consumer protection including lack of understanding of financial products, insufficient financial knowledge of consumers and financial institutions not providing sufficient and explicit information on financial products. |
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| Impact | Improved personal awareness and skills to manage financial transactions of Thai population | ||||
| Project Outcome | |
|---|---|
| Description of Outcome | Clear direction and a better coordinated nationwide strategy for financial literacy programs |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | 1. A financial literacy assessment system developed 2. The framework for financial literacy programs strengthened |
| Status of Implementation Progress (Outputs, Activities, and Issues) | The TA has engaged a consulting firm to carry out a national financial survey. The consulting firm has completed the survey of measuring financial literacy and financial inclusion with 10,000 respondents. Clean data was submitted. Currently, the consulting firm has submitted their 2nd Progress Report which is in the process of reviewing. |
| Geographical Location | |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | |
| During Project Implementation | |
| Business Opportunities | |
|---|---|
| Consulting Services | The TA will engage 2.5 person-months of an international financial literacy expert and an international financial consumer protection expert and 3 person-months of a national workshop manager. The recruitment method of a firm to do the national survey and develop a web-based survey processing system will be determined during the fact finding period. TA activities will be implemented over 17 months from November 2014 to March 2016. |
| Responsible ADB Officer | Attapich, Luxmon |
| Responsible ADB Department | Southeast Asia Department |
| Responsible ADB Division | Thailand Resident Mission |
| Executing Agencies |
Bank of Thailand 273 Samsen Road Pranakorn, Bangkok 10200 |
| Timetable | |
|---|---|
| Concept Clearance | 17 Sep 2014 |
| Fact Finding | 01 Sep 2014 to 12 Sep 2014 |
| MRM | - |
| Approval | 25 Nov 2014 |
| Last Review Mission | - |
| Last PDS Update | 24 Sep 2015 |
TA 8768-THA
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 25 Nov 2014 | 29 Dec 2014 | 29 Dec 2014 | 31 Mar 2016 | 31 Mar 2017 | - |
| Financing Plan/TA Utilization | Cumulative Disbursements | |||||||
|---|---|---|---|---|---|---|---|---|
| ADB | Cofinancing | Counterpart | Total | Date | Amount | |||
| Gov | Beneficiaries | Project Sponsor | Others | |||||
| 500,000.00 | 0.00 | 250,000.00 | 0.00 | 0.00 | 0.00 | 750,000.00 | 25 Nov 2014 | 203,813.32 |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
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| Title | Document Type | Document Date |
|---|---|---|
| Advancing National Financial Literacy: Technical Assistance Completion Report | TA Completion Reports | Jun 2017 |
| Communicating Financial Literacy: The Challenging Routes in Engaging Thai First Jobbers in the New Financial Landscape | Consultants' Reports | May 2017 |
| Advancing National Financial Literacy: Final Report on Pilot Project on Financial Literacy for Gen Y First Jobbers | Consultants' Reports | Apr 2017 |
| Advancing National Financial Literacy: Final Report on Financial Market Conduct and Consumer Protection | Consultants' Reports | Apr 2016 |
| Advancing National Financial Literacy: Financial Literacy Survey Final Report | Consultants' Reports | Dec 2015 |
| Advancing National Financial Literacy: Financial Literacy Assessment in Thailand - Summary of Country-specific Analysis Report | Consultants' Reports | Oct 2015 |
| Advancing National Financial Literacy: Technical Assistance Report | Technical Assistance Reports | Nov 2014 |
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
Related Publications
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Tenders
No tenders for this project were found.
Contracts Awarded
| Contract Title | Approval Number | Contract Date | Contractor | Contractor Address | Executing Agency | Contract Description | Total Contract Amount (US$) | Contract Amount Financed by ADB (US$) |
|---|---|---|---|---|---|---|---|---|
| Policy and Advisory | Technical Assistance 8768 | 27 Mar 2015 | GFK Marketwise Ltd. (Thailand) | 163 Rajapark Building, 3rd. Floor, Sukhu (Asoke) Road, Klongtoey Nua, Wattana, BA 10110, Thailand | Bank of Thailand | 124,800.00 | — |
Procurement Plan
None currently available.