fbpx 48152-001: Advancing National Financial Literacy | Asian Development Bank

Thailand: Advancing National Financial Literacy

Sovereign (Public) Project | 48152-001 Status: Closed

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 Details

Project Officer
Attapich, Luxmon Southeast Asia Department Request for information
Country
  • Thailand
Modality
  • Technical Assistance
Sector
  • Finance
 
Project Name Advancing National Financial Literacy
Project Number 48152-001
Country Thailand
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8768-THA: Advancing National Financial Literacy
Technical Assistance Special Fund US$ 500,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Knowledge solutions
Partnerships
Sector / Subsector

Finance / Inclusive finance

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.

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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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

None currently available.


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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.