Thais urged to spend less as total deposits fall for first time in decade

Deposit Protection Agency (DPA) president Songpol Chevapanyaroj made the plea after issuing figures showing deposits shrank 3.61% in the seven months up to August this year.

Songpol said strong deposits were important for individuals’ financial security amid the current economic uncertainty.

The total amount deposited fell despite a 4.45% annual increase in the number of depositors with less than 50,000 baht.

Songpol said the decline was due to rising living costs, which have forced depositors, particularly those on low incomes, to withdraw their savings for daily expenses, resulting in poor financial health.

“Depositors with less than 50,000 baht are a cause of concern because they already have weak financial security. However, as the country’s economy improves, average incomes of most people will rise and boost deposited money,” he said.

Meanwhile, depositors with 50,000…