The Thai Financial Planners Association is gearing up for an ambitious year in 2025, launching initiatives aimed at enhancing financial literacy and expanding the number of certified financial planners (CFP®) in Thailand. Under the leadership of President Virochana Tangcharoen, the association is determined to correct the widespread misconception that financial planning is only for the wealthy, emphasizing that it is a necessity for everyone seeking financial independence and stability.
According to Virochana, the association's plan for 2025 includes a comprehensive strategy to promote and increase the number of CFP® professionals and financial advisors. "We aim to raise awareness about the importance of financial planning for all age groups, starting from university students to retirees," he stated.
One of the key projects, dubbed the "Road to CFP® Professional," is set to facilitate students in eight universities across Thailand to receive the AFPT™ qualification, which is a foundational step towards becoming a financial planner. This initiative will not only enhance the educational framework surrounding financial planning but also provide scholarships for students to sit for the certification exams.
In collaboration with various financial institutions, the association plans to create a robust network of CFP professionals and financial advisors who can offer holistic financial planning services. This includes partnerships with banks such as TISCO Bank to elevate the standards of financial advice provided to clients.
Virochana emphasized the necessity of financial planning in all aspects of life, stating, "Everyone with an income must engage in financial planning, whether it's for spending, saving, or preparing for retirement. Every significant life event requires financial resources." He pointed out that the rising cost of living, including housing, healthcare, and education, further underscores the importance of financial management.
To raise awareness, the association is launching workshops tailored for salaried individuals, such as the "Happy Salaryman" program, which aims to empower employees to set financial goals and achieve financial security. Additionally, they will collaborate with the Securities and Exchange Commission to provide financial literacy resources for those aged 50 and above, preparing them for a prosperous retirement.
Moreover, the association is set to introduce a new course, the Post Retirement Specialist, focusing on financial planning for life after retirement, responding to the needs of an aging population in Thailand.
In a bid to tackle the rising issue of personal debt, the association will also train volunteer financial planners to assist individuals in managing their debts effectively. Virochana noted that "every aspect of life is intertwined with our financial situation, from birth to retirement, and we must prepare for uncertainties such as illness, accidents, and job loss. Financial planning is essential to navigate these challenges."
Despite the increasing recognition of the need for financial planning, Virochana highlighted a persistent stigma: many people still believe that financial planners are only for the wealthy. This misperception has historically limited the use of financial planning services in Thailand. However, a recent survey of service users across 15 countries revealed that 84% of clients found the benefits of working with a CFP financial planner exceeded the costs associated with their services.
Moreover, Virochana addressed the common misconception that financial planners have hidden agendas, stating, "98% of clients trust that CFP professionals prioritize their interests to help them achieve their financial goals. This commitment to ethics is central to our profession." He explained that financial planners typically charge fees in one of four ways: a fixed fee per plan, a commission from financial products sold, a combination of both, or a fee based on the value of assets managed.
Despite these options, many individuals remain hesitant to engage with financial planners. Virochana encourages people to consult with a financial planner before making decisions about their financial future. "Don’t dismiss the idea of financial planning too quickly. The sooner you start, the better prepared you’ll be to achieve your life goals and visualize the future you desire," he urged.
In a related context, a report from PostToday on April 22, 2025, shed light on the darker side of the digital economy, revealing the impact of illegal online gambling on families in Thailand. The report highlighted the alarming rise of online gambling, which has led to significant financial distress for many families. One mother from Samut Prakan shared her heart-wrenching story, stating, "My son disappeared with gambling debts of 600,000 baht. I don’t even know if he’s alive." This narrative is echoed by countless families facing similar crises due to the unregulated online gambling industry.
The underground gambling business is estimated to be worth over 1 trillion baht annually, with more than 34 million Thais affected, either directly or indirectly. The report indicated that over 7 million individuals have fallen into debt due to gambling, with total gambling-related debts exceeding 20 billion baht.
As the digital economy grows, many skilled workers are migrating to illegal online gambling operations, driven by a lack of viable alternatives. A former IT worker shared, "I used to work for a game company but lost my job during COVID. Now I work for an online gambling site. The pay is good, and nobody checks." This alarming trend raises questions about the government's responsibility to create safe employment opportunities.
Despite the potential revenue from online gambling, the Thai government is missing out on significant tax income, estimated at over 200 billion baht annually, alongside VAT losses ranging from 7 to 12 billion baht. Critics argue that the government has failed to address the issue effectively, allowing the underground economy to flourish while neglecting the well-being of its citizens.
As Thailand grapples with these pressing issues, the Thai Financial Planners Association’s initiatives aim to foster a culture of financial literacy and responsibility, ensuring that all citizens have the tools to achieve financial independence and security.
