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9 May 2023

Thai Economy

Parents set to incur a 5 percent rise or roughly THB28.5 billion in their children’s educational expenses during the 2023 school year while the government is being urged to implement a clearer and more practical education policy (Current Issue No.3407)

คะแนนเฉลี่ย

       Although the Thai economy is on a recovery path, a survey conducted by KResearch shows that more than 68.5 percent of parents are still concerned about financial liquidity needed for their children’s educational expenses as most of them are still of the view that the overall economic conditions have not improved much while their income remains unchanged amid the rising cost of living.   
       Most of the respondents, who are worried about their financial liquidity, are those with low to medium income of less than THB 40,000 per month, and have more than one school-age child. Viewing that education is important for their children, most of the respondents have chosen to cope with the liquidity squeeze by cutting other expenses to ensure that they have sufficient funds to pay for their children’s educational and related expenses such as school uniforms and supplies. However, those with insufficient income and/or savings have opted to rely on borrowings from relatives/friends, loans from financial institutions and/or pawnshops, including request for a waiver or installment payments of educational expenses with schools.     
       As education fees at some schools have risen along with goods prices, parents are set to incur higher educational expenses for their children during the 2023 school year, as compared to the figure shown in our 2022 poll. We at KResearch expect that parents in the Bangkok Metropolitan Region (BMR) will incur an increase in their children’s educational expenses by approximately 5.0 percent or THB28.5 billion, as compared to that shown in our 2022 survey.  
       Education is imperative for children. Our poll shows that most parents want to see a clear and practical education policy from the government while the current curricula and contents of various subjects must be updated in line with future demand in the labor market. The government should invest in and develop the education system to ensure an equal opportunity for all children. Priority must be placed on the improvements of teacher capabilities and boosting the number of qualified teachers at schools.

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