World Bank Lauds Thailand’s “Retirement Lottery” as Clever Savings Initiative

The World Bank has hailed Thailand’s “Retirement Lottery” as a “remarkable innovation” for boosting retirement savings.

Following discussions at the WB-IMF Spring Meetings in Washington, D.C., the Bank expressed strong interest in studying the scheme, which cleverly channels the public’s inclination towards gambling into a savings mechanism.

They believe it could serve as a model for other developing nations grappling with insufficient retirement savings.

Deputy Finance Minister Paopoom Rojanasakul highlighted the Bank’s positive assessment of the lottery, noting its potential to efficiently incentivise saving with a relatively small budget.

The scheme involves digital scratch-off tickets costing 50 baht, with weekly prizes.

Crucially, the entire purchase price acts as the buyer’s savings, returned with investment gains upon retirement at age 60, regardless of winnings.

 

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