'Retirement lottery' scheme earns praise

The World Bank's commendation of the government's “retirement lottery” bodes well for the kingdom's behavioural policy design, says Assoc Prof Auschala Chalayonnavin, dean of the Faculty of Social Administration at Thammasat University.

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Its praise for the Government Savings Bank's digital lottery for long-term savings during recent talks with Deputy Finance Minister Paopoom Rojanasakul and World Bank executives in Washington, DC, signals a positive step for Thailand as it aims to integrate behavioural incentives with economic objectives, she said.

Assoc Prof Auschala said this initiative aims to foster financial discipline without relying on coercive measures like taxation, making saving feel accessible and rewarding, especially for middleto lower-income groups.

She said the psychological term for this is “reward reinforcement”, which aims to promote positive behaviour.