Summary Turning lotteries into retirement funds - TDRI: Thailand Development Research Institute tdri.or.th
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One Line
TDRI proposes a National Savings Lottery with online ticket sales and direct deposits to aid low-income individuals in saving for retirement.
Slides
Slide Presentation (8 slides)
Key Points
- Lottery ticket sales in Thailand are high, with the majority of buyers being low-income groups.
- The government lottery brings in significant revenue, but it also prevents low-income earners from saving.
- The Thailand Development Research Institute (TDRI) proposes a scheme where a portion of lottery ticket purchases goes towards retirement savings.
- The TDRI suggests raising the retail price of lottery tickets and using the additional funds for buyers' long-term savings.
- This scheme aims to address overcharging and promote savings for low-income households.
- The new savings feature may encourage underground lottery gamblers to switch to government lotteries.
- Online sales and strict rules on withdrawal will be implemented to ensure the effectiveness of the scheme.
- All lottery buyers, not just the poor, will benefit from retirement savings, and the government and taxpayers will also benefit from less financial strain in supporting the elderly.
Summaries
19 word summary
TDRI suggests a National Savings Lottery to help low-income individuals save for retirement. Tickets sold online with direct deposits.
90 word summary
The Thailand Development Research Institute (TDRI) suggests a National Savings Lottery scheme to help low-income individuals and all lottery buyers save for retirement. The proposal involves investing a portion of the ticket price in a savings account, which buyers would receive upon reaching retirement age. Selling all lottery tickets online through a government-sponsored platform would prevent overcharging and ensure direct deposits into buyers' accounts. The proposal aims to promote saving, alleviate financial strain for the elderly, and maintain the appeal of the state lottery without revenue loss for the government.
176 word summary
The Thailand Development Research Institute (TDRI) has suggested a National Savings Lottery scheme to help low-income individuals and all lottery buyers save for retirement. The current government lottery generates substantial revenue but hinders saving for low-income earners. Traditional solutions like discouraging lottery ticket purchases or increasing government control are not practical. Under the TDRI proposal, a portion of the ticket price would be invested in a savings account, which buyers would receive upon reaching retirement age. The proposal suggests using the difference between fixed retail and the original price of lottery tickets to fund long-term savings. By selling all lottery tickets online through a government-sponsored platform, overcharging can be prevented, and direct deposits into buyers' accounts can be ensured. The proposal aims to promote saving while alleviating financial strain for the elderly and benefiting all lottery buyers. Strict rules would be implemented to safeguard the goal of saving for old age. The proposal offers a way to increase savings, address overcharging issues, and maintain the appeal of the state lottery without revenue loss for the government.
361 word summary
The Thailand Development Research Institute (TDRI) has proposed a National Savings Lottery scheme that aims to benefit low-income individuals and all lottery buyers by combining lottery purchases with long-term savings. Currently, the government lottery generates significant revenue but hinders low-income earners from saving. Traditional solutions, such as discouraging lottery ticket purchases or increasing government control, are not feasible.
Under the TDRI proposal, a portion of the ticket price would be invested in a savings account, which buyers would receive upon reaching retirement age. The proposal suggests using part of the difference between fixed retail and the original price of lottery tickets to fund long-term savings for buyers. Currently, lottery tickets cost 80 baht at retail, but middlemen often overcharge customers. TDRI proposes raising the official retail price to 105 baht and transferring the additional 25 baht directly into purchasers' special savings accounts. This scheme could generate at least 5 billion baht of savings per month.
The TDRI proposal offers benefits to all lottery buyers, allowing them to try their luck while allocating some of their costs to savings. To maximize the benefits, all lottery tickets should be sold online through a government-sponsored platform to prevent overcharging and ensure direct deposit into buyers' accounts. Strict rules would be established regarding the withdrawal of savings prior to retirement age.
The proposal aims to promote saving alongside the Thai love of gambling and alleviate financial strain for the elderly. By ending overcharging, the government gains political leverage and support from the public. Ultimately, all lottery buyers, not just the poor, would benefit from retirement savings. The government and taxpayers would also benefit from reduced financial strain in supporting the elderly.
In conclusion, the TDRI proposes a National Savings Lottery scheme that combines lottery purchases with long-term savings. The proposal aims to address overcharging issues and increase savings for all lottery buyers. The scheme could generate significant savings per month and improve the circumstances of low-income households. Strict rules would be established to safeguard the goal of saving for old age. The proposal offers a way to promote saving while maintaining the appeal of the state lottery and ensuring no revenue loss for the government.
489 word summary
Lottery ticket sales in Thailand are high, particularly among low-income groups, who also need savings for their old age. The Thailand Development Research Institute (TDRI) proposes a solution that benefits both the poor and all lottery buyers. Currently, the government lottery generates significant revenue, but it also hinders low-income earners from saving. Traditional solutions, such as discouraging lottery ticket purchases or increasing government control, are not feasible. Instead, TDRI suggests a National Savings Lottery scheme that combines lottery purchases with long-term savings. Under this scheme, a portion of the ticket price would be invested in a savings account, which buyers would receive upon reaching retirement age. The proposal aims to address overcharging issues and increase retirement savings.
The TDRI proposal suggests using part of the difference between fixed retail and the original price of lottery tickets to fund long-term savings for buyers. Currently, lottery tickets cost 80 baht at retail, but middlemen and vendors often overcharge customers by increasing the ticket price. TDRI proposes raising the official retail price to 105 baht and transferring the additional 25 baht directly into purchasers' special savings accounts. This money would be invested and refunded to buyers upon retirement or when the investment term is over. The government and lottery vendors would maintain their revenues, while extra profits from overcharging would be used as savings for lottery ticket buyers. This scheme could generate at least 5 billion baht of savings per month.
The TDRI proposal offers benefits to all lottery buyers, allowing them to try their luck while allocating some of their costs to savings. The hope is that the savings feature will persuade underground lottery gamblers to switch to government lotteries. To maximize the benefits, all lottery tickets should be sold online through a government-sponsored platform to prevent overcharging and ensure direct deposit into buyers' accounts. Strict rules would be established regarding the withdrawal of savings prior to retirement age.
The proposal aims to promote saving alongside the Thai love of gambling and alleviate financial strain for the elderly. By ending overcharging, the government gains political leverage and support from the public. Ultimately, all lottery buyers, not just the poor, would benefit from retirement savings. The government and taxpayers would also benefit from reduced financial strain in supporting the elderly.
In conclusion, the TDRI proposes a National Savings Lottery scheme that combines lottery purchases with long-term savings. By using part of the ticket price for retirement savings, the proposal aims to address overcharging issues and increase savings for all lottery buyers. The scheme could generate significant savings per month and improve the circumstances of low-income households. It is hoped that the savings benefits offered will encourage underground lottery gamblers to switch to government lotteries. Strict rules would be established to safeguard the goal of saving for old age. The proposal offers a way to promote saving while maintaining the appeal of the state lottery and ensuring no revenue loss for the government.