Can the lottery be an answer to Thailand's old-age poverty?

When Thailand becomes a fully aged society next year, most of the country's elderly will be living on very little savings.

That's understandable. Thailand is one of the unequal countries on the planet. Most individuals will continue to live hand to mouth in old age if they do not save and receive extensive welfare assistance.

As Thailand's population ages, one of the issues it faces is encouraging the poor to save for their retirement. The lottery's popularity in the country may provide some answers.

How can you persuade them to put their lottery winnings into long-term savings to access when they can no longer work?

The lottery's popularity among low-income people is not limited to Thailand. Meanwhile, psychologists and economists have concluded that the poor's seemingly inexplicable fascination with the lottery is a reflection of their great desire to rise beyond their economic and social standing, as well as feelings of inferiority. Amid the country's massive inequities, they believe the lottery is one of the few "games" in which they have an equal chance of winning as the wealthy. As a result, the poor's lottery obsession is neither irrational nor illogical.

Lottery purchasers do not simply receive or aim for the prize money. Whether they win or lose, the potential to win the lottery fills them with joy and optimism for a chance to break the cycle of poverty finally. As a result, if the lottery does not affect their wallets, individuals can rationalize their purchase based on the potential emotional and financial benefits. Nonetheless, it is worthwhile to avoid a hazardous lottery addiction and false hope.

Because the lottery is a government-run business, it is the government's job to instil self-control as part of the game, so that lottery purchasers do not treat it as a kind of gambling. The majority of lottery players are from lower socioeconomic backgrounds. A commitment like this would encourage people to consider twice before purchasing lottery tickets. On the other hand, this commitment device works well for persons who are aware of their lotto addiction and wish to overcome it.

Aside from helping people comprehend their financial status, such daily accounting will allow them to see for themselves if they lose or earn money from the lottery or whether they are overspending on it. Another solution is to assist lotto purchasers in understanding how they might spend their money more wisely. This can be accomplished by having lottery ticket purchasers write on the tickets that the money spent might have been used to buy two meals for their children, for example. This method may encourage lottery players to think twice before investing their hard-earned money.

Because inequity denies the poor the opportunity to break the cycle of poverty, it's reasonable that they consider the lottery as their sole hope of becoming wealthy soon and overcoming their social disadvantage. These empowerment programs will equip the impoverished with the tools they need to break free from poverty without relying on the lottery or false hope. Despite government efforts to combat lottery addiction, a significant portion of the impoverished will continue to spend their meagre money on the lottery. The problem is figuring out how to turn roadblocks into opportunities and leverage the lottery's popularity into a tool for long-term savings.

If the government builds savings lotteries to meet the needs of the poor, there is a chance that their passion for the lottery can be channelled into long-term savings that will finally save them in their golden years.