NESDB Recommends Regulatory Framework for Finfluencers as Personal Loans Surge Among Under-25s

The National Economic and Social Development Council (NESDB), led by Secretary-General Danuscha Pichayanan, revealed that household debt in Q4 2025 increased by 0.05% to 16.44 trillion baht, bringing the household debt-to-GDP ratio to 86.7%, up from the previous quarter. Personal loan non-performing loans (NPLs) exceeding 90 days overdue reached 1.31 trillion baht, representing 9.59% of total credit and up from 9.45% the previous quarter.

"The key issue is the consumption behavior of young people who purchase goods and services based on online reviews and trends, causing credit card debt and personal loans among those under 25 to increase significantly compared to other age groups in 2025," Pichayanan stated. "We should accelerate financial literacy education starting from primary school."

The council also flagged concerns about the launch of virtual banks, which could increase debt exposure similar to patterns seen in China and the Philippines. A major concern involves the influence of finfluencers on household financial behavior. Some finfluencers may spread incomplete or inaccurate information, necessitating closer regulatory oversight. The council recommends requiring finfluencers to register with the Securities and Exchange Commission and obtain licenses.

On employment, the situation showed improvement with 41.2 million people employed, a 4.6% increase year-over-year. However, the council identified three areas requiring monitoring: first, the potential impact of Middle East conflicts on employment and wages amid persistently high living costs; second, rising underemployment at approximately 220,000 people, a 17.8% increase, concentrated among low-education and agricultural workers; and third, employment risks in industries dependent on internal combustion engine manufacturing as the sector contracts due to the shift toward electric vehicles.