ความยั่งยืนทางการเงินของกองทุนสวัสดิการชุมชนเพื่อผู้สูงอายุ

Microfinance in Thailand has been developed from being an institution that provides savings and loans into an institution that incorporates social welfare benefits for its members. These benefits are long-term liabilities of the fundsand, therefore, can create solvency risk. This paper develops a mathematical model that evaluates the financial sustainability of the fund. The minimum rate of returns that the funds will have to generate in order to maintain its solvency is calculated. After comparing this measure with the actual rate of returns, we found that 13out of the 40 villagesin Tratare insolvent. The main reason of this insolvency is the low saving rates among fund members. It is not because of the high level ofsocial welfare benefits. Therefore, if fund members realize the importance of a discipline in savings, it will encourage thelong-term financial sustainability of microfinance in their area.