This study uses cross-sectional data from a survey and seeks to explore possible linkages between demographic change, perceived vulnerabilities in old age and economic welfare in rural Thailand. In addition to information about well-being and its determinants as well as personal and household characteristics, the survey also compiles novel data for three age groups, which entered reproductive age prior to, during and after Thailand’s rapid fertility decline, about perceived vulnerabilities in old age in terms of income, consumption, health, living arrangement and assets. The main findings are (i) that two subjective variables, income aspirations and comparison of material possessions, in addition to standard objective variables are significantly correlated with subjective well-being and (ii) perceived vulnerabilities in old age seem to matter for present well-being, with type and severity being of importance. Interestingly, perceived vulnerabilities in terms of income and living arrangement when old appear to matter for mental health of young respondents, reflecting the demographic transition Thailand is experiencing.