Cash-strapped teachers learn lesson of good economics

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Cash-strapped teachers learn lesson of good economics

New scheme aims to help the country's indebted educators take charge of their finances

Published: 1 Jan 2013 at 00.00
Newspaper section: News

Niyom Tongnameang is one of a million teachers who are struggling with debt.

But after joining a programme designed to help teachers oversee their finances, Mr Niyom has learned how to manage his debt while also increasing his savings.

Mr Niyom, a teacher at Wat Don Yor School in Nakhon Nayok's Muang district, said he earns a monthly salary of 15,000 baht, but has to pay about 12,000 baht each month in installment payments for his car and student loans.

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mutley
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Discussion 7 : 01 Jan 2013 at 16.057
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'Each class will have a savings account where students can deposit their money etc. The account will be looked after by their TEACHER'. Given the nature of the article I haven't laughed so much in a long time. Thanks Supaporn. Incredible thinking.
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mutley
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Discussion 6 : 01 Jan 2013 at 14.546
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A typical Thai comment,'The Thai education system will be improved if teachers have no debt problems'. We have a saying in UK which goes, 'If you pay peanuts you get monkeys'. Get foreign teachers in now or the Thai education system will never improve. It pains me to listen to some of the comments of Thai politicians and so called 'professors' and 'advisers'. It's a wonder they can dress themselves!
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jacksprat
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Discussion 5 : 01 Jan 2013 at 12.455
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Teachers at government schools (i.e. civil servants) can borrow against their future salary! This is how they get so deeply into debt. I know teachers who are receiving less than 50% of their salary because they borrowed the rest to buy a car or house and are now paying the consequences. Perhaps the philosophy is best expressed in a statement I have heard from many Thais: "Tomorrow can take care of itself." Living in the "eternal present" does have its downside.
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drsmith
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Discussion 4 : 01 Jan 2013 at 11.514
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"she had no idea how to manage her savings" and this woman is a teacher who has graduated from a 4 year university? No wonder Thailand is so far behind in education. As far as Nyom, his own personal greed has put him into the debt he has. Does he really need a car on that low an income? The answer is no, however, instead of being financially responsible, his desire for material worth has created his huge debt. Thai's need to stop worrying about "face", (look at me I have a car, IPAD, etc.,) and start understanding no one cares what you have. I would think having savings (money) would be most important, but "face" always seems to be.
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OldThaiHand
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Discussion 3 : 01 Jan 2013 at 10.153
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Why does someone making a paltry 15,000/month own a car?

Most schools have vans to pick up teachers. If not, have these people not heard of car-pooling?
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jacksprat
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Discussion 2 : 01 Jan 2013 at 08.452
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It is surprising that even teachers do not know who to budget their income, but many Thais act as if money has an expiry date and must be used quickly. Planning for the future might be worth adding to the school curriculum.
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felixqui
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Discussion 1 : 01 Jan 2013 at 08.391
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Hardly a new idea, Adam Smith, that great political theorist and proponent of capitalism, makes exactly the point that prudence is a very practical moral virtue in his great works "The Wealth of Nations" (1776) and The Theory of Moral Sentiments (1759).

Perhaps these Western classics should be suggested reading for Thai school teachers who need to learn a few lessons about running their personal affairs? And also for spendthrift Thai governments?
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Cash-strapped teachers learn lesson of good economics | Bangkok Post: news