Applying The Principles of The Philosophy of Sufficiency Economy to Address The Problem of Teacher Indebtedness

Abstract

This research is a qualitative study with the objective of examining the principles of a sustainable economy applied to prevent, alleviate, and solve the problem of teacher indebtedness. The researcher used in-depth interviews as the data collection method, dividing the participants into two groups. Group 1 consisted of 6 qualified individuals in financial planning and debt problem resolution for teachers, while Group 2 comprised 2 experts in the philosophy of a sustainable economy. In total, 8 participants provided information for the study. The key informants were identified using snow balling method. The research findings revealed that one cause of indebtedness was the lack of sufficient financial knowledge among teachers. The three key principles of a sustainable economy—adequacy, rationality, and good resilience—were identified as effective in preventing, alleviating, and solving teacher indebtedness. Additionally, the research yielded three interesting recommendations: 1) Establishing criteria for necessary characteristics of borrowers, requiring teachers to become members of credit bureaus to assess their borrowing potential; 2) Advocating for the school administration to provide assistance in adjusting salary rates to align with the current economic situation; and 3) Co-operative savings organizations for teachers should consider loan options that align with teachers' debt repayment capabilities.