The Indebtedness and Debt Repayment Capability of Civil Service Teachers in Thailand


  • Narisara Peungposop Behavioral Science Research Institute, Srinakharinwirot University, Thailand
  • Wilailak Langk Wilailak Langka Faculty of Education, Srinakharinwirot University, Thailand
  • Onuma Charoensuk Faculty of Education, Srinakharinwirot University, Thailand


Indebtedness, Debt repayment, Debt, Teacher


The increase of a personal debt burden implies greater financial vulnerability and threats for economic stability. The aim of this qualitative study is to explain indebtedness and debt repayment capability of civil service teachers. The semi-structured interview was employed for data collection with 31 teachers categorized into three groups: debt-free, general debt, and over-indebted teachers. Content analysis revealed that the debt-free teachers passed three stages of indebtedness, namely, before indebtedness, during indebtedness, and after debt-free. Meanwhile, over-indebted teachers and general debt teachers passed two stages of indebtedness; before and during indebtedness. However, the over-indebted teachers also faced the debt crisis stage. In the case of indebtedness, the findings indicated that the life before being in debt, decision making for getting into debt, life during indebtedness, and debt repayment of over-indebted teachers had considerable differences from general indebted teachers and debt-free teachers. Increasing the amount of pay off debt and planning debt management were strategies for debt repayment of general indebted teachers and debt-free teachers. The findings contributes to policy and practical implication depending on the level of indebtedness.


Abdullah, N., Fazli, S. M., & Arif, A. M. M. (2019). The relationship between attitude towards money, financial literacy, and debt management with young worker’s financial well-being. Pertanika Journal of Social Sciences and Humanities, 27(1), 361-387.

Almeida, F. (2016). Society and brain: A complementary approach to Thorstein Veblen’s conspicuous consumer based on Tibor Scitovsky’s neuropsychology. Nova Economia, 26(2), 347-367.

Azma, N., Rahman, M., Adeyemi, A. A., & Rahman, M. K. (2019). Propensity toward indebtedness: evidence from Malaysia. Review of Behavioral Finance, 11(2), 188-200.

Barros, L., & Botelho, D. (2012). Hope, risk perception and propensity to indebtedness. BAR, Rio de Janeiro, 9(4), 454-474.

Buatong, S., Pratoomta, N., & Boonsong, K. (2020). Guidelines for managing debt problems of teachers in Phetchaburi province. SSRU Graduate Studies Journal, 13(1), 18-28.

Buatong et al. (2020) (Buatong et al., 2020) Caetano, G., Palacios, M., & Patrinos, H. A. (2019). Measuring aversion to debt: An experiment among student loan candidates. Journal of Family and Economic Issues, 40, 117–131.

Changlao, J., & Saenpakdee, S. (2019). Debt status and management of the members of Khon Kaen teacher saving cooperative limited. Journal of Roi Et Rajabhat University, 13(1), 174-183.

Changlao and Saenpakdee (2019) (Changlao & Saenpakdee, 2019) Channarong, Y., Thepsamritporn, W., & Suksamran, S. (2018). Guidelines to develop the management of the teachers’ savings and credit cooperatives in the southern provinces of the Andaman coast. Phuket Rajabhat University Academic Journal, 14(2), 42-70.

Chatterjee, D., Kumar, M., & Dayma, K. K. (2019). Income security, social comparisons and materialism. International Journal of Bank Marketing, 37, 1041- 1061.

Chunchoksan, S., Suvannik, S., & Suksumek, T. (2019). Thai household’s debt: BOT-Nielsen Household Financial Survey. BOT Institutional Repository.

Chunchoksan et al. (2019) (Chunchoksan et al., 2019) Darriet, E., Marianne G., Jean-Christophe, V., & Mariko, S. (2020). Money illusion, financial literacy and numeracy: Experimental evidence. Journal of Economic Psychology, 76.

Deaton, A. S. (2005, February 17-18). Franco Modigliani and the Life Cycle Theory of Consumption. In the Convegno Internazionale Franco Modgliani, Accademia Nazionale dei Lincei, Rome.

Eberhardt, W., de Bruin, W. B., & JoNell, S. (2019). Age differences in financial decision making: The benefits of more experience and less negative emotions. Journal of Behavioral Decision Making, 32(1), 79-93.

Edu News Siam. (2020). Teachers’ debt problems and comprehensive solution from the member of the House of Representatives. EDUNEWSSIAM Online. https://

Edu News Siam (2020) (Edu News Siam, 2020). Flores, S. A., & Vieira, K. (2014). Propensity toward indebtedness: An analysis using behavioral factors. Journal of Behavioral and Experimental Finance, 3, 1-10.

Gunhild, B., & Bilal, Z. (2017). Harnessing Emotional Connections to Improve Financial Decisions: Evaluating the Impact of Financial Education in Mainstream Media. Journal of the European Economic Association, 15(5), 1025–1055.

Huy, Q., & Zott, C. (2019). Exploring the affective underpinnings of dynamic managerial capabilities: How managers' emotion regulation behaviors mobilize resources for their firms. Strategic Management Journal, 40, 28-54.

Johnson, H. M., & Seifert, C. M. (1994). Sources of the continued influence effect: When misinformation in memory affects later inferences. Journal of Experimental Psychology: Learning, Memory, and Cognition, 20(6), 1420-1436.

Kondratjeva, O., Roll, S., Bufe, S., & Grinstein-Weiss, M. (2020). Using Financial Tips to Guide Debt Repayment: Experimental Evidence from Low- and ModerateIncome Tax Filers. SSRN.

Lincoln, Y.S., & Guba, E.G. (1985). Naturalistic inquiry. Sage.

Maxwell, J.A. (2005). Qualitative research design: An interactive approach. (2nd ed.). Thousand Oaks, CA; Sage.

Miles, M. B., & Huberman, A. M. (1994). Qualitative Data Analysis (2nd ed.). Sage Publications. Modigliani, F. (1976). Life-cycle, individual thrift, and the wealth of nations. American Economic Review, 76(3), 297–313.

Nguyen, L., Gallery, G., & Newton, C. (2019). The joint influence of financial risk perception and risk tolerance on individual investment decision-making. Accounting & Finance, 59(S1), 747-771.

Office of the National Economic and Social Development Council. (2007). Philosophy of Sufficiency Economy. Century.

Oswald, M. E., & Grosjean, S. (2004). Confirmation bias. In R. F. Pohl (Ed.). Cognitive illusion: A Handbook on Fallacies and Biases in Thinking, Judgement, and Memory (pp. 79-96). Psychology Press.

Peakamen, S., Phra Soponphattanabundit, Phrakhru Sudhikhambhirayan, Phramaha Samrong Saññato. (2020). The guidelines for application of Buddhist principles in resolving the problem of teachers debt under the Khon Kaen primary educational service area office 5. Journal of Modern Learning Development, 5(3), 60-77.

Peampongsan, P., Pantasen, S. T., & Peamyad, S. (2005, January 6-7). The synthesis on sufficiency economy. The proceeding of the 10th of Kasetsart-ThammasatMahidol-Royal Thai Navy Academic conference (pp. 20-35). Bangkean Campus, Kasetsart University.

Permsook, N., & Nilapornkul, N. (2021). Financial literacy affecting the wealth of teaching professionals in the Bangkok metropolitan region. EAU Heritage Journal Social Science and Humanities, 11(1), 68-82.

Phrakhru Prapatwatcharapong. (2019). An application to use the Buddhadhamma to cure diabetes patients: A cast study of Ban Don Sak community, hang-Chat District, Lampang Province. Academic Journal of Mahamakut Buddhist University Roi Et Campus, 8(1), 241-251.

Prakotang, J. (2013). Factors affecting to debt payment ability of the member of Khon Kaen Teacher saving cooperative limited (Independent Study). Khon Kaen University.

Pohl, R. F. (Ed). (2004). Cognitive Illusions: A Handbook on Fallacies and Biases in Thinking, Judgement and Memory.

Psychology Press. Rahman, M., Azma, N., Masud, M. A. K., & Ismail, Y. (2020). Determinants of Indebtedness: Influence of Behavioral and Demographic Factors. International Journal of Financial Studies, 8(1), 8.

Seifert, C. M. (2014). The continued influence effect: The persistence of misinformation in memory and reasoning following correction. In D. N. Rapp & J. L. G. Braasch (Eds.), Processing inaccurate information: Theoretical and applied perspectives from cognitive science and the educational sciences (pp. 39–71). Boston Review.

Sommarat, C., Atchana, L., Krislert, S., & Bhumjai, T. (2017). Thailand’s Household Debt Through the Lens of Credit Bureau Data: Debt and Delinquency. Puey Ungphakorn Institute for Economic Research.

Stock, J. H., & Mark, W. W. (2003). Forecasting Output and Inflation: The role of asset prices. Journal of Economic Literature, 41(3), 788-829.

Tanomchat, W., Jaroenwiriyakul, S., & Chienwattanasook, K. (2020). Causes that allow informal debt to remain in Thai society. Burapha Journal of Business Management, 9(2), 1-13.

Thaler, R. H., & Shefrin, H. M. (1981). An Economic Theory of Self-Control. Journal of Political Economy, 89(2), 392–406.

Vitt, L. A. (2004). Consumers’ financial decisions and the psychology of values. Journal of Financial Services Professionals, 58, 68-77.

Williams, A. J. & Oumlil, B. (2015). College student financial capability: A framework for public policy, research and managerial action for financial exclusion prevention. International Journal of Bank Marketing, 33(5), 637- 653.

Wiyaporn, P., & Chenaksara, N., & Intarak, P. (2018). The solving process of the financial liabilities problems of teachers and education personnel. Technical Education Journal King Mongkut’s University of Technology North Bangkok, 9(1), 88-89.

Yanyongkasemsuk, R. (2017). Debt and consumption. Kasetsart University Political Science Review Journal, 4(1), 91-113.

Yomsin, A. (2021). Teachers’ Debt Problems and Knowledge in Debt Management. Journal of Business Administration, 10(1), 103-122.




How to Cite

Peungposop, N., Wilailak Langka, . W. L., & Charoensuk, O. (2023). The Indebtedness and Debt Repayment Capability of Civil Service Teachers in Thailand. Journal of Multidisciplinary in Social Sciences, 19(2), 19–29. Retrieved from



Original Articles