We can categorize the root causes that make them a debt into 3 areas. First, in Thailand, we don’t provide personal financial wellness enough to people. We don’t have this topic in any level of high school or university except in faculties that have highly related with business and economics. Second, they don’t aware of negative conditions in our society. Lack of strict financial regulatory tends to make our people have a debt rather than asset. And, last, they don’t aware of negative impacts from the debt. They saw the debt as the normal part of their life.
With these root causes, we can support employees in Thailand to improve their financial responsibility by coaching. We must support them the personal financial knowledge, increase their self-awareness in their life, and reframe their perspective about debt.
9 of 10 peoples would like to apply the coaching process to support them about these issues. They said that it would be great to have supporters who work with them closely about this area for a long length of time. They would like to have a coach to support and follow up their progress.
Average length per session is 45 minutes. It should be at least 1 session per week. They said they would like to work closely in the beginning because they feel that they are lack of self-discipline. And, in later, they said it would be great to have 1-2 sessions per month.
Sometimes they would like to become an anonymous for talking about some areas of debt problems. However, all peoples said that they would like to meet coach in person. They said they would have more benefits if they meet coach in person.
They said it would be great to work with a coach on 1-to-1 coaching, rather than group coaching. They feel that they need to have privacy about these issues. They don’t want other peoples to know that they have some debts.
They commit to solve their problems. They would like to have a coach for a long length period of time such as 6 months or more. They said they would like to change their behaviors and attitudes that make them a debt.
They expected the high commitment from a coach. They would like coach to track their progress intensively such as checking their journal about income and expenses in daily, as well as supporting them with the current financial movements.
Last, they agreed to pay 500 – 3,000 baht for each session. They tend to satisfy for paying more if coach come from financial areas and know the current financial movements. They would like to pay less for coach who doesn’t familiar with the financial areas.
Conclusion
From the research, the reasons that make people a debt are (1) lack of knowledge about personal financial wellness, (2) lack of strict financial regulatory, and (3) misunderstanding about negative impacts from the debt. According the reasons above, we can support employees in Thailand to improve their financial responsibility by coaching. We must support them the personal financial knowledge, increase their self-awareness in their life, and reframe their perspective about debt.
About coaching, we found that clients would like to have a coach for support them in debt issues. They would like to have a coach from financial areas and know the current financial movements. They expected the high commitment from a coach and would like coach to track them intensively. They would like to have a coaching session for 45 minutes in each week for at least 6 months by 1-to-1 coaching. The service charges depend on the coach background. They tend to satisfy to pay higher if coach comes from financial areas.
References
Kim, J., Garman E. T. & Sorhaindo B. (2003). Relationships Among Credit Counseling Clients’ Financial Wellbeing,Financial Behaviors, Financial Stressor Events, and Health. Financial Counseling and Planning, 14 (2), 75-87.
Jorgensen, B. L. (2007). Financial Literacy of College Students: Parental and Peer Influences. Thesis. Virginia Polytechnic Institute and State University, Blacksburg.