The Department of Education intends to investigate why public school teachers are tempted to get into numerous salary loans compared to other government employees.
Based on a particular study, public school teachers tend to borrow money from different lending institutions 50% higher than police and nurses.
Sec. Leonor Briones noted that DepEd has to know the spending patterns of the teachers to know exactly the reasons why they fall into pits of debts.
According to some group of teachers, personal interviews, and DepEd initial findings, the following are the common reasons why teacher are into salary loans:
1. The salary is not enough to cover the cost of living.
2. To support the education of their children (tuition fees and alike).
3. To cover the cost of housing (housing loans).
4. Postgraduate studies.
5. To support expended families' needs and emergencies.
6. Travel and leisure.
Sec. Briones pointed out that the salary of public school teachers is way higher than other government and private employees considering the bonuses and allowances they also receive.
Hence, it is alarming to know that they still tend to over borrow from various lending institutions and the department believes that financial management training is something to consider to diminish this type of problem.
Reasons why teachers end up with too many Salary Loans
Reviewed by Anonymous
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April 07, 2019
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Reviewed by Anonymous
on
April 07, 2019
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