The Stock Exchange of Thailand (SET), the Royal Thai Police and Police Wives Association join forces to enhance financial planning and debt management knowledge. Between 2023 and 2026, they will proceed with the collaboration with the 3Cs principle - Cure, Caution and Cultivate, aiming to change behavior for financial success. The project targets non-commissioned police and police cadet students, police personnel, their spouses and family members nationwide after a success in jointly promoting financial literacy that has produced model officers for financial and debt management skill development.
SET President Pakorn Peetathawatchai said that SET, the Royal Thai Police and Police Wives Association agree to expand the project and continuously provide knowledge on financial planning and savings after the project, which has been carried out since 2021, has proved to be successful. The implementation from 2023 to 2026 will adhere to the 3Cs principle: 1. Cure to provide knowledge on financial planning and debt management to police officers who participate in a debt-solution project; 2. Caution to share relevant knowledge with loan seekers and debtors via SET e-Learning series targeting members of savings and credit cooperatives; and 3. Cultivate to cultivate the right financial and investment skills to police cadet and non-commissioned police students, police officers, their spouses and family members. Model officers will be promoted at the levels of police bureaus under one police station one model officer program through the initiative called "Happy Money in Action" to build the culture of financial and investment planning at the levels of individuals and organizations in a sustainable manner.
Police General Damrongsak Kittiprapas, Commissioner General of the Royal Thai Police, said that Royal Thai Police attaches great importance to police officers' debt solutions. A survey on police officers who have participated in the debt-solution project since 2020 showed that 6,688 out of 7,189 debtors successfully dealt with their debts and the remaining cases are solving the problem. The office is trying to solve debts for as many police officers as possible. It is also necessary to give financial immunity to those who have not been indebted and improve police's financial management by supporting them and their families to generate supplemental income. The office has cooperated with SET to provide knowledge about financial planning and debt management by deploying all relevant knowledge and learning materials of SET such as adding financial, debt management and investment courses to training courses for all police officers. This is to enable trainees to solve their debts by themselves, improve their quality of life and boost their morale so that they can work efficiently and people can rely on them.
Sumana Kittiprapas, President of Police Wives Association, said that Police Wives Association is the charity dedicated to improving quality of life of police families. One of the association's priorities is to promote knowledge on finance under the "Money Management & Investment" project since 2021. Together with SET, the association has transferred knowledge on financial planning and debt management to 1,324 police officers, spouses and family members, resulting in a truly change in their financial behaviors as seen by the increase in police officers' contribution rate to the Government Pension Fund, cutting back expenses that lead to higher savings and lower debts. This year the association proceeds with the project by holding training to develop a model officer at each police station. The initiative has been piloted in Chanthaburi province since late last year and 452 people have participated in both onsite and online trainings. The model officer at each police station will be announced on April 24, 2023.
Police Wives Association will collaborate with SET to further develop financial knowledge of the model officers to systematically turn them into financial mentors with ability to formulate financial plans for their own interest and transfer knowledge to other people in their organizations. The association will also play significant roles in implementing the policy of the Royal Thai Police to effectively educate police at all levels about financial and investment planning in a regular and sustainable manner."
SET, the Royal Thai Police and Police Wives Association signed a Memorandum of Understanding (MoU) on the project to share financial and investment knowledge at the Royal Thai Police headquarters on Thursday, February 23, 2023. Organizations interested in financial knowledge shared by SET can find more details at www.set.or.th/happymoney.