Probably fairer to instead say "Maybe because teachers aren't paid so much worse than other professions in the private sector". This emphasizes that high private sector salaries are not the problem, rather low teacher salaries are.
A bit like that but it might mislead. US teachers have higher salary than Finnish teachers. Salary level in general in the US is much higher than in Finland. But for teachers, the difference is smaller.
In general, with high progressive taxation, income is much more equal between sectors. The job market is just different. Things like shorter hours and longer vacations also become larger perks.
The society also is just not as money centered, for example status is derived more from other things. Finns are also quite jealous and shy, meaning people don't tend to exhibit it if they are wealthy. Some people from other cultures might feel it as a sort of repressive "keep your head down" attitude. It is anathema to try to raise yourself above others in any way. In total it makes things like luxury cars or flashy villas much less desirable here - they would be boorish. So what is your motivation for a higher pay? You won't use it for status or luxury. Education for your children is free anyway. Most people use it for apartments in slightly better locations.
We're not talking about total compensation, we're talking about salary.
Have you ever talked with a young teacher? Ask them how they're doing on paying back those student loans. Several people I went to highschool^ with are currently working as teachers (several more are still looking for teaching jobs. The surplus of people looking to get into education certainly doesn't help...). While I had my student loans paid off quite some time ago, they are still floundering. Although they love 'their kids', more than one has confided in me that they don't know what the hell they were thinking.
Salary, specifically how it will enable them to pay back their loans, is the sort of thing that young people in university consider when they are decided whether they want to go into industry or education. Total compensation doesn't really enter the equation at that stage.
When the best and the brightest can get starting offers with a salary two or three times as high as starting teacher salaries, that is going to take a toll in the grand scheme of things. You'll still have a few very bright chaps (such as my highschool friends) who swallow the bullet and go into education anyway, but you cannot expect that to be typical.
^ We still talk a few times a year, and they are all closer with each other than any of them are with me. Incidentally, nobody I know from my (rather over-priced) private university has gone into education...
End previous comment.
The point that you should get here is that total compensation does not pay student loans. Salary is the relevant number when you are trying to convince students straight out of school with student loans to come work for you. Starting teacher salary is undeniably remarkably low.
Or to answer your question directly and succinctly: My comment is not evidence of low total compensation, nor was it meant to be taken as such.
