Financial attitudes, knowledge, and habits of chiropractic students: A descriptive survey
Julie Lorence1, Dana J Lawrence2, Stacie A Salsbury3
1Doctoral student, Kinesiology and Community Health, University of Illinois, Huff Hall, 1206 S. Fourth Street, Champaign, IL 61820 drjoyas@hotmail.com.
Objective:
Our purpose was to describe the financial knowledge, habits and attitudes of chiropractic students.
Methods:
We designed a cross-sectional survey to measure basic financial knowledge, current financial habits, risk tolerance, and beliefs about future income among 250 students enrolled in business courses at one US chiropractic college. Descriptive statistical analyses were performed.
Results:
We received 57 questionnaires (23% response rate). Most respondents would accumulate over $125,000 in student loan debt by graduation. Financial knowledge was low (mean 77%). Most respondents (72%) scored as average financial risk takers. Chiropractic students reported recommended short-term habits such as having checking accounts (90%) and health insurance (63%) or paying monthly bills (88%) and credit cards (60%). Few saved money for unplanned expenses (39%) or long-term goals (26%), kept written budgets (32%), or had retirement accounts (19%).
Conclusion:
These chiropractic students demonstrated inadequate financial literacy and did not engage in many recommended financial habits.
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