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Student Pharmacists' Personal Finance Perceptions, Projected Indebtedness Upon Graduation, and Career
Nicholas E Hagemeier1, Chad K Gentry2, Debbie C Byrd1
1East Tennessee State University Gatton College of Pharmacy, Johnson City, Tennessee.
American Journal of Pharmaceutical Education
|June 22, 2019
Summary
Pharmacy students’ debt perceptions, not total debt, influence career choices. Perceived financial pressure impacts decisions on postgraduate training and practice settings, highlighting a need for debt management support.
Area of Science:
- Pharmacy Education
- Health Economics
- Career Development
Background:
- Doctor of Pharmacy students face significant financial burdens from student loan debt.
- Understanding the impact of financial perceptions on career decisions is crucial for student support and retention.
Purpose of the Study:
- To determine if personal finance perceptions, projected student loan debt, and demographics predict postgraduate career intentions in Doctor of Pharmacy students.
- To analyze the relationship between financial factors and students' choices regarding postgraduate training and practice settings.
Main Methods:
- A survey was administered to 763 Doctor of Pharmacy students across three colleges.
- The survey assessed personal finance perceptions, self-efficacy, anticipated debt, postgraduate intentions, and demographics.
- Logistic regression models analyzed the predictive power of financial factors and demographics on career intentions.
Main Results:
- Students anticipated an average debt of $162,747, with an estimated 7.4 years to repay.
- Perceived debt pressure, not the amount of debt, significantly predicted intentions to enter practice directly versus pursuing postgraduate training.
- Higher debt pressure perceptions were associated with a decreased likelihood of choosing hospital pharmacy over community pharmacy.
Conclusions:
- Pharmacy students' perceptions of financial pressure, rather than the absolute debt amount, significantly influence their postgraduate training and practice setting choices.
- Interventions aimed at helping students manage the psychological impact of student loan debt are warranted.
- Financial literacy and debt management support may be essential components of pharmacy education.