Socioeconomic Influence on Physical Therapist Student Financial Literacy, Self-Efficacy, Stress, and Anxiety

Edward P Mulligan; Patrick S Pabian; Tara Dickson

doi:10.1097/JTE.0000000000000348

Socioeconomic Influence on Physical Therapist Student Financial Literacy, Self-Efficacy, Stress, and Anxiety

J Phys Ther Educ. 2024 May 29. doi: 10.1097/JTE.0000000000000348. Online ahead of print.

Authors

Edward P Mulligan^{1

2

3}, Patrick S Pabian^{1

2

3}, Tara Dickson^{1

2

3}

Affiliations

¹ Edward P. Mulligan is an associate professor at Tufts University, Doctor of Physical Therapy Program-Phoenix, 101 East Washington Street, Phoenix 85004, AZ (edward.mulligan@tufts.edu). Please address all correspondence to Edward P. Mulligan.
² Patrick S. Pabian is the professor, department chair in the College of Health Sciences at the University of Kentucky.
³ Tara Dickson is an assistant professor, director of clinical education at the Tufts University, Doctor of Physical Therapy Program-Phoenix, AZ.

PMID: 38814573
DOI: 10.1097/JTE.0000000000000348

Abstract

Introduction: Doctor of Physical Therapy (DPT) students have considerable educational debt upon graduation with suspected low levels of financial literacy, limited financial self-efficacy, and elevated stress and anxiety. The purpose of this study was to determine the relationships between financial knowledge, financial anxiety, financial stress, and financial self-efficacy with socioeconomic determinants in DPT students.

Subjects: Five hundred seventy-eight DPT students, surveyed through a cross-sectional sample of convenience.

Methods: Participants responded to a 40-item demographic questionnaire providing a self-assessment of their current financial literacy, financial self-efficacy, financial anxiety, financial stress, and level of general social support. Pairwise correlations were used to determine the relationship between independent variables and composite scores on self-assessment tools. Multiple regression analyses were conducted to predict financial knowledge, self-efficacy, anxiety, stress, and social support by socioeconomic indicators and educational debt status.

Results: While there was a moderate, positive association between presence of debt and financial self-efficacy and financial anxiety for all students (r = .55), there was no statistically significant difference in financial knowledge, self-efficacy, anxiety, stress, or social support for students based on race/ethnicity. There was a negligible to weak correlation between financial knowledge, financial self-efficacy, and level of financial anxiety based on age, race/ethnicity, gender, socioeconomic background, debt load, risk tolerance, and retirement reflection. When subjected to multiple regression analysis, the level of education-related debt could explain a large proportion of the variance in multiple measures, including financial self-efficacy, anxiety, and stress. Economic background explained a large proportion of variance in the general social support students felt.

Discussion and conclusion: We found a strong, positive correlation between the presence of debt and financial stress and anxiety for all DPT student respondents. While there is no difference in financial literacy and self-efficacy based on race and ethnic background, there is a moderate correlation between self-efficacy and financial anxiety for all students. Education on strategies to manage debt load may reduce both factors.