A Financial Literacy Pilot Project: Are Matriculating DPT Students Prepared to Manage Their Debt?

Abstract

Background: Student debt has become a significant problem for the profession of physical therapy. Higher debt levels can impact mental health and professional and personal decisions. The American Physical Therapy Association (APTA) has recommended improving physical therapy students' financial literacy. The purpose of this pilot study was to assess financial knowledge and anticipated student debt in Doctor of Physical Therapy (DPT) students entering two programs.

Methods: A financial knowledge survey consisting of 24 questions assessing 4 domains was disseminated by two methods to matriculating DPT students. Additional questions gathered demographic information, self-assessment of financial knowledge, anticipated student debt at graduation, and awareness and utilization of APTA financial resources.

Results: Survey response rate was 80%, with 125 students completing the survey. The mean score was 57% of questions answered correctly. 61% of students estimated loan amounts at graduation to be > $80,000, 46% > $100,000 and 18% > $150,000. 85% of students either had no awareness of the APTA financial education platform or had not accessed it.

Discussion: Scores were above those in previous studies on health professions students, but student loan literacy scores were below those of other college students. Due to the high amounts of anticipated education debt, DPT programs should increase awareness of APTA financial education resources and incorporate financial literacy education into their curricula.