• Rupert RL
• Zhang JQ
• Nosco D

• Financial Management

Methods: This study was conducted through the use of a questionnaire containing 28 questions ranging from demographic factors to factors defining financial success in chiropractic. Students in Logan College of Chiropractic and Parker College of Chiropractic were given the questionnaire with no prior knowledge of the survey to ensure that their responses were spontaneous and reflected their true feelings. Frequency analysis, mean values, and standard deviation were used for the statistical analysis.

Results: A total of 166 students (36.1% female) from Logan College of Chiropractic and 158 (26.6% female) from Parker College of Chiropractic completed the questionnaire. Most students (58.4% from Logan and 71.5% from Parker) would have a total debt of above $100,000 after graduation. Most students felt they were not knowledgeable in personal finance management, how to generate significant income from a chiropractic practice, how to generate significant income from investments, and how to use tax strategies. Students agreed that they could be a better doctor and serve patients better if they were financially secure. Most students believed that they would be financially successful as chiropractors. They expressed strong interests in studying strategies for achieving financial success. They also indicated that enrollment in chiropractic college did not prompt them to develop an interest in reading financial news, nor did they receive sufficient information relative to financial success. Most students had an interest in using the strategies if they had training in financial management. Students had no confidence in their current ability to manage the business aspects of a chiropractic office. Only four students out of the 324 thought an income of $50,000 within 5 years was their goal. Most students had hoped for an annual income between $100,000 and 250,000 and above plus early retirement. Student had little knowledge of stocks, bonds, and real estate, but one-third of them owned stocks or mutual funds.

Conclusion: A significant number of chiropractic students reported a lack of knowledge with regard to financial management and investment. Many students had high indebtedness and high projected income after graduation, but they had insufficient knowledge of personal financial management. Many students expressed strong interest in learning financial management, investment, and tax strategies at chiropractic colleges.

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