A new survey is pulling back the curtain on the stark financial realities facing healthcare professionals, with many reporting amber-alert levels of student loan debt.
The new poll by Laurel Road – which surveyed 500 American nurses and 300 professionals from across the U.S. – highlights the high cost of specialized education in healthcare, with daunting levels of debt across the healthcare sector.
The nurses surveyed reported an average pretax income of $80,695, with average student loan debt of $40,611. Doctors reported even higher figures, earning an average of $323,693 before taxes while shouldering an average debt of $188,317.
The situation was even more dire for early-career doctors, with Gen Z doctors reporting student loan debt of as much as 64 percent of their $183,873 average annual salary.
Since the government officially lifted the moratorium on federal student loan repayments, the financial burden has been a source considerable anxiety among health care professionals. Approximately 75 percent of doctors and 69 percent of nurses said they “always” or “often” feel anxious as a result of their student loan balances.
Student debt casts a long shadow for many respondents. When asked how much time it would take them to pay off their student loans, nurses estimated they’d need 10 years on average, while doctors forecast it would be closer to eight years.
Despite this, a significant portion of respondents prefer to discuss their financial woes with family rather than seek professional advice. Only 56 percent of doctors and a mere 32 percent of nurses said they’re likely to consult with a financial expert.
As the student debt clock resumes ticking, the majority of health care professionals have had to adjust their financial sails, with 74 percent of doctors and 61 percent of nurses reallocating funds to meet their payment obligations.
Even more doctors (94 percent) and nurses (88 percent) said they’ve had to cut back in other areas, such as travel (35 percent of doctors and 42 percent of nurses), dining out or ordering in (30 percent and 40 percent, respectively), and retirement savings (28 percent and 33 percent, respectively).
All in all, more than half of doctors (77 percent) and nurses (60 percent) said they’ve had to put certain financial goals they had for 2024 on the back burner, including:
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
