A poster examining the financial confidence of dental hygienists

Russell, Katherine

Stramoski, Sandra

UB ScholarWorks

Introduction Financial Management Practices and Attitudes of Dental Hygienists: A Descriptive Study  Katherine Russell, RDH, MS, Sandra Stramoski, RDH, MSDH Fones School of Dental Hygiene University of Bridgeport, Bridgeport, CT   Making financial decisions is a daunting task in the best of times. Choosing to set aside monetary resources for the future in the midst of a global financial crisis is anxiety producing even among working professionals. According to a 2009 Bureau of Labor Statistics report, dental hygienists in private practice offices stand to earn a national average of $66,950 per year . The agency also reports that dental hygiene ranks among the 20 fastest growing occupations.    Although dental hygienists may be able to obtain jobs, benefits in the dental hygiene profession are often contingent upon full-time employment. However, less than half of currently employed dental hygienists work more than 32 hours per week. Of these, only one-half receive employer-sponsored benefits.  Given these statistics, many hygienists may not be financially prepared to retire with adequate resources.    Conclusion • Hygienists report confidence in their ability to provide secure financial futures for themselves.  • Hygienists who practiced sound financial planning, such as adhering to monthly budgets, having wills, lowering debt, and saving regularly reported a higher level of financial security than those who did not. • Most respondents expressed interest in receiving education about financial management through the dental hygiene curriculum and CE courses. Research Methods Electronic Survey  • Six-part, 40-question  survey adapted with  consent from a recent joint study by the American Savings Education Council (ASEC) and the American Association of Retired Persons (AARP).    • Questions addressed (a) current financial status, (b) savings and debt, (c) financial goals and beliefs, (d) workplace benefits, (e) retirement mindset, (f) characteristics of survey respondents.    Statistical Methodology • Independent samples t-tests for relationship between retirement savings practices and beliefs about retirement income. • Chi-square analyses tested relationship between retirement savings practices and beliefs about retirement income. • ANOVA measured differences in financial security pertaining to the levels of debt, retirement mindset, and financial goals      Results – 389 Respondents from 37 States Financial Priorities for the  Next 10 Years Current Financial Practices 0 100 200 300 400 Total Responses: Stick to a monthly budget Have a will   Have a living will (also known as a health care directive) None listed   Have a formal, written financial plan 389 189, 49% 152, 39% 108, 28% 101, 26% 79, 20%                                                                 Most to Least Important Rank 1 2 3 4 5 6 Saving for retirement 124 92 55 36 37 33 Paying off debt 108 69 54 31 38 45 Receiving a higher education or degree 49 29 32 55 68 121 Earning more money 44 77 95 71 42 13 Advancing your career 22 43 59 72 83 54 Buying a home or making major improvements to your home 26 49 61 77 69  83 Total Responses: 389 389 389 389 389 389 Purpose. The purpose of this study was to determine the financial management goals and practices of registered dental hygienists, their satisfaction with their current financial situations and their attitudes about savings, investments, and retirement. Less than 1 month 17% 1 to 3 months 22% 3 to 6 months 21% 6 to 12 months 14% 1 year or longer 22% Q. If you were to stop receiving income today from work and other sources, how long would you be able to live on your savings alone? Do You Consider Yourself to be Financially Independent? Yes  331 (85.3%) No 57 (14.7%) Most (1) to Least Satisfied (5)  M(SD)   Satisfaction with Current Financial Situation  2.6 (1.1) Appreciation of Material Goods Possessed  1.0 (0.6) Worry About Financial Future                                2.3 (1.1) Struggle to Make Ends Meet  3.5 (1.2) Confidence in Financial Life So Far  2.5 (1.1) Overall Financial Security  1.7 (1.0) Note. For ranked questions, lower scores (1-5) indicate more positive  attitudes / feelings. Financial Independence, Satisfaction & Security Future Research Phase II of this project will assess the effect  an educational intervention on financial planning has on the fiduciary habits of new graduates as they become part of the dental hygiene workforce Dental Hygienists reported saving regularly and that they were confident in providing a comfortable future for themselves. In contrast, few would be able to live on savings 1 year or longer.  # 64 :  __  __  __ 

Financial Management Practices and Attitudes of Dental Hygienists: A Descriptive Study

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Financial Management Practices and Attitudes of Dental Hygienists: A Descriptive Study

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