Study: Healthcare workers more susceptible to debt than those in other industries

Editor's Note

Extensive training and lower wages lead healthcare workers to accrue more debt than those in other industries, according to a recent analysis published in JAMA Health Forum. 

Findings were based on 2018-2021 data from U.S. Census Bureau’s Survey of Income and Program Participation. According to an August 5 report on research in Modern Healthcare, findings show that healthcare workers are more likely to have student loan and medical debt, with physicians and nurses particularly affected by educational debt, while nursing aides and environmental service workers struggle more with medical debt.

Healthcare workers collectively owe over $150 billion, a figure that surprised researchers, the outlet reports. The debt is driven largely by education costs, and this debt burden is especially high among low-paid employees and Black clinicians.

Among other key findings on healthcare worker debt, the article lists the following:

• Nearly 14% of healthcare workers had some form of medical debt, compared with 11% of workers in other industries.
• The average tuition cost for a two-year associate's degree in nursing is $24,600. Medical students typically pay more than $50,000 per year and graduate with more than $200,000 in debt.
• Healthcare workers had an average of $10,642 in student loan debt, totaling $134.4 billion nationwide. The average medical debt among all healthcare workers was $1,567 for a total of $19.8 billion.
• Among nursing aids and assistants, one in five had medical debt, compared with with 12% of registered nurses and 3% of physicians.
• The study illuminated various demographic disparities. For example, more women than men—15% versus 9%—had some form of medical debt, while younger workers and black clinicians face relatively higher educational debt burdens. Black individuals have a greater than 50% chance of holding more educational debt.
• Debt can worsen workers’ mental health issues and chronic physical conditions.