Financial characteristics and security of podiatry work in Victoria: the PAIGE cross sectional study of Australian podiatrists

Author:

Couch Anna Grace1ORCID,Haines Terry2,O'Sullivan Belinda3,Menz Hylton B4,Williams Cylie M2

Affiliation:

1. Peninsula Health

2. Monash University - Peninsula Campus

3. Monash University School of Rural Health

4. La Trobe University - Melbourne Campus: La Trobe University

Abstract

Abstract Background Podiatrists’ earnings have an important influence on workforce dynamics. This includes the profession’s ability to retain workers so the populations healthcare needs can be met. This study aimed to describe factors relating to Victorian podiatrists’ financial characteristics and security. Methods This was a cross sectional study using data from Victorian podiatrists who participated in Wave 1 of the Podiatrists in Australia: Investigating Graduate Employment (PAIGE) survey. Demographic and financial characteristics were described. The outcome measure, financial security, was collected through a self-reported belief based on current financial situation and prospects, respondents perception of having enough income to live on when they retire. Univariate logistic regression was used to determine associations with rural or metropolitan practice locations. Multiple ordered logistic regression was performed to explore associations between factors relating to financial security and retirement prospects. Results There were 286 Victorian podiatrist (18% of n = 1,585 Victorian podiatrists) respond. Of these, 206 (72% of n = 286) identified as female, 169 (59% of 286) worked in the private sector and the mean (SD) age was 33.4 (9.5) years. The mean (SD) annual gross income was $79,194 ($45,651) AUD, and 243 (87% of 279) made regular superannuation contributions. Multiple ordered logistic regression analyses identified factors associated with podiatrists’ perception of having adequate retirement income. These included being an owner/partner of their main workplace (adj OR = 2.70, 95% CI = 1.49–4.76), growing up in a rural location (adj OR = 2.27, 95% CI = 1.38–3.70), perceiving a moderate overall health rating (adj OR = 2.03 95% CI = 1.51–2.75), not having financial debt related to education and training (adj OR = 2.02, 95% CI = 1.24–3.32) and regular contributions to a superannuation scheme (adj OR = 4.76, 95% CI = 2.27-10.00). Conclusion This is the first known study to explore podiatrists’ earnings and perceptions regarding financial security for retirement. Findings suggest modifiable ways to improve financial security of podiatrists including support and education about personal and business finances including debt management and understanding the importance of contributions to superannuation when self-employed, or skills and supports for podiatrists to run their own businesses. This research is exploratory and is relevant for understanding the impact that income and financial security have on workforce capacity.

Publisher

Research Square Platform LLC

Reference31 articles.

1. Australian Government. Future focused primary health care: Australia's Primary Health Care 10 Year Plan 2022–2032. In: Health Do, editor. 2022.

2. Podiatry as a career in the UK - what attracts Generation Z? A qualitative exploration with university and college students;Whitham D;J Foot Ankle Res,2021

3. Australian Podiatry Association, Studying, Podiatry. 2023. Available from: https://www.podiatry.org.au/cpd-and-careers/studying-podiatry.

4. Australian Government Australian Taxation Office. Difference between employees and contractors., 2022. Available from: https://www.ato.gov.au/business/employee-or-contractor/difference-between-employees-and-contractors/.

5. Australian Government Australian Taxation Office. Super for employers., 2022. Available from: https://www.ato.gov.au/business/super-for-employers/.

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