["Analyses of Social Issues and Public Policy, Volume 26, Issue 1, April 2026. ", "\nAbstract\nGraduate school can be a highly uncertain and stressful time. Stressors may be exacerbated for individuals with historically marginalized social identities within the academy (e.g., female students, students from low‐income backgrounds, and people of color). We predicted that female students and students of color would report more negative program experiences, and that these identities, along with financial status, would be associated with decreased intentions to pursue an academic career. In a survey of 1798 psychology doctoral students from 155 U.S. institutions, we examined students’ finances, program experiences, mental health, and intentions to remain in academia. On average, students reported feeling underpaid. Additionally, 29% of the sample reported that their stipends did not cover basic needs and 17% lacked university‐issued health insurance. Female students and students of color also reported more negative program experiences and worse mental health outcomes in comparison to male and White students, respectively. In a logistic regression including all factors predicting future career intentions, we found that female students, students who did not have university‐issued health insurance, and those with more negative program experiences were less likely to pursue an academic career after graduation. Experiences of psychology doctoral students in U.S. institutions may mirror and amplify racial, gender, and class inequities. For the field of psychology to become more equitable, better graduate funding and support for diversity and inclusion will be essential.\n\nPublic Significance Statement\nGraduate school experiences shape who remains in academia. This study finds that many U.S. psychology doctoral students experience financial strain, with female students and students of color reporting more negative program climates and poorer mental health. Female students, students without university health insurance, and those in less supportive programs were less likely to pursue academic careers. Improving funding, health insurance access, and program climate is essential for a more equitable psychology field.\n"]