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How do residents manage personal finances?

Joel M H Teichman1, Patricia P Cecconi, B Douglas Bernheim

  • 1Division of Urology, University of Texas Health Science Center, San Antonio, TX, USA. jteichman@providencehealth.bc.ca

American Journal of Surgery
|February 22, 2005
PubMed
Summary

Medical residents exhibit higher debt and lower savings compared to the general population, particularly surgical residents. Financial education and retirement plans can improve residents' financial well-being.

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Area of Science:

  • Medical Education
  • Financial Literacy
  • Resident Well-being

Background:

  • Investigating the financial health of medical residents compared to the general public.
  • Assessing financial decision-making differences among resident specialties.
  • Identifying institutional roles in supporting residents' personal finance.

Purpose of the Study:

  • To compare medical residents' debts and savings with the general public.
  • To evaluate financial choices of surgical residents versus other residents.
  • To determine how institutions can aid residents' financial decisions.

Main Methods:

  • Modified Survey of Consumer Finances instrument.
  • Piloted testing for financial information elicitation.
  • Data collected from 612 residents across 8 programs.

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Main Results:

  • Residents' debt-to-income ratio (2.46) significantly higher than controls (1.06).
  • Residents' assets-to-income ratio (0.64) significantly lower than controls (2.28).
  • Surgical residents demonstrated the least financially conservative behaviors; retirement plan eligibility increased contributions.

Conclusions:

  • Medical residents carry substantial debt and have inadequate savings compared to the general public.
  • Financial literacy and institutional support, such as retirement plans, are crucial for residents.
  • Graduate medical education programs should integrate financial management training for residents.