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Financial Literacy in Orthopaedic Surgery Residents: A COERG Survey
Ryan J Cone1, Brent M Cone, Kyle D Paul
1From the Department of Orthopaedics (Dr. R. J. Cone, Dr. B. M. Cone, Paul, Arguello, McCalman, and Dr. Johnson), and the Department of Epidemiology (Dr. McGwin), University of Alabama at Birmingham, Birmingham, AL; the Department of Orthopaedic Surgery, Prisma Health-Upstate, Greenville, SC (Dr. Porter); the Department of Orthopedics and Rehabilitation, University of Vermont Medical Center, Burlington, VT (Dr. Ames); and The Hughston Clinic, Columbus, GA (Dr. Ponce).
Orthopaedic surgery residents exhibit low financial literacy and satisfaction. Enhancing financial education during residency is crucial for improving their financial well-being and decision-making skills.
Area of Science:
- Medical Education
- Financial Literacy
- Orthopaedic Surgery
Background:
- Financial literacy is essential for long-term financial well-being.
- Low financial literacy has been observed in residents across various specialties.
- Residency training may benefit from increased financial education.
Purpose of the Study:
- To comprehensively evaluate the financial literacy and attitudes of orthopaedic surgery residents.
- To assess the current financial satisfaction levels among orthopaedic residents.
- To identify factors influencing financial literacy and satisfaction in this demographic.
Main Methods:
- An anonymous 46-question survey was distributed to 1028 orthopaedic surgery residents nationwide.
- Data collected included resident demographics, financial knowledge, investment practices, and personal financial status.
- Responses from 494 residents (48% response rate) were analyzed.
Main Results:
- The average financial literacy score was 60.9%.
- Only 35.5% of residents were satisfied with their financial situation.
- Factors like higher childhood income, no credit card debt, parental education, and active retirement savings correlated with higher scores and satisfaction.
Conclusions:
- Orthopaedic residents demonstrate significant deficits in financial and investment knowledge.
- There is a notable dissatisfaction with financial situations during residency.
- Residency programs should consider implementing financial training and resources to support residents.
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