An Investment in Knowledge: Personal Finance Education for Medical Students

Area of Science:

• Medical Education
• Financial Literacy
• Physician Well-being

Background:

• Growing student loan debt ($240,000+ average) creates financial stress for medical trainees.
• This stress is linked to specialty choice, mental health, burnout, and patient safety.
• Limited personal finance education exists within medical schools.

Purpose of the Study:

• To detail the creation and implementation of a medical student-specific personal finance curriculum.
• To encourage adoption of similar programs in other institutions and health science courses.
• To advocate for national support for formal financial instruction from the AMA and AAMC.

Main Methods:

• Designed and implemented a personal finance curriculum tailored for medical students.
• Curriculum delivered primarily through interactive lectures.
• Integrated with the Association of American Medical Colleges' (AAMC) Financial Information, Resources, Services, and Tools program.

Main Results:

• Successfully developed and launched a comprehensive personal finance curriculum.
• Curriculum covers foundational saving/investment principles and future roles (administration, innovation).
• Program serves as a model for other institutions.

Conclusions:

• Personal finance education is crucial for mitigating medical trainee financial stress.
• Implementing such curricula can improve physician well-being and decision-making.
• National-level support from organizations like the AMA and AAMC is needed.