Financial Literacy in Plastic Surgery Training: Importance and Current Status

Area of Science:

• Medical Education
• Financial Literacy
• Surgical Training

Background:

• Medical training imposes financial burdens, contributing to burnout and potentially affecting patient care.
• Financial literacy is crucial for managing personal and professional financial situations.
• Plastic surgery residents often experience significant financial stress.

Purpose of the Study:

• To evaluate the financial status and knowledge of plastic surgery residents.
• To identify gaps in financial literacy among trainees.
• To inform the development of financial education programs.

Main Methods:

• A survey on finances and financial literacy was distributed to accredited U.S. plastic surgery residency programs.
• Descriptive analysis and statistical tests (Fisher exact, t test) were used for comparisons.
• Data from 86 residents were analyzed.

Main Results:

• Most residents (59.3%) had student loans, with 22.1% owing over $300,000.
• A majority (51.1%) had non-educational personal loan debt; higher debt correlated with slower payoff.
• Many residents lacked retirement savings plans (17.4%) and knowledge of retirement needs (55.8%), with 20% feeling unprepared for post-graduation financial management.

Conclusions:

• Plastic surgery residents exhibit significant debt and a lack of financial knowledge.
• There is a clear need for enhanced financial literacy education within plastic surgery training programs.
• Developing financial curricula at institutional or national levels is recommended to address this need.