Financial Literacy Among Medical Trainees and Faculty: A Pilot Study

Area of Science:

• Medical Education
• Physician Well-being
• Financial Literacy

Background:

• Medical education prioritizes clinical skills over personal finance management.
• Physicians face increasing educational debt and stagnant reimbursement.
• Limited financial training impacts physician well-being and career sustainability.

Purpose of the Study:

• To assess baseline financial literacy among physicians at various career stages.
• To identify gaps in financial knowledge within the medical community.
• To inform the development of targeted financial education interventions for physicians.

Main Methods:

• A cross-sectional pilot study utilizing an anonymous survey.
• Survey designed with input from a certified financial planner.
• Distributed to residents, fellows, and attendings at an academic institution.

Main Results:

• 50 physicians completed the survey.
• Over 70% reported insufficient financial preparedness from graduate education.
• Majority lacked specific financial education.

Conclusions:

• Financial literacy is crucial and underdeveloped in medical education.
• Physicians require enhanced financial training.
• Pilot data underscore the necessity of integrating financial education into medical training.