Fahd A. Ahmad|Andrew J. White|Katherine M. Hiller|Richard Amini|Donna B. Jeffe
An assessment of residents’ and fellows’ personal finance literacy: an unmet medical education need
Washington University in St. Louis|Washington University in St. Louis|University of Arizona|University of Arizona|Washington University in St. Louis
study aimed assess residents fellows knowledge finance principles may affect personal financial healtha crosssectional anonymous webbased survey administered convenience sample residents fellows two academic medical centers respondents answered 20 questions personal finance 28 questions financial planning attitudes debt questions regarding satisfaction ones financial condition investmentrisk tolerance used 10point likert scale 1lowest 10highest 2010 trainees 422 21 responded median age 30 years interquartile range 2833the mean quiz score 520 sd 191 299 71 respondents student loan debt 144 48 owed 200000 many respondents debt including 86 21 credit card debt 262 respondents retirement savings 142 52 saved less 25000 respondents mean satisfaction current personal financial condition 48 sd 25 investmentrisk tolerance 53 sd 23 indebted trainees reported lower satisfaction trainees without debt 44 vs 62 f 1419 4157 p 001 knowledge moderately correlated investmentrisk tolerance r041 p 001 weakly correlated satisfaction financial status r023 p 001residents fellows low financial literacy investmentrisk tolerance high debt deficits financial preparedness adding personal financial education medical education curriculum would benefit trainees providing education areas budgeting estate planning investment strategies retirement planning early training offer significant longterm benefits