Financial knowledge, attitude and investment practices among Indian doctors

Abstract

Background: Doctors are particularly vulnerable to financial problems because of their unsatisfactory levels of financial knowledge and the lack of awareness in terms of investments. This study aimed to evaluate financial knowledge, attitude and investment practices among Indian doctors.Methods: An online questionnaire based cross-sectional study was conducted across 286 registered Indian medical practitioners (N=286). The data was collected by a pre-validated online questionnaire. The financial knowledge score was calculated using 4 questions to determine financial knowledge. The attitude was assessed using responses to 4 questions on investment using Likert scale. Financial practices were determined using responses to their preferred investment options. Data was analyzed using non-parametric tests (Kruskal Wallis test, median value), Chi-square test and Pearson’s coefficient.Results: It was found that male doctors had higher financial knowledge as compared to female doctors (p=0.011). Financial knowledge was significantly associated with the age (p≤0.0001) of the study population. The influence of the nature of employment over the financial attitude of Indian doctors was statistically significant (p=0.009). A statistically significant association was seen between financial knowledge and financial practices (p=0.012).Conclusions: There is a need to create an optimal level of financial awareness among Indian doctors. Increasing the financial knowledge of doctors through financial awareness programs initially may have a positive implication on their financial practices later on.