Financial Literacy Rate of Orthopaedic Resident Doctors: A Cross-sectional Study

Abstract

Background: Healthy financial practices directly affect the financial well-being of an individual, and subsequently the quality of life. Paucity of financial literature in young Indian professionals has been established before by studies that evaluated this topic subjectively. This study emphasizes on assessing the financial literacy of orthopedic resident doctors in a developing country and ascertaining the factors affecting it to improve the same. Methods: Total 286 resident doctors were analyzed cross-sectionally in terms of their financial knowledge, factors affecting it, financial attitude, subjective satisfaction, and thought process regarding improving this scenario. An objective, 46-question survey-based model was used from February 2023 to April 2023. All the findings were collated and analyzed. Results: The mean financial literacy was recorded to be 53.56±17.59%. Age, marital status, children, population of the city, education, and occupation of parent 2 had no bearing on the financial literacy of the residents (P > 0.05). The socioeconomic status, retirement savings, loan/debt, and the presence of an emergency fund significantly influenced the financial literacy (P < 0.05). Only 22.38% were satisfied with the current financial situation and 61.89% wanted an in-person meeting with a financial advisor. Conclusion: Orthopedic resident doctors show low financial literacy and financial satisfaction. Significant steps need to be taken to improve financial knowledge and understanding of the investment options of these professionals to ensure the economic growth of the community. Keywords: Financial literacy, financial knowledge, resident doctors, orthopedics, financial well-being, financial attitude.