Financial status and literacy among residents and medical students

Abstract

There is a wide perception of physicians as having minimal financial literacy, and this assumption is perpetuated through the community as the "Dumb Doctor" persona relating to financial management. This study examined medical student and resident financial behaviors and assessed their level of financial literacy using previously validated questions within the survey tool. Two surveys were distributed to medical students and residents, 1 survey each, who are part of a single medical education system. After the initial email request, 2 additional email requests were sent at 2 and 6 weeks. Using the validated questions, "The Big 3" and "The Big 5," the level of financial literacy was assessed. Of the 461 possible respondents, 261 trainees responded with 65 residents and 196 medical students, for a response rate of 57%. Financial literacy was demonstrated to be higher than the average adult with 60% answering all 3 of "Big 3" correctly, compared to national average of 30%. Investment-based questions were the most difficult with 16% correct for bond price activity and 70% for stock risk. There is high level of interest with 93% open to education on financial topics. This study showed that this cohort of medical trainees demonstrated better financial habits and a very high level of financial literacy compared to the general population. There are areas surrounding investment principles that provide an opportunity to improve their financial literacy and would likely be well received based on the high level of interest for more education.