MP66-09 ASSESSING FINANCIAL LITERACY AND WELLBEING OF UROLOGY RESIDENTS

Abstract

You have accessJournal of UrologyCME1 Apr 2023MP66-09 ASSESSING FINANCIAL LITERACY AND WELLBEING OF UROLOGY RESIDENTS Katherine Sinchek, Kyle Dymanus, Morgan Salkowski, Christopher Coogan, and Alexander Chow Katherine SinchekKatherine Sinchek More articles by this author , Kyle DymanusKyle Dymanus More articles by this author , Morgan SalkowskiMorgan Salkowski More articles by this author , Christopher CooganChristopher Coogan More articles by this author , and Alexander ChowAlexander Chow More articles by this author View All Author Informationhttps://doi.org/10.1097/JU.0000000000003329.09AboutPDF ToolsAdd to favoritesDownload CitationsTrack CitationsPermissionsReprints ShareFacebookLinked InTwitterEmail Abstract INTRODUCTION AND OBJECTIVE: Physicians accrue significant debt throughout their medical education yet report less experience with and instruction in personal finance management than their age-matched peers. Our study aims to evaluate financial status, literacy, and attitudes in urology residents across the United States. METHODS: A web-based survey was sent to 146 ACGME-accredited urology residency programs in the United States. Respondents were asked to answer 50 questions covering personal debt, financial status, and willingness to participate in formal education on personal finance during residency. The survey included a validated questionnaire authored by the Financial Industry Regulatory Authority (FINRA) to provide objective data regarding financial literacy. RESULTS: 99 total responses were received from urology residents located in 23 states. Financial and debt status are reported in Table 1. 88 respondents answered the financial literacy portion of the survey, with an average correct score of 53% (+/-22.5%). Residents that reported their knowledge of personal finance and investing as high (7%) or above average (26%) were more likely to have higher scores than those reporting their knowledge as limited (38%) or having no knowledge (11%) (p=0.01). Lower debt level (<$100,000) was associated with a higher literacy score (p=0.01). Residents cited lack of time (75%), lack of resources (51%), and challenging subject matter (47%) as reasons for their limited financial knowledge. CONCLUSIONS: Responses indicate a high debt burden yet limited literacy in personal finance based on quantitative measures provided by the FINRA assessment. Although most residents reported confidence in ability to meet monthly costs of living, a survey of savings versus debt depicts residents in a precarious position. Formal education in personal finance was also assessed, highlighting a disparity in resident interest and what programs currently offer. While most residents reported having access to personal finance educational programming at their programs, almost all respondents indicated they did not feel it was adequate for their needs. These results suggest that the addition of a formal course on personal finances would be well-received and lead to improved financial wellbeing in this group. Source of Funding: None © 2023 by American Urological Association Education and Research, Inc.FiguresReferencesRelatedDetails Volume 209Issue Supplement 4April 2023Page: e935 Advertisement Copyright & Permissions© 2023 by American Urological Association Education and Research, Inc.MetricsAuthor Information Katherine Sinchek More articles by this author Kyle Dymanus More articles by this author Morgan Salkowski More articles by this author Christopher Coogan More articles by this author Alexander Chow More articles by this author Expand All Advertisement PDF downloadLoading ...