Prioritizing financial knowledge and skills within the doctor of pharmacy curriculum

Abstract

IntroductionOver the past decade, pharmacy school tuition and the subsequent amount of student debt has risen significantly. Additionally, the debt-to-income ratio for pharmacy school graduates increases, making it extremely important to manage personal finance during pharmacy school and beyond. To assess a personal finance elective's effect on students' financial literacy and confidence, a course evaluation study was pursued at Northeast Ohio Medical University (NEOMED). MethodsNEOMED's College of Pharmacy graduating Classes of 2018 through 2021 completed a voluntary, anonymous survey to determine the need and interest for a finance elective in the curriculum. Survey results were grouped by enrollment in the personal finance elective course (i.e. students enrolled and students not enrolled). Students self-identified the category describing their knowledge and confidence in financial decision-making using Likert-style scales. ResultsOf the 106 students who responded, 57 (54%) were not enrolled and 49 (46%) were enrolled in the personal finance elective course. Students in the elective reported significantly higher financial literacy and financial decision-making confidence in many areas, including budgeting, loans, debt, investing, and retirement planning. Ninety-seven percent of study participants determined that a personal finance elective should be made available to students. ConclusionsStudents' financial knowledge and confidence can be positively impacted by a personal finance course. With the increasing student-loan-debt and expected 3% decline in the 10-year job outlook for pharmacist workforce positions, it is essential to provide future pharmacists with financial resources to make sound financial decisions impacting their careers and lives.