Abstract
IntroductionPhysician finances are linked to wellness and burnout. However, few physicians receive financial management education. We sought to determine the financial literacy and educational need of attending and resident physician at an academic emergency medicine (EM) residency.MethodsWe performed a cross-sectional, survey study at an academic EM residency. We devised a 49-question survey with four major domains: demographics (16 questions); Likert-scale questions evaluating value placed on personal finances (3 questions); Likert-scale questions evaluating perceived financial literacy (11 questions); and a financial literacy test based on previously developed and widely used financial literacy questions (19 questions). We administered the survey to EM attendings and residents. We analyzed the data using descriptive statistics and compared attending and resident test question responses.ResultsA total of 44 residents and 24 attendings responded to the survey. Few (9.0% of residents, 12.5% of attendings) reported prior formal financial education. However, most respondents (70.5% of residents and 79.2% of attendings) participated in financial self-learning. On a five-point Likert scale (not at all important: very important), respondents felt that financial independence (4.7 ± 0.8) and their finances (4.7±0.8) were important for their well-being. Additionally, they valued being prepared for retirement (4.7±0.9). Regarding perceived financial literacy (very uncomfortable: very comfortable), respondents had the lowest comfort level with investing in the stock market (2.7±1.5), applying for a mortgage (2.8±1.6), and managing their retirement (3.0±1.4). Residents scored significantly lower than attendings on the financial literacy test (70.8% vs 79.6%, P<0.01), and residents scored lower on questions pertaining to investment (78.8% v 88.9%, P<0.01) and insurance and taxes (47.0% v 70.8%, P<0.01). Overall, respondents scored lower on questions about retirement (58.8%, P<0.01) and insurance and taxes (54.7%, P<0.01).ConclusionEmergency physicians’ value of financial literacy exceeded confidence in financial literacy, and residents reported poorer confidence than attendings. We identified deficiencies in emergency physicians’ financial literacy for retirement, insurance, and taxes.
Highlights
Physician finances are linked to wellness and burnout
They valued being prepared for retirement (4.7±0.9)
Residents scored significantly lower than attendings on the financial literacy test (70.8% vs 79.6%, P
Summary
Physician finances are linked to wellness and burnout. We sought to determine the financial literacy and educational need of attending and resident physician at an academic emergency medicine (EM) residency. Personal finances are important for physician wellbeing and success, and between increasing education debt and stagnating reimbursements, sound financial management is becoming increasingly important for physicians.[1,2,3]. Compounding the worsening financial situation for emergency physicians (EP), the Centers for Medicare & Medicaid plan to decrease Medicare total allowable emergency medicine (EM) charges by 6% in the future,[3] and due to the rapid opening of EM residencies, all EM jobs are projected to be filled and Volume 22, no. Compounding the worsening financial situation for emergency physicians (EP), the Centers for Medicare & Medicaid plan to decrease Medicare total allowable emergency medicine (EM) charges by 6% in the future,[3] and due to the rapid opening of EM residencies, all EM jobs are projected to be filled and Volume 22, no. 6: November 2021
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