What Multi-Level Solutions Can Enhance the Financial Literacy of Healthcare Professionals in Kenya?

Abstract

Financial literacy is a crucial asset within the human capital pool, whether individuals are working within or outside the hospital setting. Professionals in various fields benefit from financial literacy, and the main recipients include individuals, the broader economy, businesses, and the overall financial system. In the context of medical professionals, the expectation is often that they make informed business decisions and effectively manage healthcare facilities. However, a notable challenge is the potential lack of essential skills in financial literacy among these professionals. In Kenya, a considerable number of healthcare professionals face a deficiency in financial literacy skills, hindering their ability to proficiently handle even small businesses in private practices and oversee financial matters in hospital departments, both in public and private healthcare facilities. Consequently, the objective of this study is to present healthcare professionals with a roadmap to identify and address gaps to enhance their financial literacy. A survey was conducted from June to July 2023, involving 339 doctors, including medical doctors, dentists, and pharmacists. The findings were interesting concerning gender performance and global comparisons. Unlike previous studies, female doctors demonstrated a higher financial knowledge, behavior, and attitude, suggesting a well-rounded financial proficiency compared to their male counterparts. At the global level, the descriptive analysis revealed strong financial knowledge, positive attitudes, and prudent financial behaviors among the Kenyan participating doctors compared to the OECD global averages. For example, unlike the OECD global average of 52.5% in financial knowledge and literacy, the findings for the Kenyan counterparts stood at 77%; while the OECD global average for financial attitude was 70%, that of the Kenyan counterparts was at 75%; and compared to the OECD global average of prudent financial behavior of 59%, that of the Kenyan counterparts was 69%. It seems that socio-demographic factors, coupled with financial knowledge, attitudes, and behaviors, intricately influence the financial literacy of healthcare professionals. The findings highlight the importance of implementing multi-level solutions to enhance overall financial literacy among healthcare professionals. These solutions include tailored financial programs, self-paced online courses with interactive elements, and the integration of financial literacy into medical undergraduate and postgraduate training curricula. Keywords: healthcare professionals, financial literacy, Kenya, multi-level solutions