Financial Literacy and Physician Wellness: Can a Financial Curriculum Improve an Obstetrician/Gynecologist Resident and Fellow's Well-Being?

Abstract

Objective This study aimed to evaluate the effects of a financial literacy curriculum on resident and fellow's sense of well-being and financial stress. Study Design This single institution pilot study prospectively enrolled obstetrician/gynecologist (OB/GYN) medical trainees (residents and fellows) to take part in a five-part personal financial literacy curriculum during the 2019 to 2020 academic year. Topics covered included the following: financial education and its relationship to personal well-being, overview of financial terms and principles, budgeting, debt planning, and investing and giving. Primary outcomes were the improvement in well-being as measured by the Expanded Well-Being Index (E-WBI) and financial stress as measured by the Financial Stress Scale-College Version (FSS-CV) survey. Results Of the 35 residents and fellows who participated in the study, 21 (60%) completed the postintervention survey. After course completion, there was significant improvement in the individual's E-WBI (p < 0.05) and no significant improvement in their FSS-CV (p = 0.06). After completing the course, trainees agreed that financial literacy improved their sense of well-being (p = 0.018). Conclusion Cultivating financial literacy is associated with an improvement in the sense of well-being in residents and fellows and should be considered for inclusion in other graduate medical education (GME) programs.

Personal Financial Wellness Curricula for Medical Trainees: A Systematic Review

“…22,28 Two curricula (15.4%) were developed based on literature review, 21,25 and 4 (30.8%) were based on expert opinion. 5,20,26,27 Two studies (15.4%) did not indicate how their curriculum was developed. 14,24…”

“…Ten curricula (76.9%) focused solely on personal finance, 5,10,14,20–22,24,26,28,29 whereas 3 (23.1%) included nonpersonal finance topics, such as practice management and academic medicine. 23,25,27 The most frequently discussed topics included (1) student loans, (2) investment options, (3) disability insurance, (4) life insurance, (5) retirement savings, (6) budgeting, (7) debt management, and (8) general personal finance.…”

“…independently screened titles, abstracts, and full-text articles for prespecified eligibility criteria. For an identified study to be included in the systematic review, it had to (1) be a full-text article written in English; (2) assess a curriculum with content on personal finance or student loans; (3) be aimed at an audience of medical students, residents, or fellows; (4) include postcourse assessment of at least 1 of the following outcomes-knowledge, intentions, behaviors, or comfort with the topic-or a course evaluation; and (5) have been delivered at a U.S. medical school, residency, or fellowship program. Any disagreements were resolved by a third reviewer (J.S.P.…”

“…5 Ten of the 13 curricula (76.9%) were implemented at their respective single institutions. 5,10,14,20,21,[23][24][25]27,28 The other 3 curricula (23.1%) were implemented at multiple institutions: 1 curriculum was implemented at 2 residency programs, 29 1 curriculum at 3 residency programs, 26 and 1 at 5 Building the Next Generation of Academic Physicians regional conferences. 22…”

The Indirect Effect of Sleep on the Association Between Protracted Social Stressors and Psychological Distress Among Hong Kong Young People

“…This result underscores the importance of implementing policies and programs to alleviate financial stress among Hong Kong youth and young adults. There is also accumulating evidence linking higher financial literacy and better physical health, general well-being, and financial well-being [ [46] , [47] , [48] ]. Future studies should explore if supporting youth and young adults' financial literacy can be a viable pathway to improving their psychological health, especially during economic downturns.…”