Nationwide Needs Assessment Survey of Financial Literacy Among Psychiatry Residents

Wang, Alex; Bera, Kishen; Sharma, Ajay; Nguyen, Bao-Nhan; Rojek, Nathan W.; Bera, Rimal

doi:10.1007/s40596-021-01498-9

Cited by 5 publications

(8 citation statements)

References 3 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The number of topics discussed in each article varied, with two articles addressing only general financial planning, 35 39 while seven covered 10 or more topics. 9 10 22 25 38 55 56 The most covered topic was debt (90%), followed by retirement planning (78%), budgeting (67%) and investing (65%). Children’s college planning (10%), money basics (16%), contract negotiation (18%) and estate planning (18%) were the least popular.…”

Section: Resultsmentioning

confidence: 99%

“…As shown in table 2, each of these articles addressed general financial planning principles and/or a variable number of finance topics, such as debt/liabilities, savings/assets, investing, budgeting, money basics (eg, time-value of money, discounting and compounding), contract negotiation, selecting and interacting with financial advisors, children’s college savings plans, insurance (life, disability, property and casualty), retirement planning, estate planning and taxes. The number of topics discussed in each article varied, with two articles addressing only general financial planning,35 39 while seven covered 10 or more topics 9 10 22 25 38 55 56. The most covered topic was debt (90%), followed by retirement planning (78%), budgeting (67%) and investing (65%).…”

Section: Resultsmentioning

confidence: 99%

“…A lack of personal finance literacy makes financial decision-making difficult among medical trainees and practitioners. [1][2][3][4][5][6][7][8][9][10][11][12][13][14] As a result, medical students, trainees and early career physicians may not make optimal choices regarding budgeting, saving, investing, insurance and other financial decisions, which are particularly important during a time when finances are especially constrained by high debt. 4-7 10-13 [15][16][17][18][19][20][21][22] Therefore, these groups can experience increased stress and anxiety and a lower quality of life.…”

Section: Introductionmentioning

confidence: 99%

“…However, UME and GME institutions are not mandated by accrediting organisations (such as the Accreditation Council for GME or the Liaison Committee on Medical Education) to provide personal finance literacy training. 9 12 37 Few programmes offer structured courses in personal finance because some institutions have not accepted that the content is necessary. In addition, there is a lack of standardised curricula, qualified unbiased instructors and time and resources for teaching sessions.…”

Section: Introductionmentioning

confidence: 99%

“…Accordingly, the UME and graduate medical education (GME) communities have recommended financial literacy training to reduce debt-related anxiety,10 27 28 decrease burnout,10 11 14 29–31 and improve physician wellness 10 12 14 32 33. In addition, medical students and trainees recognise the lack of personal finance knowledge and want a greater emphasis on the development of financial skills during their training 1 9 10 18 24 34–36…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Systematic review of personal finance training for physicians and a proposed curriculum

2022

View full text Add to dashboard Cite

BackgroundMany physicians complete medical school and graduate medical education (GME) burdened by high debt and financial illiteracy. This places them at increased risk for ill-informed financial decisions, which can result in increased stress and anxiety and a lower quality of life. Furthermore, financial concerns impact physicians’ specialty selections and may partly explain the scarcity of primary care practitioners. In response, medical wellness programmes have increasingly sought to offer personal finance education, but there is little guidance on optimal curricula. Our objective is to systematically review the existing literature examining physician financial literacy curricula and to recommend a standardised personal finance curriculum.MethodsThis review used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses 2020 checklist to report the results of literature searches in PubMed, ERIC, MedEdPortal, EBSCO, JSTOR and Google Scholar. Three researchers used predetermined inclusion and exclusion criteria to select articles, including a focus on financial concepts applicable in the USA. Selected articles published between 2000 and 2022 were assessed using the BEME strength of findings tool, and further assessed using modified Côté-Turgeon and Kirkpatrick model qualitative analyses tools.Findings49 articles met all inclusion criteria. Ten specifically described personal finance literacy curricula for medical students or GME trainees, with varied criteria for selecting instructors, topics and outcomes. All studies reported that audiences were ill prepared for making financial decisions but strongly desired financial literacy education. Qualitative analysis revealed Strength of Findings summary scores ranging from 2 to 4, while applicable Kirkpatrick Model scores were all 3 or greater. Based on these findings, a 14-module personal finance curriculum is proposed by the researchers, along with learning objectives.InterpretationAlthough medical students and GME trainees value financial literacy, few publications report the impact of actual curricula. These efforts vary in depth, breadth and measured impact. Future research should focus on development of valid testing instruments specifically for physicians, content standardisation, selection of credible instructors and delivery formats.

show abstract

Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Systematic review of personal finance training for physicians and a proposed curriculum

2022

View full text Add to dashboard Cite

show abstract

The Case for Needed Financial Literacy Curriculum During Resident Education

Gianakos

Semelsberger

Saeed

et al. 2023

Journal of Surgical Education

View full text Add to dashboard Cite

“Financial Literacy in Plastic Surgery Training: Importance and Current Status”

Krasniak,

Kraft,

O’Brien

et al. 2023

Plastic &Amp; Reconstructive Surgery

View full text Add to dashboard Cite

Background: Medical training is known to impose financial burden on trainees, which has been shown to contribute to burnout, even possibly compromising patient care. Financial literacy allows for management of financial situations affecting professional and personal life. The authors aimed to evaluate the financial status and knowledge among plastic surgery residents. Methods: A survey regarding finances and financial literacy of plastic surgery residents was sent to all the current accredited U.S. residency programs. The same survey was distributed internally. A descriptive analysis was performed, and multiple Fisher exact tests and a t test evaluated comparisons. Results: Eighty-six residents were included. Most trainees had a student loan (59.3%), with 22.1% having loans more than $300,000. A majority had at least one personal loan debt other than educational (51.1%). Residents with more debt were significantly less likely to pay off their balances monthly. A total of 17.4% of trainees had no plan for how to invest their retirement savings, whereas 55.8% reported not knowing how much they need to save to retire. One in five trainees did not feel prepared to manage personal finances/retirement planning after graduation, a majority had no formal personal finance education in their curriculum, and 89.5% agreed that financial literacy education would be beneficial. Our institutional data largely mirrored national data. Conclusions: Many residents are lacking in financial knowledge, despite most having significant debt. Additional financial literacy education is needed in plastic surgery training. Curricula development at an institutional or national society level are possible paths toward a coordinated response to this need.

show abstract

Nationwide Needs Assessment Survey of Financial Literacy Among Psychiatry Residents

Cited by 5 publications

References 3 publications

Systematic review of personal finance training for physicians and a proposed curriculum

Systematic review of personal finance training for physicians and a proposed curriculum

The Case for Needed Financial Literacy Curriculum During Resident Education

“Financial Literacy in Plastic Surgery Training: Importance and Current Status”

Contact Info

Product

Resources

About