Personal Finance Education for Residents: A Qualitative Study of Resident Perspectives

Overview

Journal AEM Educ Train

Publisher Wiley

Specialty Emergency Medicine

Date 2018 Jul 28

PMID 30051089

Citations 13

Authors

Eric Shappell

James Ahn

Nadia Ahmed

Ilene Harris

Yoon Soo Park

Ara Tekian

Affiliations

Soon will be listed here.

Abstract

Introduction: Personal finance has been linked to wellness and resiliency; however, the level of financial literacy among residents is low. Development of a personal finance curriculum could improve the financial well-being of trainees. The first step in this process is understanding residents' educational needs.

Objective: The objective was to describe the financial knowledge, attitudes, and experiences of residents to inform the design of a personal finance curriculum.

Methods: A qualitative approach using semistructured interviews was used to explore the knowledge, attitudes, and experiences of residents in the realm of personal finance. Twelve residents completed interviews: one male and one female resident from the first and third years of training in the specialties of emergency medicine, internal medicine, and pediatrics.

Results: Three themes were formulated and analyzed through the existing frameworks: 1) daily finances, 2) financial knowledge and experiences, and 3) approach to financial planning. Prominent subthemes included a lack of knowledge and desire for personal finance education, debt-related anxiety, and uncertainty where to find reliable financial advice.

Conclusions: Residents report a low level of financial literacy and high interest in financial education. The framework provided in this study can inform the design of education interventions to promote financial wellness in trainees.

Citing Articles

Financial and Business Literacy Among Urology Residents: Is this a Problem and How Can We Better Prepare Residents for their Careers?.

Madhusoodanan V, Bitran J, Towe M, Ritch C Curr Urol Rep. 2024; 25(9):207-214.

PMID: 38904922 DOI: 10.1007/s11934-024-01216-6.

Perception of Debt During Resident Education-A Systematic Review.

Lin C, Semelsberger S, Saeed A, Weiss J, Navarro R, Gianakos A Perm J. 2023; 27(3):99-109.

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

Igu J, Zakaria S, Bar-Or Y BMJ Open. 2022; 12(12):e064733.

PMID: 36572491 PMC: 9806052. DOI: 10.1136/bmjopen-2022-064733.

Racial and socioeconomic inequity in the financial stress of medical school.

McMichael B, Lee Iv A, Fallon B, Matusko N, Sandhu G MedEdPublish (2016). 2022; 12:3.

PMID: 36168540 PMC: 9370082. DOI: 10.12688/mep.17544.2.

Navigating Personal and Professional Development Through Social Media in Ophthalmology.

He B, Tanya S, Costello F, Kherani F, Shamie N, Zhu D Clin Ophthalmol. 2022; 16:2263-2274.

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