Integrating a Personal Finance Workshop to Enhance Financial Literacy Among Senior Medical Students: A Single Institution's Experience.

Abstract

Purpose: Graduating medical students frequently start their training burdened with substantial financial debt and minimal savings, especially in comparison to their peers in other professional fields. A lack of financial literacy can result in increased debt, decreased job satisfaction and contribute to physician burnout. Enhancing financial education could improve both the financial stability and emotional well-being of future medical professionals. In this study, a basic personal finance workshop was conducted for 4th year medical students at a single institution. The aim of the study was to determine the impact of the personal finance workshop on improving financial literacy.

Methods: An introduction to basic personal finance workshop was open to enrollment for all 4th year medical students at The Alpert Medical School at Brown University. A 40-question survey to evaluate financial literacy was administered to all participants before and 6-months after the workshop. The topics covered included student loan management, basics of retirement accounts, investing, budgeting, saving and consensus surrounding financial topics. The results were analyzed using student paired t-test and Chi-square test of independence.

Results: Overall, an improvement in financial literacy was reported 6 months after the personal finance workshop (62% vs 54%, p = 0.004). Students subjectively reported an increase in confidence in their personal finance knowledge (16% vs 44%) and general knowledge regarding retirement savings (7% vs 55%). More than 92% of students agreed or strongly agreed that a basic personal finance education should be included as part of the medical school curriculum.

Conclusion: A personal finance workshop for medical students nearing graduation increases awareness and confidence in financial knowledge. The incorporation of basic financial education in the medical school curriculum may help young physicians establish better financial habits that will improve their financial wellbeing.