Implementation of a Longitudinal Personal Finance Curriculum into Resident Medical Education.

Abstract

Objective: Residents frequently graduate medical school with a significant amount of debt and low financial literacy. Historically, there has been a lack of standardized, longitudinal financial education curriculum to educate residents about important financial principles. Our objective was to design and implement a longitudinal curriculum to cover a variety of personal and professional finance topics relevant to Pediatrics and Internal Medicine residents.

Methods: Beginning in 2016, we integrated four lectures per year on personal and professional finance into the noontime curriculum for Internal Medicine and Pediatrics residents at Washington University School of Medicine with topics repeating over a 3-year cycle. We distributed surveys to residents to evaluate the program during its first 4 years; however, we halted collection in 2020 with the transition to a virtual/hybrid model during the coronavirus disease 2019 pandemic. The knowledge and behavior survey contained both Likert scale questions (1 = strongly disagree, 2 = disagree, 3 = neither agree nor disagree, 4 = agree, 5 = strongly agree) and dichotomous yes/no questions assessing certain behaviors and knowledge.

Results: A mean of 80 out of 240 (33%) total residents (standard deviation 17) attended each lecture yearly between 2016 and 2020. The mean postlecture survey response rate was 16% (standard deviation 8.1%). Analysis of first-year survey data showed significant improvements in knowledge domains related to employment contracts, negotiation, and physician practice structures. The qualitative feedback was overall positive, and several trainees commented on the relevancy of the physician-led sessions.

Conclusions: We successfully integrated a longitudinal personal finance curriculum into resident medical education to support personal and professional development throughout the stages of their career.