Evidence map›Paper›PMID 42582702›Full record

ArticleJournal of medical education and curricular development

Financial Residency Education and Entertainment (Free): A Cross-Sectional Study of a Prioritized Personal Finance Curriculum for Resident and Fellow Physicians.

Jeffrey Huang, Matthew Sexton, Alice Gallo de Moraes

Abstract read
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Article in Journal of medical education and curricular development. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Not yet cited in PubMed.

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1 · What the graph read from it

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2 · The registry

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3 · Its place in the literature

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4 · The record

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5 · Who and what money

Authors and funding

3 authors.

Jeffrey HuangDepartment of Anesthesiology and Perioperative Medicine, Division of Neuroanesthesia and Radiology, Mayo Clinic College of Medicine and Sciences, Rochester, MN, USA.
Matthew SextonDepartment of Academic Medical Education, University of Kentucky College of Medicine, Pikeville, KY, USA.
Alice Gallo de MoraesDepartment of Medicine, Division of Pulmonary, Critical Care, Allergy and Sleep Medicine, Mayo Clinic College of Medicine and Sciences, Rochester, MN, USA.ORCID https://orcid.org/0000-0002-5783-305X

Funding

No grant is acknowledged in the PubMed record.

6 · The paper itself

Abstract

Background: Poor financial literacy and financial behaviors negatively affect the wellness and professional duties of residents and fellow physicians. Major financial missteps can create significant personal stress, leading to worsening wellness and burnout. There are currently no available comprehensive financial literacy curricula for residents and fellows for educators to use to address this gap. Methods: We created and assessed the educational impact of a comprehensive 4-module curriculum that covers fundamental personal finance topics which are universally applicable to all physicians regardless of their medical and surgical specialty. We delivered the entire curriculum 6 times between November 2023 and December 2024 to anesthesia residents, internal medicine residents, and critical care fellows. We assessed their self-reported baseline financial behaviors and their knowledge and self-efficacy with core financial topics using pretest and posttest surveys. Results: For the 4 modules respectively, 66 (25%), 39 (15%), 44 (17%), and 35 (13%) of 260 possible trainees completed surveys. Self-efficacy significantly increased for creating a financial plan (p<0.001), investing (p<0.001), designing a debt payoff strategy (p=0.005), selecting an asset allocation (p<0.001), selecting optimal asset locations (p<0.001), and selecting appropriate health (p<0.001)/life (p<0.001)/disability (p<0.001) insurance plans. Resident knowledge significantly increased from pretest to posttest for all 4 modules: Financial Plan & Basics of Investing (p<0.001), Budgeting & Debt Management (p=0.010), Retirement Accounts & Asset Allocation (p<0.001), and Insurance (p<0.001). Mean trainee satisfaction with the overall curriculum on a 5-point scale (1-low, 5-high) was 4.2 (standard deviation 0.8). Conclusions: We identified poor baseline financial literacy and behaviors in our resident and fellow physicians. This prioritized curriculum effectively adapted to the needs of multiple different training programs and was highly desired by trainees. This curriculum increased their knowledge and self-efficacy with several key topics in personal finance.

Indexed as

curriculum developmentfinancial literacygraduate medical educationpersonal financewell-being

Identifiers

PMID42582702
PMCPMC13458329

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LicenceCC BY-NC
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Registered trials

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Read under generation 80e0d062 · epoch 390. Bibliography from PubMed, PubMed Central and OpenAlex; grants from NIH RePORTER; trial links from ClinicalTrials.gov; estimates, votes and beliefs from the OpenQuestion graph.