Survey-based Evaluation of Resident and Attending Financial Literacy

Introduction: Physician finances are linked to wellness and burnout. However, few physicians receive financial management education. We sought to determine the financial literacy and educational need of attending and resident physician at an academic emergency medicine (EM) residency. Methods: We pe...

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Autores principales:	Ryan M. Huebinger, Rahat Hussain, Keegan Tupchong, Shabana Walia, Hilary Fairbrother, Jonathan Rogg
Formato:	article
Lenguaje:	EN
Publicado:	eScholarship Publishing, University of California 2021
Materias:	Medicine R Medical emergencies. Critical care. Intensive care. First aid RC86-88.9
Acceso en línea:	https://doaj.org/article/22a09f204bd14d25973764f5ecda8feb
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spelling	oai:doaj.org-article:22a09f204bd14d25973764f5ecda8feb2021-11-17T15:19:27ZSurvey-based Evaluation of Resident and Attending Financial Literacy1936-901810.5811/westjem.2021.8.53016https://doaj.org/article/22a09f204bd14d25973764f5ecda8feb2021-09-01T00:00:00Zhttps://escholarship.org/uc/item/74r8h11qhttps://doaj.org/toc/1936-9018Introduction: Physician finances are linked to wellness and burnout. However, few physicians receive financial management education. We sought to determine the financial literacy and educational need of attending and resident physician at an academic emergency medicine (EM) residency. Methods: We performed a cross-sectional, survey study at an academic EM residency. We devised a 49-question survey with four major domains: demographics (16 questions); Likert-scale questions evaluating value placed on personal finances (3 questions); Likert-scale questions evaluating perceived financial literacy (11 questions); and a financial literacy test based on previously developed and widely used financial literacy questions (19 questions). We administered the survey to EM attendings and residents. We analyzed the data using descriptive statistics and compared attending and resident test question responses. Results: A total of 44 residents and 24 attendings responded to the survey. Few (9.0% of residents, 12.5% of attendings) reported prior formal financial education. However, most respondents (70.5% of residents and 79.2% of attendings) participated in financial self-learning. On a five-point Likert scale (not at all important: very important), respondents felt that financial independence (4.7 ± 0.8) and their finances (4.7±0.8) were important for their well-being. Additionally, they valued being prepared for retirement (4.7±0.9). Regarding perceived financial literacy (very uncomfortable: very comfortable), respondents had the lowest comfort level with investing in the stock market (2.7±1.5), applying for a mortgage (2.8±1.6), and managing their retirement (3.0±1.4). Residents scored significantly lower than attendings on the financial literacy test (70.8% vs 79.6%, P<0.01), and residents scored lower on questions pertaining to investment (78.8% v 88.9%, P<0.01) and insurance and taxes (47.0% v 70.8%, P<0.01). Overall, respondents scored lower on questions about retirement (58.8%, P<0.01) and insurance and taxes (54.7%, P<0.01). Conclusion: Emergency physicians’ value of financial literacy exceeded confidence in financial literacy, and residents reported poorer confidence than attendings. We identified deficiencies in emergency physicians’ financial literacy for retirement, insurance, and taxes.Ryan M. HuebingerRahat HussainKeegan TupchongShabana WaliaHilary FairbrotherJonathan RoggeScholarship Publishing, University of CaliforniaarticleMedicineRMedical emergencies. Critical care. Intensive care. First aidRC86-88.9ENWestern Journal of Emergency Medicine, Vol 22, Iss 6 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Medical emergencies. Critical care. Intensive care. First aid RC86-88.9
spellingShingle	Medicine R Medical emergencies. Critical care. Intensive care. First aid RC86-88.9 Ryan M. Huebinger Rahat Hussain Keegan Tupchong Shabana Walia Hilary Fairbrother Jonathan Rogg Survey-based Evaluation of Resident and Attending Financial Literacy
description	Introduction: Physician finances are linked to wellness and burnout. However, few physicians receive financial management education. We sought to determine the financial literacy and educational need of attending and resident physician at an academic emergency medicine (EM) residency. Methods: We performed a cross-sectional, survey study at an academic EM residency. We devised a 49-question survey with four major domains: demographics (16 questions); Likert-scale questions evaluating value placed on personal finances (3 questions); Likert-scale questions evaluating perceived financial literacy (11 questions); and a financial literacy test based on previously developed and widely used financial literacy questions (19 questions). We administered the survey to EM attendings and residents. We analyzed the data using descriptive statistics and compared attending and resident test question responses. Results: A total of 44 residents and 24 attendings responded to the survey. Few (9.0% of residents, 12.5% of attendings) reported prior formal financial education. However, most respondents (70.5% of residents and 79.2% of attendings) participated in financial self-learning. On a five-point Likert scale (not at all important: very important), respondents felt that financial independence (4.7 ± 0.8) and their finances (4.7±0.8) were important for their well-being. Additionally, they valued being prepared for retirement (4.7±0.9). Regarding perceived financial literacy (very uncomfortable: very comfortable), respondents had the lowest comfort level with investing in the stock market (2.7±1.5), applying for a mortgage (2.8±1.6), and managing their retirement (3.0±1.4). Residents scored significantly lower than attendings on the financial literacy test (70.8% vs 79.6%, P<0.01), and residents scored lower on questions pertaining to investment (78.8% v 88.9%, P<0.01) and insurance and taxes (47.0% v 70.8%, P<0.01). Overall, respondents scored lower on questions about retirement (58.8%, P<0.01) and insurance and taxes (54.7%, P<0.01). Conclusion: Emergency physicians’ value of financial literacy exceeded confidence in financial literacy, and residents reported poorer confidence than attendings. We identified deficiencies in emergency physicians’ financial literacy for retirement, insurance, and taxes.
format	article
author	Ryan M. Huebinger Rahat Hussain Keegan Tupchong Shabana Walia Hilary Fairbrother Jonathan Rogg
author_facet	Ryan M. Huebinger Rahat Hussain Keegan Tupchong Shabana Walia Hilary Fairbrother Jonathan Rogg
author_sort	Ryan M. Huebinger
title	Survey-based Evaluation of Resident and Attending Financial Literacy
title_short	Survey-based Evaluation of Resident and Attending Financial Literacy
title_full	Survey-based Evaluation of Resident and Attending Financial Literacy
title_fullStr	Survey-based Evaluation of Resident and Attending Financial Literacy
title_full_unstemmed	Survey-based Evaluation of Resident and Attending Financial Literacy
title_sort	survey-based evaluation of resident and attending financial literacy
publisher	eScholarship Publishing, University of California
publishDate	2021
url	https://doaj.org/article/22a09f204bd14d25973764f5ecda8feb
work_keys_str_mv	AT ryanmhuebinger surveybasedevaluationofresidentandattendingfinancialliteracy AT rahathussain surveybasedevaluationofresidentandattendingfinancialliteracy AT keegantupchong surveybasedevaluationofresidentandattendingfinancialliteracy AT shabanawalia surveybasedevaluationofresidentandattendingfinancialliteracy AT hilaryfairbrother surveybasedevaluationofresidentandattendingfinancialliteracy AT jonathanrogg surveybasedevaluationofresidentandattendingfinancialliteracy
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Survey-based Evaluation of Resident and Attending Financial Literacy

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