EducationFinancial Literacy: Should It Be a Required Part of the Residency Curriculum?
Section snippets
THE CURRENT STATE OF FINANCIAL LITERACY EDUCATION IN MEDICINE
Few studies have assessed the prevalence of personal finance education in medical training, evaluated the financial literacy of medical trainees, or evaluated the efficacy of interventions to improve financial literacy and changes in behavior. In a survey of medical students, only 12% reported that they “somewhat” or “strongly agreed” to feeling competent managing their finances (3). A course geared toward medical students, titled “The Business of Medicine,” at the University of Arkansas for
BARRIERS TO FINANCIAL LITERACY EDUCATION
Most residents and faculty members do not talk about personal finance. The subject is taboo. Perhaps physicians think of personal gain as being in conflict with the purpose of being a doctor, which is to promote, maintain, and restore health. The fact that personal and professional health leads to being a better doctor shows this to be a false dichotomy.
Residents are overwhelmed with learning the clinical aspects of radiology in addition to the noninterpretive aspects of the ACGME's required
ACTION NEEDED
Coursework about the basics of personal financial planning should be incorporated into the medical school and residency curriculum. Studies show that residents across specialties and years of training have high interest in further financial education (9). Why should we target the residency training years? For many this may be the first time in their life that they will have discretionary income to invest/spend. Additionally, institutional offerings during radiology training often include
SUMMARY
Given the acute and long-term effects of financial illiteracy on a radiologist's personal well-being and performance as a physician, coupled with the desire of trainees to learn about personal finance, it's time for financial literacy to be recognized as an essential element of every physician's education. Compatible with the practice of life-long learning, such education should encourage and motivate trainees to engage in “financial continuing medical education.”
References (9)
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The emotional wellness of radiology trainees: prevalence and predictors of burnout
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2023, Journal of the American College of RadiologyThe New Radiology Resident: Quick Tips for Success
2021, Journal of the American College of RadiologyCitation Excerpt :The majority of medical students in the United States graduate with debt, and it has been reported that financial burden contributes to physician burnout [5]. Unfortunately, many medical schools and radiology residency programs do not integrate financial literacy in their curricula or do not provide adequate resources for financial competence [6]. One of the keys to future success is to begin learning about financial literacy as early as day 1 of residency.
Starting as a Newly Graduated Radiologist: Survival Tips From Experience Experts
2021, Journal of the American College of RadiologyCitation Excerpt :Although 76% of medical students in the United States graduate with an educational debt, financial competency traditionally is not a part of a radiology residency training program [5]. However, a financial strain can have a negative impact on young radiologists, both in terms of personal well-being and performance as a physician [5]. Therefore, it may be wise for radiology residents to pursue optional courses to increase their financial literacy.
Each author had substantial input into the development and revision of the manuscript.