Implementation of a Comprehensive Curriculum in Personal Finance for Medical Fellows

• Published in: Curēus (Palo Alto, CA) CA), 2018-01, Vol.10 (1), p.e2013-e2013
• Main Authors: Bar-Or, Yuval D, Fessler, Henry E, Desai, Dipan A, Zakaria, Sammy
• Format: Article
• Language: English
• Subjects: Advisors; Business schools; Cardiovascular disease; Clinical decision making; Collaboration; Curricula; Decision making; Education; Financial literacy; Infectious diseases; Likert scale; Medical Education; Medicine; Miscellaneous; Other; Personal finance; School faculty; Students; Teaching
• ISSN: 2168-8184; 2168-8184
• DOI: 10.7759/cureus.2013

Many residents and fellows complete graduate medical education having received minimal unbiased financial planning guidance. This places them at risk of making ill-informed financial decisions, which may lead to significant harm to them and their families. Therefore, we sought to provide fellows with comprehensive unbiased financial education and empower them to make timely, constructive financial decisions. A self-selected cohort of cardiovascular disease, pulmonary and critical care, and infectious disease fellows (n = 18) at a single institution attended a live, eight-hour interactive course on personal finance. The course consisted of four two-hour sessions delivered over four weeks, facilitated by an unbiased business school faculty member with expertise in personal finance. Prior to the course, all participants completed a demographic survey. After course completion, participants were offered an exit survey evaluating the course, which also asked respondents for any tangible financial decisions made as a result of the course learning.  Results: Participants included 12 women and six men, with a mean age of 33 and varying amounts of debt and financial assets. Twelve respondents completed the exit survey, and all "Strongly Agreed" that courses on financial literacy are important for trainees. In addition, 11 reported that the course helped them make important financial decisions, providing 21 examples. Fellows derive a significant benefit from objective financial literacy education. Graduate medical education programs should offer comprehensive financial literacy education to all graduating trainees, and that education should be provided by an unbiased expert who has no incentive to sell financial products and services.