CONTEXT: Financial education is not routinely offered during medical training. Residents and fellows thus have low financial literacy, high debt, and deficits in their financial preparedness. Poor financial literacy contributes to the ever-growing problems of physician stress, job dissatisfaction, burnout, and depression within primary care. It is postulated that implementation of a financial education curriculum for family medicine physicians-in-training will improve their sense of financial well-being and literacy. OBJECTIVE: This study aims to determine the effects of a formal financial education curriculum on family medicine residents' and fellows' financial well-being and literacy. DESIGN: Solomon four group. PARTICIPANTS: Convenience sample, voluntary participation. Residents and fellows at 16 family medicine residency programs (military, academic/university, and community-based) in the U.S. INTERVENTION: A standardized video-based financial education curriculum entitled "Medical Residency Financial Skills Curriculum to Advance Literacy" (MR. FISCAL). Topics include: money management, credit, debt management, risk management, investment and retirement planning. Educational content designed by the research team using the Institute for Financial Literacy National Standards for Adult Financial Literacy Education content. INSTRUMENT: Anonymous, web-based, 24-question survey, administered via Qualtrics. Survey is comprised of InCharge Financial Distress/Financial Well-Being (IFDFW) Scale measuring perceived levels of financial distress/well-being, plus 16 additional questions collecting demographic and self-reported financial data. MAIN OUTCOME MEASURES: The effect of this financial education curriculum on family medicine residents’ and fellows’ financial well-being and literacy as measured by the validated and reliable IFDFW scale and comparison of pre and post-intervention self-reported financial data. RESULTS: Work-in-progress. Anticipate comparison of pretest-posttest intervention versus posttest-only control group data. Additional statistical analysis will compare level of training, type of residency program, other demographics, financial data. CONCLUSION: There is currently a paucity of information on financial well-being and literacy among family medicine residents and fellows. This financial curriculum could be shared throughout primary care if improvements are observed.
Published In/Presented At
Rerucha, C. Bryce, C. Carpenter, R. Clemente-Fuente, R. Ewing, J. Huang, C. Kellner, S. Kemmet, R. K., Poetta, R. Williams, A. (2017, November 20). MR. FISCAL: The Effects of a Financial Education Curriculum on Family Medicine Residents' and Fellows' Financial Well-Being and Literacy. Poster Presented at: NAPCRG Annual Meeting, Montreal, Quebec.
Department of Family Medicine, Department of Family Medicine Faculty