Abstract
BackgroundMany physicians complete medical school and graduate medical education (GME) burdened by high debt and financial illiteracy. This places them at higher risk for ill-informed financial decisions, which can result in increased stress and anxiety and a lower quality of life. In response, medical wellness programs have increasingly sought to offer personal finance education, but there is little guidance on optimal curricula. Our objective is to systematically review the existing literature examining physician financial literacy curricula and to recommend a standardized curriculum.MethodsThis review utilized the Preferred Reporting Items for Systematic reviews and Meta-Analyses (PRISMA) 2009 checklist to conduct literature searches in PubMed, ERIC, MedEdPortal, EBSCO, JSTOR, and Google Scholar. Three researchers used predetermined inclusion and exclusion criteria to select articles, including a focus on financial concepts applicable in the United States. Articles were assessed using modified Côté-Turgeon and Kirkpatrick qualitative analyses tools. Results38 articles met all inclusion criteria. Six specifically described personal finance literacy curricula for medical students or GME trainees, with varied criteria for selecting instructors, topics, and outcomes. All studies reported that audiences were ill-prepared for making financial decisions but strongly desired financial literacy education. Qualitative analysis revealed Strength of Findings summary scores ranging from 2-4, while applicable Kirkpatrick Model scores were all 3 or greater.ConclusionsAlthough medical students and GME trainees value financial literacy, few publications report the impact of actual curricula. These efforts vary in depth, breadth, and measured impact. Future research should focus on development of valid testing instruments, content standardization, selection of credible instructors, and country-specific financial concepts.
Personal Finance Education: An Early Start To A Secure Future