Investigating Canadian Radiology Residents’ Personal Financial Literacy: A Nation-Wide Assessment.

Abstract

Abstract Introduction:Resident physicians throughout Canada carry large debt to finance their education. The literature suggests that debt and money management both play a large role in day-to-day life decisions and in deciding the future of physicians. The objective of this observational study is to assess the financial literacy of Canadian radiology residents through testing their financial knowledge and obtaining an understanding of their financial wellness. Methods:A survey was designed to assess the financial literacy and current financial status of radiology residents. After a pilot run to ensure robustness, the survey was distributed nationally to Canadian radiology residents via Google Forms. Descriptive analyses on preliminary data and the association between level of training and financial quiz scores were obtained. Results:In total, 104 valid responses from 16 universities were received. Respondents’ levels of training were spread across the 5 training levels. The majority (53%) of residents indicated that their debt was greater than $150,000, yet only 12% of residents stated they had a formal financial residency curriculum. The average score of residents on the financial literacy quiz was 71% and survey quiz scores were not associated with training level (p = 0.71). The majority (89%) of residents indicated a strong interest in a formal financial literacy curriculum, with 80% stating they would like the curriculum delivered by other physicians. Conclusion:Our findings demonstrate unique insight into the financial literacy and demographics of Canadian radiology residents. Overall, residents face a high debt burden and the majority feel that they do not have an adequate financial literacy curriculum in their program. Current resident physicians value a formal financial literacy curriculum as a part of their residency program despite existing financial knowledge. Most importantly, residents feel that a curriculum created with involvement of other physicians would be optimal.