Survey of Medical Student Debt Status, Financial Literacy, and Desires for Financial Education

Abstract

Objectives: The purpose of this study was to assess the financial literacy level of medical students, evaluate their perceptions about the importance of financial literacy, and determine the optimal timing and delivery for financial literacy education. Methods: From April to May 2019, a cross-sectional, anonymous, web-based survey was administered to a convenience sample of first-year (M1) to fourth-year (M4) medical students at the University of Michigan Medical School, with 216 of 680 (32%) students completing the survey. Respondents voluntarily answered 15 multiple choice questions on personal finance and 30 questions on their demographics, current financial situation, and opinions on financial literacy education. Individual financial proficiency was defined as answering 60% of the personal finance questions correctly. Results: Overall, respondents correctly answered 5.64 (38%) of the personal finance questions, with 41 (19%) students achieving financial proficiency. Lower performance on the financial literacy assessment was significantly associated with gender, age, and debt. Overall, 192 (89%) medical students believed that they should receive financial literacy training in medical school. Conclusions: Medical students demonstrate low levels of financial literacy and have a strong desire to improve their financial literacy during their medical education. Medical schools are well positioned to harness this interest for financial literacy education and integrate self-directed learning opportunities.