An Innovative Approach to Educating Medical Students About Personal Finance

Abstract

Background The lack of financial literacy among medical students and physicians is a well-documented problem that is yet to be sufficiently addressed. The full immersion of physicians into their scientific education and medical training makes it challenging to also comprehensively learn about personal finance. With the vast debt that most medical students undergo, it is crucial to focus on this issue. Methodology To address this challenge, faculty at The Florida State University College of Medicine (FSU COM) have created a fully online personal finance elective course for fourth-year medical students. This course, titled Personal Finance for the New Physician, focuses on critical fiscal topics that are directly relevant to future doctors. The elective is delivered remotely through the utilization of online discussion boards, weekly video conferences, and recorded lectures by financial experts. This innovative distribution model ensures that busy students can educate themselves regardless of time or location. Results Initially offered in January of 2019, Personal Finance for the New Physician quickly became the most chosen elective at FSU COM. To determine the course's efficacy, students completed a questionnaire at both the start and end of the elective. The results show substantial improvements in fiscal knowledge and confidence in managing personal finances. The average financial competence score of those who completed the course increased from a 2.25/5 to a 4.45/5. Feedback from students so far has been exceedingly positive. Conclusions Personal Finance for the New Physician has been effective at addressing the lack of financial knowledge that is prevalent among medical students. Additionally, the unique online nature of this course would allow for realistic expansion to other medical programs. Course directors will continue to receive feedback from students, financial experts, and physicians to modify and improve the elective.

Keywords: medical school debt; personal finance; physician loans.