Survey of Emergency Medicine Resident Debt Status and Financial Planning Preparedness

Abstract

Objectives: Most resident physicians accrue significant financial debt throughout their medical and graduate medical education. The objective of this study was to analyze emergency medicine resident debt status, financial planning actions, and educational experiences for financial planning and debt management. Methods: A 22-item questionnaire was sent to all 123 Accreditation Council on Graduate Medical Education-accredited emergency medicine residency programs in July 2001. Two follow-up mailings were made to increase the response rate. The survey addressed four areas of resident debt and financial planning: 1) accrued debt, 2) moonlighting activity, 3) financial planning/debt management education, and 4) financial planning actions. Descriptive statistics were used to analyze the data. Results: Survey responses were obtained from 67.4% (1,707/2,532) of emergency medicine residents in 89 of 123 (72.4%) residency programs. Nearly one half (768/1,707) of respondents have accrued more than $100,000 of debt. Fifty-eight percent (990/1,707) of all residents reported that moonlighting would be necessary to meet their financial needs, and more than 33% (640/ 1,707) presently moonlight to supplement their income. Nearly one half (832/1,707) of residents actively invested money, of which online trading was the most common method (23.3%). Most residents reported that they received no debt management education during residency (82.1%) or medical school (63.7%). Furthermore, 79.1% (1,351/1,707) of residents reported that they received no financial planning lectures during residency, although 84.2% (1,438/1,707) reported that debt management and financial planning education should be available during residency. Conclusions: Most emergency medicine residency programs do not provide their residents with financial planning education. Most residents have accrued significant debt and believe that more financial planning and debt management education is needed during residency.

Financial Attitudes and Behaviors of Internal Medicine and Internal Medicine–Pediatrics Residents

“…Our findings were similar to those of previous educational studies, where residents from various specialties were mostly described to have high educational debt and limited financial preparedness. 5,6,8,9,11 In our study, we were able to categorize residents' financial behaviors and attitudes in relation to their concern over educational debt. Our data showed that while a significant portion of residents engage in positive financial behaviors, a subset have high debt, lower levels of concern, and fewer positive financial practices compared with their peers.…”

“…[7][8][9] Education on financial planning and debt management is important in residency programs, according to surveys of program directors 10 and residents. 11 However, there are few published studies on the effects of financial curricula in residency programs. 3,[12][13][14] Even brief interventions on financial topics were well received by trainees and could change long-term investment behavior.…”

A Brief Educational Intervention in Personal Finance for Medical Residents

“…The American Association of Medical Colleges has recognized financial planning and debt management as important priorities for further education 1,3. A recent survey of surgery residency program directors showed near unanimity in the importance of training residents in financial management,4 and 84% of surveyed emergency medicine residents believe that residency training should include financial planning education 5. Despite these overall attitudes, relatively little is known about how residents actually manage their personal finances.…”

Implementation of a Comprehensive Curriculum in Personal Finance for Medical Fellows

“…A survey of all emergency medicine residents conducted in 2001 (67% response rate) revealed that 82% received no financial planning education whatsoever during residency. Among those who received some instruction, in most cases, it was less than five hours [ 10 ]. We did not conduct a formal needs assessment among our learners, but a previously published assessment performed on surgical residents found widespread gaps [ 14 ].…”