Understanding Financial Literacy and Investment Behaviours in Indian Medical Undergraduates

Objectives: Financial literacy stands as a cornerstone of individual stability in our evolving society, more so for medical practitioners who navigate a unique set of fiscal challenges. Prolonged educational timelines, coupled with potential debt accrual, often defer the financial stability of these professionals. Moreover, the intensities of their vocation often overshadow the imperative of financial management. This study sought to understand investment perceptions and behaviours among medical students in Mumbai, aiming to identify gaps in financial education and the necessity of bespoke financial literacy programs. Material and Methods: A cross-sectional design was employed, targeting undergraduate medical students and interns from selected medical colleges in Mumbai. Participants were purposively sampled based on specific criteria. Data were collected using a structured questionnaire, segmented into knowledge, attitudes and practices related to investment. This questionnaire, with a content validity ratio exceeding 0.65, was validated by professionals to ensure relevance and reliability. Following data collection, statistical analysis was conducted to discern patterns and insights. Results: This study analysed the investment knowledge and practices among 280 medical students, with a gender distribution of 61% (171) males and 39% (109) females, aged 18–24 years. A significant majority (79%) were familiar with the procedures to start investing, with 60% (168) actively participating in the stock market. However, perceptions about the stock market were split, with 52% (146) viewing it as a gamble. Notably, digital platforms, especially social media such as YouTube and Instagram, emerged as the primary source of investment knowledge for 91% (255) of participants, followed by family (82%) and friends (62%). Regarding investment habits, 36% (101) had been investing for <6 months, while 25% (70) had investments for over a year. A substantial 75% (210) managed their investments independently. Furthermore, 76% (213) of students expressed interest in seminars or curriculum integration for enhancing financial literacy. Conclusion: Concluding the study, the findings underscore a significant gap in financial literacy among medical students. Despite a high level of engagement in investment activities, there is a clear demand for structured financial education, as evidenced by 76% (213) of students advocating for financial literacy seminars or curriculum integration. This highlights an urgent need for educational reforms in medical colleges to equip future healthcare professionals with essential financial management skills.