Financial literacy of medical students, ophthalmology trainees, and attending ophthalmologists

PurposeTo evaluate the financial literacy of medical students, ophthalmology residents and fellows, and ophthalmology attendings.MethodsIn this multicenter, cross-sectional online survey, a questionnaire was sent to medical students, ophthalmology residents and fellows, and ophthalmology attendings to ascertain their subjective comfort with debt management and financial planning. ResultsResponses were obtained from 293 individuals (5.4% response rate). Nearly half were ophthalmology attendings (124/293 [42.3%]). Retina/vitreous disease was the most represented subspecialty (includes fellows) (129/293 [44.0%]), and most respondents practiced in the non-private equity private practice (59/124 [48.8%]) or university (32/124 [25.8%]) settings. Respondents with current or prior student loan debt felt somewhat (55/155 [35.5%]) or strongly (49/155 [31.6%]) knowledgeable about student loan repayment. Most respondents had a written or conceptualized financial plan (167/261 [64.0%]). Forty-one of 155 respondents (26.5%) obtained their financial knowledge during medical school. Financial literacy and confidence in budgeting (3.4 vs 3.7 vs 4.4 [P = 0.005]), retirement (2.8 vs 3.4 vs 4.5 [P < 0.001]), investing (2.5 vs 3.3 vs 4.1 [P < 0.001]), and debt management (3.2 vs 3.6 vs 4.5 [P < 0.001]) was associated with increased level of training (P < 0.05 for all). ConclusionsRespondents generally felt comfortable with financial literacy, with increasing comfort with increasing seniority. Because a minority of respondents felt that this knowledge stemmed from medical school teaching, it may be beneficial to incorporate financial education more systematically into the medical school curriculum.