![]() While significant efforts have been made to characterize trainee indebtedness and its effect on attitudes, 4, 5, 10, 23 literature characterizing the scope of resident needs in this area is sparse and mostly limited to quantitative surveys. 18, 19 This evidence of the pervasive nature of debt and the stress it places on residents adds to the urgency of equipping our trainees with the knowledge, skills, and tools they need to optimize their financial well‐being.ĭevelopment of personal finance curricula could help residents navigate these challenges however, existing examples are limited in scope and scalability 2, 3, 20, 21, 22 and the appropriate content and approach for such interventions is unclear. ![]() 17 Although the only granular information available to date is from relatively small samples, up to 34% of trainees in Canada stated that they had less than $1,000 in their savings accounts, up to 51% paid interest charges on credit cards, and 12% had greater than $10,000 balances on their credit cards. 14, 15, 16 Additionally, debt has been cited as a factor contributing to personal life choices, such as when to start a family or buy a house. 9, 10 Debt has also been identified as a factor contributing to career decisions such as medical students limiting the pool of specialties they consider 11, 12, 13 and residents limiting the career paths they consider (including fellowships and academics). Previous study within the academic medical community has correlated education debt and poor financial health with stress, burnout, and depressive symptoms. ![]() I need more.” 5 In the context of increasing debt loads for medical school graduates (median debt $183,000 per recent report), 6 this deficiency of personal finance knowledge is a threat to resident wellness and resiliency-both of which depend in part on financial health. 2, 3 A survey of emergency medicine residents reported that nearly 80% did not receive any financial planning education during residency training, 4 and a resident participating in a recent qualitative study on debt stated, “Just how to manage finances, I wish more. Despite residents facing several important financial decisions during their training and established links between financial health and resiliency, 1 the level of financial literacy among trainees is low.
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