Open AccessPersonal financial literacy among Indian postgraduate residents
Author(s) -
GAURAV JAIN,
Vikesh Agrawal,
Dhananjaya Sharma,
Pawan Agarwal,
Sanjay Kumar Yadav,
Vishal Gupta
Publication year - 2022
Publication title -
national medical journal of india
Language(s) - Uncategorized
Resource type - Journals
SCImago Journal Rank - 0.2
H-Index - 41
ISSN - 0970-258X
DOI - 10.25259/nmji_984_20
Subject(s) - financial literacy , curriculum , finance , medical education , financial plan , medicine , family medicine , cross sectional study , business , psychology , pedagogy , pathology
Background Postgraduate residents' ability to understand and effectively manage their finances is variable. We conducted this study to assess the awareness of personal financial literacy among Indian residents. Methods We circulated a web-based cross-sectional Google Forms multiple-choice questionnaire having questions in three categories including financial awareness, current financial status and plans among 400 Indian residents. Results A total of 215 Indian residents (53.75%) responded to the survey (men 80.9%, unmarried 74.4% and pursuing broad specialties 83.3%). The majority were unaware of stocks, special student/doctor loans, tax planning, life insurance, professional indemnity and tax/financial planning. The majority opined that personal finance and investing should be taught at medical school/residency. A financial pyramid based on the hierarchy of needs is proposed. Conclusion Lack of financial literacy and planning was seen among the majority of Indian residents. Our study highlights this gap in the medical curriculum and the need for formal structured financial education during training.