Financial Wellness for Medical Students

Abstract

Financial illiteracy and stress are likely major contributors to medical student, resident, and physician stress, burnout, divorce, and suicide. No other intervention at the individual level is likely to improve physician wellness as much as the teaching of the basic principles of personal finance and investing. The financial stresses of a physician often begin in college or medical school and persist into the attending years. Despite this, it is rare that any physician trainee receives a significant amount of training in personal finance, debt management, business, or investing in medical school or residency. Medical students can improve their financial situation by living frugally, managing student loans appropriately, and becoming financially literate. As they move through their career, this knowledge will improve the lives of the physicians themselves, their family members, and, indirectly, even their patients. A physician without financial stress is in a position to provide better patient care.