Improving Financial Literacy Using the Medical Mini-MBA at a Canadian Medical School

Introduction Financial literacy correlates with less debt and better retirement planning. Medical students, residents, and physicians often have poor financial literacy and large amounts of debt. We measured baseline financial literacy and whether it improved with the administration of a financial literacy course. Methods We created the Medical Mini-MBA, a six-week financial literacy course that targeted gaps in financial literacy among medical students and residents. Weekly topics included personal finance, investing, real estate and mortgage, physician billing and payment models, income and tax, and choosing a medical specialty. A 46-question financial literacy assessment was delivered to participants before and after the course. Results Of the 276 who participated in the course, 179 (64.86%) participated in the study. Participants who completed the course improved their financial literacy score by 10.10/46.00 +/- 5.12 (n=93, p<0.001). Self assessment of financial literacy was positively correlated with financial literacy exam scores (r=0.366, p<0.001). Demographics such as gender, geography, education level, and first-degree relatives who are/were physicians had no effect on financial literacy scores. Conclusions The Medical Mini-MBA improved financial literacy at a Canadian medical school. Implementation of the course may equip medical students and residents for financial decisions. It avoids financial conflicts of interest and can supplement the medical curriculum.