Nearly 76% of med students graduate with debt: Why radiology residency should include financial training
More than three-quarters of medical students graduate with debt, yet many report having little confidence in managing their finances. This left some experts wondering why financial literacy is not included in radiology residency training.
The Accreditation Council for Graduate Medical Education program requirements for diagnostic radiology indicate that psychological, emotional, and physical well-being are all crucial in developing a well-rounded physician inside and outside of medicine. They do not, however, address the impact that financial strain can have on young radiologists and other doctors, authors wrote in a recent Academic Radiology editorial.
“Throughout the course of their training, residents make important financial decisions,” David M. Yousem, MD, MBA, of Johns Hopkins’ radiology department, and Jannette Collins, MD, MEd, with MRI Online, a virtual education resource for rads, explained. “Despite these considerations, the knowledge, attitudes, and skills required to successfully manage personal finances are traditionally not a part of medical education.”
There are plenty of other statistics reflecting how little trainees know about managing their finances, the editorialists explained. A 2012 survey of rad program directors revealed only 31% include personal finance as a noninterpretive course topic. And a similar 2019 survey of med students indicated only 12% “somewhat” or “strongly agreed” to feeling competent about their finances.
Action is needed, Yousem and Collins argued in their Jan. 9 editorial. They noted that for many residents, it is the first time they will have discretionary spending, and their training organization will likely offer retirement, insurance and other financial benefits.
Coursework should be incorporated into medical school and residency curriculum, they wrote, and should cover everything from investing and the effects of compound interest to contract negotiation and retirement planning.
Radiology societies should also make financial literacy a formal aspect of meeting programs, the pair wrote. And continuing medical education credits should also be offered on the topic.
If financial literacy was taught in every program, some trainees would go on to become experts on the topic and serve as role models and future faculty to teach personal finance to residents.
“Given the acute and long-term effects of financial illiteracy on a radiologist's personal well-being and performance as a physician, coupled with the desire of trainees to learn about personal finance, it's time for financial literacy to be recognized as an essential element of every physician's education,” the editorialists explained. “Compatible with the practice of lifelong learning, such education should encourage and motivate trainees to engage in ‘financial continuing medical education.’”
Matt joined Chicago’s TriMed team in 2018 covering all areas of health imaging after two years reporting on the hospital field. He holds a bachelor’s in English from UIC, and enjoys a good cup of coffee and an interesting documentary.