Financial literacy and its correlates among healthcare professionals of India: An ignored educational need
Authors
Neeraj Agarwal
Department Community and Family Medicine, All India Institute of Medical Sciences, Bibinagar, Telangana, India
Bijit Biswas
Department of Community Medicine and Family Medicine, All India Institute of Medical Sciences, Gorakhpur, Uttar Pradesh, India
Keywords:
Education, financial management, health personnel, India, insurance, investments, literacy
Abstract
BACKGROUND:
Financial literacy is a person's capability to manage their own monetary matters. There was no information available on financial literacy status of healthcare professionals (HCPs) of India. So, the current research was formulated to assess the financial literacy status and its correlates among HCPs of India.
MATERIALS AND METHODS:
It was an observational study, cross-sectionally designed, conducted among 524 HCPs of India using a structured Google form during July 2020. For data analysis, SPSS (version 22) was used.
RESULTS:
Among the study participants, 68.3% were found to be financially literate. Among the various subdomains of the total financial literacy, knowledge regarding general domain was observed to be the best (69.3%) followed by savings (63.7%) and investment (58.0%) domains, respectively. The total financial literacy score was found to be positively correlated with higher age [spearman rho correlation co-efficient (ρ) = 0.25; P =< 0.01], qualification [(medical postgraduate) (ρ= 0.16; P =< 0.01); (medical super speciality) (ρ = 0.14; P =< 0.01)], and annual family income (ρ= 0.29; P =< 0.01). Moreover, males (ρ= 0.23; P =< 0.01)], currently married (ρ= 0.19; P =< 0.01), and surgeons (ρ= 0.12; P =< 0.01) were found to be more financially literate compared with others. Positive financial attitude (ρ= 0.26; P =< 0.01) and regular maintenance of financial record (ρ= 0.21; P =< 0.01) were the other enabling factors of financial literacy observed in the study.
CONCLUSIONS:
Financial literacy was found to be quite low in the surveyed HCPs as every third study participant were found to be deficient in knowledge regarding one or more financial attributes. Incorporation of finance management in curriculum of the healthcare allied courses and repeated sensitization of the graduated HCPs are warranted to enable them to take effective financial decisions to meet their personal and organizational financial goals.
Keywords: Education, financial management, health personnel, India, insurance, investments, literacy
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