Document Type : Original Article
Authors
Department of Community Medicine and Family Medicine, All India Institute of Medical Sciences, Gorakhpur, Uttar Pradesh, India
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
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