PMID: 11337283May 19, 2001Paper

How do urology residents manage personal finances?

Urology
Joel M H TeichmanR J Leveillee

Abstract

To examine personal financial management among residents to answer three research questions: do residents make reasonable financial choices; why do some residents not save; and what steps can be taken to improve residents' personal financial decisions. Portions of the Federal Reserve Board's Survey of Consumer Finances were modified and piloted to elicit demographic, expense, saving, and income data. The final questionnaire was completed by 151 urology residents at 20 programs. Comparing residents with the general population in the same age and income categories, the median debt/household income ratio was 2.38 versus 0.64. Residents had greater educational debt, greater noneducational debt, and lower savings. Resident participation in retirement accounts was 100% at institutions with employer-matching 401k or 403b plans, 63% at institutions with nonmatching 401k or 403b plans, and 48% at institutions without retirement plans for residents (P = 0.002). Fifty-nine percent of residents budgeted expenses, 27% had cash balances below $1000, 51% had paid interest charges on credit cards within the previous year, and 12% maintained unpaid credit card balances greater than $10,000. The median resident income was $38,400. A significant ...Continue Reading

Citations

Mar 16, 2007·Journal of General Internal Medicine·Gurpreet Dhaliwal, Calvin L Chou
Aug 12, 2005·Current Surgery·Arin K Greene, Mark Puder
Feb 15, 2003·Academic Radiology·Jay Harolds
Dec 21, 2006·Academic Radiology·Gauri S Tilak, Stephen R Baker
Feb 22, 2005·American Journal of Surgery·Joel M H TeichmanUNKNOWN Study Group
Nov 18, 2008·The Journal of Urology·Nicholas J HellenthalEric A Kurzrock
Jul 28, 2018·AEM Education and Training·Eric ShappellAra Tekian
Jan 9, 2019·Journal of Graduate Medical Education·Rachel WongAlexandra E Mieczkowski
May 27, 2020·The Journal of the American Osteopathic Association

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