Financial Literacy and Wellbeing Among Otolaryngology Residents: A Nationwide Survey

Introduction: Financial stress and inadequate financial literacy are critical challenges for medical trainees, with sparse research in this area and important implications for well-being, decision-making, and career satisfaction. This study evaluates financial literacy and stress among otolaryngology residents, focusing on the role of financial behaviors, education, and debt.

Methods: A cross-sectional survey of otolaryngology residents from 125 ACGME-accredited U.S. programs was conducted between January and June 2024. The survey assessed demographics, income, debt, financial behaviors, and residency-provided financial education. Financial stress was self-rated on a 1–10 scale, and financial literacy was measured using validated questions. Linear regression analysis was used to identify predictors of financial stress and literacy.

Results: Seventy-four residents responded, representing a range of AAOHNS regions and years of training, with an even gender distribution (50% female) and a mean age of 29.5 years. Most participants reported substantial medical school debt (67.6%), with over half entering residency with debt exceeding $100,000. Average financial stress was moderate (5.1 ± 2.6) and the mean financial literacy score was 82.9% (±14.7), with a strong inverse association between these (β = -1.568, p = 0.028). Predictors of reduced financial stress included having an emergency fund (β = -2.672, p < 0.001), monthly saving (β = -1.536, p < 0.001), and having a faculty mentor (β = -1.326, p = 0.031). Financial literacy scores were positively associated with year in training (β = 2.998, p = 0.018), acquiring disability insurance (β = 10.317, p = 0.016), and the use of books as a resource (β = 8.631, p = 0.019).

Conclusions: This study highlights significant financial stress and variability in financial literacy among otolaryngology residents, identifying key factors such as emergency funds and monthly saving behaviors as protective against stress, and higher training levels and specific financial behaviors as predictors of increased literacy.