title: How do residents manage personal finances?
abstract: BACKGROUND
  We examined three research questions: How do residents' debts and savings compare to the general public? How do surgical residents' financial choices compare to other residents? How may institutions help residents' personal financial decisions?
  
  
  METHODS
  The Survey of Consumer Finances was modified and piloted tested to elicit financial information. The instrument was completed by 612 residents at 8 programs.
  
  
  RESULTS
  Only 60% of residents budgeted expenses, and 25% and 10% maintained cash balances <611 dollars and unpaid credit card balances >10,000 dollars, respectively. Compared with controls, residents held greater median ratios of debt to household income (2.46 vs. 1.06, P <0.0001), fewer assets to income (0.64 vs. 2.28, P <0.0001), less net wealth to income -1.43 vs. 0.90, P <0.0001), and lower retirement savings balance to household income (0.01 vs. 0.12, P <0.0001). Surgery residents were the least financially conservative group. Mean annual resident contributions to retirement accounts were $1532 higher at institutions with versus without retirement plans (P <0.01).
  
  
  CONCLUSIONS
  Resident debts are higher and savings lower than the general public. This behavior is most common among surgery residents. Residents save more for retirement when they are eligible for tax-deferred retirement plans. Graduate medical programs should instruct residents on financial management.
authors.affiliation: Division of Urology, University of Texas Health Science Center, San Antonio, TX, USA. jteichman@providencehealth.bc.ca
authors.forename: Joel M H
authors.initials: JM
authors.lastname: Teichman
authors.forename: Patricia P
authors.initials: PP
authors.lastname: Cecconi
authors.forename: B Douglas
authors.initials: BD
authors.lastname: Bernheim
authors.forename: Neva K
authors.initials: NK
authors.lastname: Novarro
authors.forename: Manoj
authors.initials: M
authors.lastname: Monga
authors.forename: Debra
authors.initials: D
authors.lastname: DaRosa
authors.forename: Martin I
authors.initials: MI
authors.lastname: Resnick
mesh_terms: D000328:Adult; D003625:Data Collection; D003657:Decision Making; D005260:Female; D005382:Financing, Personal; D006801:Humans; D007182:Income; D007396:Internship and Residency / Q000191:economics*; D008297:Male