Financial literacy among anaesthetists in an academic department in Johannesburg

Abstract

Background: Financial literacy is an important skill required to navigate the complex financial landscape. Wealth, income, race, age, geographical location and level of education affect financial literacy levels in South Africa. The aim of this study was to assess financial literacy among anaesthetists at the Department of Anaesthesiology, University of the Witwatersrand (WITS) and to identify factors associated with better financial literacy.

Methods: This prospective, cross-sectional study was conducted using an anonymised questionnaire adapted from the South African Social Attitudes Survey. A financial literacy score out of 100 was calculated using four domain scores (financial knowledge, financial planning, financial control and product choice and awareness).

Results: A total of 184 anaesthetists were included. The mean financial literacy score was 72. Gender, age, relationship status and years of employment did not influence the mean financial literacy scores. The mean scores for the individual domains were 79 for financial control, 76 for financial planning, 51 for product choice and 82 for financial knowledge. Lower levels of financial preparedness were observed among younger and junior anaesthetists as well as anaesthetists who self-reported as mixed race or black ethnicity.

Conclusion: Anaesthetists at the Department of Anaesthesiology, University of the Witwatersrand have high levels of overall financial literacy but do not display adequate preparedness in planning for a secure financial future. We suggest integration of continuous financial education into medical training, from undergraduate studies through to specialisation.

Contribution: This study was the first to investigate financial literacy among anaesthetists in South Africa. It has highlighted the need for formal education on financial literacy to be incorporated into medical training.