Kunal A Amin1, Brian S Hoffmaster2, Bethany L Misko3. 1. Northeast Ohio Medical University, 4209 St. Rt. 44, PO Box 95, Rootstown, OH 44272, United States. Electronic address: kamin@neomed.edu. 2. Northeast Ohio Medical University, 4209 St. Rt. 44, PO Box 95, Rootstown, OH 44272, United States. Electronic address: bhoffmaster@neomed.edu. 3. PGY-1 Pharmacy Practice Resident, Cleveland Clinic Akron General, 1 Akron General Ave, Akron, OH 44307, United States. Electronic address: bmisko@neomed.edu.
Abstract
INTRODUCTION: Over the past decade, pharmacy school tuition and the subsequent amount of student debt has risen significantly. Additionally, the debt-to-income ratio for pharmacy school graduates increases, making it extremely important to manage personal finance during pharmacy school and beyond. To assess a personal finance elective's effect on students' financial literacy and confidence, a course evaluation study was pursued at Northeast Ohio Medical University (NEOMED). METHODS: NEOMED's College of Pharmacy graduating Classes of 2018 through 2021 completed a voluntary, anonymous survey to determine the need and interest for a finance elective in the curriculum. Survey results were grouped by enrollment in the personal finance elective course (i.e. students enrolled and students not enrolled). Students self-identified the category describing their knowledge and confidence in financial decision-making using Likert-style scales. RESULTS: Of the 106 students who responded, 57 (54%) were not enrolled and 49 (46%) were enrolled in the personal finance elective course. Students in the elective reported significantly higher financial literacy and financial decision-making confidence in many areas, including budgeting, loans, debt, investing, and retirement planning. Ninety-seven percent of study participants determined that a personal finance elective should be made available to students. CONCLUSIONS: Students' financial knowledge and confidence can be positively impacted by a personal finance course. With the increasing student-loan-debt and expected 3% decline in the 10-year job outlook for pharmacist workforce positions, it is essential to provide future pharmacists with financial resources to make sound financial decisions impacting their careers and lives.
INTRODUCTION: Over the past decade, pharmacy school tuition and the subsequent amount of student debt has risen significantly. Additionally, the debt-to-income ratio for pharmacy school graduates increases, making it extremely important to manage personal finance during pharmacy school and beyond. To assess a personal finance elective's effect on students' financial literacy and confidence, a course evaluation study was pursued at Northeast Ohio Medical University (NEOMED). METHODS: NEOMED's College of Pharmacy graduating Classes of 2018 through 2021 completed a voluntary, anonymous survey to determine the need and interest for a finance elective in the curriculum. Survey results were grouped by enrollment in the personal finance elective course (i.e. students enrolled and students not enrolled). Students self-identified the category describing their knowledge and confidence in financial decision-making using Likert-style scales. RESULTS: Of the 106 students who responded, 57 (54%) were not enrolled and 49 (46%) were enrolled in the personal finance elective course. Students in the elective reported significantly higher financial literacy and financial decision-making confidence in many areas, including budgeting, loans, debt, investing, and retirement planning. Ninety-seven percent of study participants determined that a personal finance elective should be made available to students. CONCLUSIONS: Students' financial knowledge and confidence can be positively impacted by a personal finance course. With the increasing student-loan-debt and expected 3% decline in the 10-year job outlook for pharmacist workforce positions, it is essential to provide future pharmacists with financial resources to make sound financial decisions impacting their careers and lives.