A Cross-sectional Survey on Financial Literacy and Financial Well-being of Healthcare Workers in a Tertiary Hospital in Cebu

Abstract

Background. Globally, previous surveys on financial literacy among healthcare workers highlight the lack of understanding of basic financial concepts. Financial literacy and financial well-being of healthcare professionals are areas that lack comprehensive study. Assessing the level of financial literacy is vital to raise awareness, identify challenges, and provide tailored support, ultimately improving financial well-being and the quality of patient care. Objectives. We determined the degree of financial literacy and financial well-being of healthcare workers in a tertiary hospital in Cebu Methods. One hundred thirty-nine respondents were analyzed in this cross-sectional study using the validated Organization for Economic Cooperation and Development International Network on Financial Education (OECD/INFE) Toolkit. Independent t test and ANOVA were used to determine the statistical significance. Results. The mean Financial Literacy score was 13.7 + 2.4 over a total score of 21 points. It varied significantly with physicians gaining higher scores relative to other professions. Financial attitude varied significantly with married participants having slightly higher score. The mean Financial Well-being score was 8.3 + 3.2 over 20 points. It likewise varied significantly with again physicians having higher well-being scores. Similarly, well-being was higher amongst participants with higher income. Conclusion. Financial literacy of healthcare professionals was quite low. While most healthcare workers demonstrated positive financial behaviors, such as budget management and savings, a significant portion fell short of the minimum target score for financial knowledge and financial attitude. Many struggle with basic concepts in finance, especially compound interest and diversification. Their attitudes around living for today and toward saving were more literate than their attitudes towards spending. Results also showed that on average, the healthcare workers found their financial situation to add stress and worry.