Financial Planning for Medical Professionals: A Scoping Review

Abstract

Background: Medical professionals face unique financial challenges, including substantial educational debt, delayed income trajectories, and high burnout rates linked to financial stress. Despite increasing recognition of these issues, the extent and nature of research on financial planning for this population remain unclear.

Objective: This scoping review maps the existing literature on financial planning for medical professionals, identifying key concepts, study characteristics, and research gaps to inform future investigations and curriculum development.

Methods: Following PRISMA-ScR guidelines, we searched PubMed, Embase, MEDLINE, ERIC, Scopus, and Cochrane Library databases from inception through January 2025. Studies examining financial literacy, financial planning, or financial wellness interventions for medical students, residents, fellows, or practicing physicians were included. Two reviewers independently screened citations and extracted data using a standardized form.

Results: From 2,847 unique citations, 45 studies met inclusion criteria. Publication volume increased markedly after 2018. Most studies (71%) focused on trainees (medical students, residents, fellows), with only 29% examining practicing physicians. Cross-sectional survey designs predominated (62%), while intervention studies comprised 24%. Key financial topics included educational debt management (89%), retirement planning (82%), insurance (76%), and investing (71%). Financial literacy was consistently suboptimal across all career stages, with 78% of studies reporting inadequate knowledge. Financial stress correlated with burnout in 12 of 14 studies examining this relationship. Educational interventions, though variable in design and duration, consistently improved knowledge and self-reported financial behaviors.

Conclusions: Research on financial planning for medical professionals has expanded substantially but remains fragmented, with limited longitudinal data and few validated outcome measures. Trainees are overrepresented relative to practicing physicians. Future research should prioritize standardized competency assessment, rigorous intervention studies with behavioral outcomes, and investigation of financial planning across the full physician career trajectory.