Financial Literacy Among Healthcare Providers: A Systematic Review

Georgios Pakos and Panagiotis Mpogiatzidis ()
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Georgios Pakos: Department of Midwifery, School of Health Sciences, University of Western Macedonia, 50100 Ptolemaida, Greece
Panagiotis Mpogiatzidis: Department of Midwifery, School of Health Sciences, University of Western Macedonia, 50100 Ptolemaida, Greece

JRFM, 2025, vol. 18, issue 1, 1-25

Abstract: Since the effectiveness of hospital management is influenced by financial management, healthcare professionals’ financial literacy has drawn the attention of researchers and policymakers. Previous research on medical students and healthcare professionals indicated that medical professionals frequently lack financial literacy; however, the evidence on the long-term status of financial literacy among healthcare providers throughout their careers is limited. In the current systematic review, we aim to examine the current evidence regarding financial literacy among healthcare providers throughout their career development. From the initial 1668 studies that were identified, 38 studies met the inclusion criteria and, thus, were included in the review. Twenty-eight studies evaluated financial literacy among either medical students or junior medical professionals, and ten studies were conducted on senior healthcare personnel. The body of evidence suggests that financial literacy is suboptimal in medical students and healthcare professionals, although it is of utmost importance for leading healthcare providers. Although senior healthcare providers or executive nurse leaders might be modestly financially literate, they are urged to cultivate skills and knowledge beyond their clinical expertise. Financial literacy depends on several factors, such as age, gender, qualification, or overall income. As the role of healthcare leaders is extended to their efficiency and participation in activities related to financial management, there is an urge for financial planning, financial monitoring, financial decision making, and financial control, while further studies are warranted to longitudinally explore the competencies of healthcare leaders in financial literacy.

Keywords: financial literacy; management; nurses; doctors; skills; knowledge (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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