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Financial well-being and financial literacy in Romania: A survey dataset.

ABSTRACT: This article presents a dataset aiming to examine the nexus between financial well-being, financial behavior, and financial literacy in Romania. A questionnaire-based survey was conducted on a representative sample of 1,391 respondents, selected through a multistage stratified random procedure. The questionnaire encompasses 34 questions aimed at uncovering individual abilities to manage personal finances, attitudes towards several financial instruments or techniques and financial knowledge. We construct one index for measuring financial well-being and three difficulty-ranked financial literacy indices. The indices are adapted to existing measuring techniques to allow for cross-country comparisons. The dataset connects research on the factors determining financial well-being, socio-economic characteristics or behavioral traits, with the measurement of financial knowledge and skills. The provided data can be used by policy makers in designing a national strategy of financial education, as well as by education providers and practitioners in their teaching process. The academy and researchers could also use this data to conduct inter-country financial analysis or studies at the aggregate level.

SUBMITTER: Nitoi M

PROVIDER: S-EPMC9253483 | biostudies-literature |

REPOSITORIES: biostudies-literature

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Project description:IntroductionPhysician finances are linked to wellness and burnout. However, few physicians receive financial management education. We sought to determine the financial literacy and educational need of attending and resident physician at an academic emergency medicine (EM) residency.MethodsWe performed a cross-sectional, survey study at an academic EM residency. We devised a 49-question survey with four major domains: demographics (16 questions); Likert-scale questions evaluating value placed on personal finances (3 questions); Likert-scale questions evaluating perceived financial literacy (11 questions); and a financial literacy test based on previously developed and widely used financial literacy questions (19 questions). We administered the survey to EM attendings and residents. We analyzed the data using descriptive statistics and compared attending and resident test question responses.ResultsA total of 44 residents and 24 attendings responded to the survey. Few (9.0% of residents, 12.5% of attendings) reported prior formal financial education. However, most respondents (70.5% of residents and 79.2% of attendings) participated in financial self-learning. On a five-point Likert scale (not at all important: very important), respondents felt that financial independence (4.7 ± 0.8) and their finances (4.7±0.8) were important for their well-being. Additionally, they valued being prepared for retirement (4.7±0.9). Regarding perceived financial literacy (very uncomfortable: very comfortable), respondents had the lowest comfort level with investing in the stock market (2.7±1.5), applying for a mortgage (2.8±1.6), and managing their retirement (3.0±1.4). Residents scored significantly lower than attendings on the financial literacy test (70.8% vs 79.6%, P<0.01), and residents scored lower on questions pertaining to investment (78.8% v 88.9%, P<0.01) and insurance and taxes (47.0% v 70.8%, P<0.01). Overall, respondents scored lower on questions about retirement (58.8%, P<0.01) and insurance and taxes (54.7%, P<0.01).ConclusionEmergency physicians' value of financial literacy exceeded confidence in financial literacy, and residents reported poorer confidence than attendings. We identified deficiencies in emergency physicians' financial literacy for retirement, insurance, and taxes.

Dataset Information

Financial well-being and financial literacy in Romania: A survey dataset.

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