PT  - JOURNAL ARTICLE
AU  - Joel M.H. Teichman
AU  - Edward Matsumoto
AU  - Michael Smart
AU  - Aspen E. Smith
AU  - Wayne Tongco
AU  - Denis E. Hosking
AU  - Andrew E. MacNeily
AU  - Michael A.S. Jewett
TI  - Personal finances of residents at three Canadian universities
DP  - 2005 Feb 01
TA  - Canadian Journal of Surgery
PG  - 27--32
VI  - 48
IP  - 1
4099  - http://canjsurg.ca/content/48/1/27.short
4100  - http://canjsurg.ca/content/48/1/27.full
SO  - CAN J SURG2005 Feb 01; 48
AB  - Objectives: To address 3 research questions (What financial choices do residents make? Are the financial choices of residents similar to those of the general public? Are the financial choices of surgical residents reasonable?), we examined financial data from Canadian residents.Methods: A written survey was administered to 338 residents (103 of them surgical residents) at 3 Canadian training institutions (University of Toronto, Queen’s University and University of Manitoba). Resident household cash flows, assets and liabilities were characterized. Finances for residents were compared with those of the general public, by means of the Survey of Household Spending and Survey of Financial Security.Results: Median resident income was $45 000 annually (Can$ throughout). With a working spouse, median household income was $87 500. Among residents, 62% had educational debt (median $37 500), 39% maintained unpaid credit-card balances (median $1750), 36% did not budget expenses, 25% maintained cash reserves < $275, and 22% contributed neither to retirement nor nonretirement investments. Residents spent more on vehicles compared with members of the general public (median $17 500 v. $10 720, p = 0.002) and on monthly housing (median $875 v. $729, p < 0.001), respectively. Residents were more likely to carry student loans than people in the general population (61% v. 21%), more likely to carry vehicle loans (74% v. 29%) and less likely to carry credit-card debts (39% v. 50%, respectively). Surgical residents had income expectations after graduation higher than current billings justified. Fewer surgical (69%) than anesthesiology residents (88%, p < 0.05) contributed to Registered Retirement Savings Plans.Conclusions: From this limited sample, residents spend more than age- and income-matched members of the general public. Many residents save too little, fail to budget, and carry high educational and credit-card debts. Surgical residents’ expectations of future income may be unrealistic. Further study is warranted.