Georgios Pakos

Healthcare professionals require comparable knowledge and abilities in hospital financial administration. In addition, many physicians are not equipped to manage the leadership roles that healthcare systems require, namely the capacity to express a vision, convey it to others, garner willing support for it, and enable others to be leaders in return. Previous studies have demonstrated that physicians often lack financial literacy, while a recent systematic review and meta-analysis showed that healthcare professionals lack adequate financial literacy, although top healthcare practitioners and executive nurse leaders are encouraged to develop knowledge and abilities outside of their clinical specialty. The need for medical practitioners to receive training and experience in medical leadership has also been discussed in earlier studies. In Greece, evidence regarding the financial literacy levels and leadership skills among healthcare professionals is lacking, although physicians and nurses are required to obtain managerial and administrative roles as they progress in their positions. Our objective was to assess healthcare professionals’ levels of financial literacy and investigate the relationship between financial literacy and leadership skills in Greece. We conducted a prospective, multi-centered, question-based survey among healthcare professionals in several institutions in Northern Greece. Participants were asked to fill out basic demographic questions, the OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion 2022, and the Leadership Skills questionnaire, translated into Greek. The factorability of the questionnaires was examined with factor analysis, while the internal consistency was examined with Cronbach’s alpha. A linear correlation of leadership scores with financial literacy scores was performed with the Spearman rho, and multivariate regression analysis examined the correlation of the leadership score with financial literacy scores, adjusted for the type of task, education, status, gender, and age. The overall financial literacy score for all healthcare professionals was 69.14 ± 13.25%, which was higher compared to the average for the Greek population. Male healthcare professionals with administrative tasks had significantly higher overall financial literacy and digital financial literacy scores than females, or professionals without administrative tasks, as well as higher scores in all areas of leadership. Physicians had significantly higher overall financial literacy scores than nurses and significantly lower digital financial behavior and digital finance trend scores. Still, physicians scored significantly lower than nurses in all areas of leadership skills. There was a strong correlation between overall financial and digital financial literacy scores with leadership skills scores. Future research is warranted to explore how formal financial and leadership education included in the training programs of healthcare professionals would empower physicians by enabling them to make proactive decisions regarding their financial and managerial destiny.

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.