Developing Tailored Financial Literacy Programs for Healthcare Professionals: A Comparative Analysis

Financial education is vital for equipping individuals with the knowledge and skills necessary to make sound financial decisions. This study explores the significance of directing financial education initiatives to enhance four key aspects of financial literacy among healthcare professionals in Kenya: sociodemographic factors, financial knowledge, financial attitude, and financial behavior. After conducting a thorough review of the existing literature, this research utilizes an explanatory research design to explore the complex impact of financial education on healthcare professionals, specifically the doctor demographic, in Kenya. Data is gathered from 392 healthcare professionals. Results indicate that factors such as education level, employment status, and geographical zone showed a noticeable influence. Financial knowledge has been identified as a crucial factor that significantly influences financial literacy, followed by financial attitude and financial behavior. The study emphasizes the importance of integrating financial education into medical training programs and customizing it for different age groups. Developing financial knowledge and promoting positive attitudes can lead to more informed financial behaviors among healthcare workers, ultimately improving financial literacy within the profession. It is recommended to integrate financial education early on, provide tailored interventions addressing specific dimensions of financial literacy, and offer ongoing support to reinforce financial competencies. By focusing on improving financial knowledge, behavior, and literacy, financial education initiatives can help healthcare workers effectively navigate financial challenges, promoting their financial well-being and professional success. Future research should explore the long-term impacts of targeted financial education interventions within the healthcare sector.