Financial Literacy Survey Instrument

The survey content was based on a review of the literature and included a financial literacy assessment portion that was adapted from the validated Financial Industry Regulatory Authority (FINRA) Financial Literacy Quiz. To quantify debt burden, students estimated anticipated education-related debt in 1 of 4 categories: no debt, $1–99,999; $100,000–$199,999; and $200,000 or more. Financial stress was assessed with the question “Do you worry about your current financial status?”, with three possible responses: “not concerned”, “somewhat concerned”, and “very concerned”. The racial and ethnic populations considered “underrepresented in medicine” (URiM) were based on the definition used by the AAMC: “those racial and ethnic populations that are underrepresented in the medical profession relative to their numbers in the general population.” The options included in this survey were American Indian or Alaskan Native, Black or African American, Latino, and Native Hawaiian or Pacific Islander.http://deepblue.lib.umich.edu/bitstream/2027.42/170931/1/Financial Literacy Survey Instrument.docx-1SEL