Paper Details
Title Financial Management Practices of Medical Practitioners in the Private and Public Medical Service in Malaysia

Doctors admit they lack the knowledge and guidance to manage their money and often learn the skills through trial and error and only realize their mistakes and shortfalls at later stages of life. This causes valuable time lost. This study measured the level of financial management practice of the medical practitioners in Malaysia. In this cross sectional study, medical professionals from the public and private medical centres were randomly selected through a multistage sampling technique. These 35.8% medical specialist and 64.2% medical officers were then interviewed face to face using pre-tested questionnaires. A total of 402 doctors completed the questionnaires, of which, 187 are from the urban region and another 217 are from the rural areas. Ethnic Malays (54.5%) made up the majority of the respondents while the Indians (25.6%), the Chinese (16.7%) and other ethnicity (3.2%) followed respectively. The percentage of doctors in Malaysia practicing positive or favorable financial management is only 34.6%. The most ignored area where only 3.8% respondents scored high scores is the retirement and estate planning practices. In summary, the medical practitioners in Malaysia lacked financial management practices. This study sets the foundation for future exploration and calls for a financial education program need to help the medical practitioners make informed decisions for better financial satisfaction. Key Words: Medical Practitioners, Financial Management Practices.

Pages 1105-1117
Volume 4
Issue 4
Part 2
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