Financial Preparedness, US Physicians Research, Retirement

2015 Women Physicians' Financial Preparedness Report

April 08, 2015

View 2015 Report on Women Physicians' Financial Preparedness

As family breadwinners with multiple responsibilities at work and at home, women physicians have little time to devote to their family’s personal finances as a matter of practicality.  Yet over half of them (of all ages) do spend what they consider to be ‘adequate’ time on their personal finances and feel ‘on-track’ or even ‘ahead of schedule’ in preparing for a healthy retirement.

In fact, in the latest AMA Insurance Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment, regardless of age, 53 percent of women physicians feel financially prepared for retirement.  

OTHER KEY FINDINGS:

  • Half of all women (and 72 percent of women physicians age 40 and under) believe that physicians have unique and/or more complicated personal   financial needs than other professions.
  • Financial concerns differ by age, but “providing a comfortable retirement” is still the number one goal for women physicians of all ages.
  • Women physicians who consider themselves ‘behind where they’d like to be’ have less saved overall, less in an emergency fund, don’t use a professional   planner and don’t feel adequately protected in the event of a disabling accident or injury.
  • 7 percent of women physicians consider themselves ‘ahead of schedule’; up 3 percent from 2013.
  • There are six (6) traits shared by financially prepared women physicians of any age.

The report includes insights gleaned from three national AMA Insurance studies representing 3,077 U.S. women physicians.  It features a deep look at the 6 Traits that financially prepared women share, provides a comparison of women physicians’ financial preparedness by age groups and includes sage advice from women physician peers.

We invite you to view the entire report for the detailed findings and we welcome any comments or questions.

 
Denise S. Friday, CLU 
Vice President Sales & Marketing, AMA Insurance   
physiciansinfocus@amainsure.com 

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