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New report from AMA Insurance finds 53 percent of women physicians ahead or on track for top goal - retirement savings
CHICAGO (April 8, 2015) – Women are playing an increasingly prominent role in the medical profession. More than one-third of today’s U.S. physicians are women, and in the age forty and under group, 49 percent are women.* They all face the same personal financial challenges unique to their profession, with a healthy retirement at the top of the list of financial concerns. AMA Insurance’s newly released national study, the 2015 Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment © offers good news in that regard – 53 percent of the surveyed women physicians of all ages report that they are ‘ahead of schedule’ or ‘on-track’ with their retirement savings. In fact, one quarter of women physicians have more than $1,000,000 saved for retirement, including 4 percent who have more than $3,000,000 saved.
Report addresses elements of personal financial preparedness
The report details these and a wide range of other findings on personal financial preparedness as it presents a well-rounded profile of women physicians, using insights gained from three national surveys by AMA Insurance of 3,077 women physicians. It addresses the elements of personal financial success, including goals and concerns, family situations, financial acumen, retirement readiness and future personal and professional plans. It also features comparisons of women physicians’ financial preparedness by age group.
Women physicians are family breadwinners with little time for personal finance
“Women physicians face a multitude of challenges from a personal financial perspective, ” said Denise S. Friday, CLU, Vice President of Sales and Marketing at AMA Insurance, a wholly owned subsidiary of the American Medical Association. “Nearly three-quarters of those surveyed are family breadwinners and all have heavy work schedules and little time to devote to personal finances. There is good news on many fronts such as saving for retirement, but it’s still important for them to look at ways to achieve personal financial security. We are excited to share this report and the insights gained from other women physicians surveyed in it, to help them reach their goals.”
Report data offers age comparisons in key financial areas
The financial preparedness picture for women physicians has many dimensions. While women physicians across all age groups share common personal financial goals, the report data also indicates differences by age in how they approach personal finance and financial issues. These can be seen by comparing women physicians age 40 and under, 41-50, 51-60 and over age 60 in these areas: family life, top financial concerns, personal finances, financial acumen, insurance protection and retirement readiness.
Women physicians who feel ‘behind’ share certain characteristics
Forty-seven (47) percent of women physicians of all ages consider themselves ‘behind where they’d like to be’ in financial preparedness. Report data shows they have less saved for retirement, feel ‘somewhat’ or ‘not very knowledgeable’ about personal finances, have less in a liquid emergency fund, typically do not use a financial planner, do not have an updated will and medical directives, and do not feel adequately protected in the event of a disability.
More results on AMA Insurance Report available
The 2015 Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment© was produced with the support of the American Medical Association and Robin Robertson, CLU of Millenium Brokers LLC. View full report.
NOTE TO REPORTERS: Contact Treco-Jones PR at firstname.lastname@example.org for interviews and/or more information about the report with these subject matter experts:
About the Report and insurance: Denise S. Friday, CLU, Vice President of Sales and Marketing at AMA Insurance
About financial and retirement planning: Robin Robertson, CLU, Senior Wealth and Insurance Planning Strategist, MGBI A Millenium Brokerage Group Company
*2015 Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment ©
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