Financial Preparedness, Loan Management, US Physicians Research, Retirement

Report: Resident Physicians’ Financial Preparedness

June 13, 2017

View 2017 Report on Resident Physicians' Financial Preparedness

Summary & Insights

Surprisingly, ‘having enough money to retire’ is already a top concern for U.S. resident physicians, surpassed only by ‘paying off medical school debt,’ but ahead of ‘paying for their children’s education.’

U.S. Resident Physicians' Top Financial Concerns

34% of U.S. resident physicians are concerned about paying off medical school debt

Source: 2017 Report on U.S. Physicians’ Financial Preparedness – Resident Segment. N=2,502. Multiple answers permitted.

As the newest generation of clinicians, today’s residents will begin their careers as practicing physicians in a very different clinical and business environment compared to previous generations of doctors.

“Financial stressors occur early and often during residency,” says Denise S. Friday, Vice President of AMA Insurance, a subsidiary of the AMA. From staggering debt loads, to low salaries and long hours, residents face a complex personal financial situation now and into the near future. This is especially true of the nearly half of residents who are already married, and a quarter who have already started their family.

5 Essential Moves to Make in Residency

Armed with the data from the report and questions from residents, we asked professional financial advisor, Allan Phillips, Certified Financial Planner™ with Taylor Wealth Solutions, and a member of the AMAI Physicians Financial Partners program to share advice with residents and other young physicians.

In 5 Essential Financial Moves to Make in Residency, Allan outlines tips and “must-do’s” for residents related to budgeting, income protection, debt repayment, investing for retirement and more.

Established Physician Advice

We also continued our tradition of asking established physicians to share their advice on personal finances with today’s residents. As usual, their advice runs from the practical, to the philosophical. We hope you find these insightful and inspiring.

We look forward to your comments and feedback.

Denise S. Friday, CLU
Vice President Sales & Marketing, AMA Insurance

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