Medicine is not a good way to get rich. Most doctors incur substantial debts for their education and need many years to repay them. And for those in private practice, they incur the costs of starting and running a heavily government regulated business while constantly looking behind themselves over fear of malpractice claims.
AMA Insurance produced a national survey regarding the state of financial affairs of physicians. This survey (conducted by Qualtrics) was sent to 125,000 practicing physicians, targeting all age groups and specialties. The resultant data consisted of a sample size of 2,073. Here are some highlights of the survey’s findings:
50% of employed physicians believe their profession has unique or more complicated financial needs than other professions
72% are concerned about having enough money to retire
65% are concerned about being able to fund long-term care expenses
Top reasons physicians believe their financial lives are different:
84% believe it is because they began their careers later than other professions
56% believe it is because they have concerns over malpractice and other liability risks
53% believe it is because medical school debt repayment delays savings
The survey can be found here.
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