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Ep 193: Why Female doctors are financially disadvantaged

Dr Cyra Mackintosh joins Tommy to explore the persistent gender pay gap in modern medicine. 

“Financial Illiteracy and Its Impact on Women”

# Gender Equality and Financial Literacy

Financial illiteracy has a disproportionate impact on women, and this impact is something Saira, representing Medic’s Money, passionately discusses with Tommy in a podcast. Together they chat about how society affects women’s confidence in making financial decisions and what steps can be taken to break this cycle.

# About Saira and Tommy

Tommy, a GP, is one of the team members behind MedicsMoney, an organization that has grown significantly over time. Saira, on the other hand, prides herself on her dual career as a doctor and chartered accountant. Having initially tried to detach herself from the financial world to help people medically, she realized that finance is an unavoidable aspect of life. Saira now champions the fusion of these two fields through her varied medical projects that have a financial and performance improvement influence.

# The Female Gender and Financial Illiteracy

Saira is highly passionate about addressing the issue of financial illiteracy among women, which she believes can result in a drastic change in the socio-economic fabric of society. Having dug deep into this topic, Saira has learned that the lack of confidence many women experience when it comes to finances starts early and can stem from societal influences.

The ability to change one’s mindset, unlearn years of biased thinking, and instigate financial education from the start could have huge implications, not only for the current generation but for the future ones as well. Education from an early age could lead to financially astute clinicians, a vision that both Saira and Tommy agree on.

# The Impact of Working Less than Full Time

Full-time jobs in the medical field can be demanding and time consuming, which is why some women opt to work less than full time due to child care and other responsibilities. However, this can significantly impact their financial stability and career trajectory. Addressing this issue, Saira advises on the importance of equalizing the amount of less-than-full-time work in a family to limit financial disparities. She suggests a thorough financial plan where income versus expenses are identified, and adjustments are made accordingly.

# Childcare and Tax Implications

Childcare is one of the biggest expenses that a family can face, particularly young ones. When planning to go less than full time, Saira recommends considering the tax advantages which can be a significant benefit. There are several measures that can be taken such as utilizing tax-free childcare, claiming child benefits, and carefully planning the adjusted net income limit to increase eligibility for other benefits.

# Parental Leave Benefits

Providing equal opportunities for both parents, shared parental leave offers the chance to take equal amounts of leave, share the leave, or choose who returns to work first. However, it remains a public discussion as older male consultants often discourage their junior colleagues from taking leave, fearing it would hinder their career.

# To Final Thoughts…

In a conversation with Tommy, Saira divulges in-depth data and resources, delivering a significant message that financial illiteracy has a detrimental effect on women, and this cycle has to be disrupted and reversed. Conversations on financial planning should be held even before starting a family. The profound thought that Saira leaves us with is that money might not buy happiness, but it undoubtedly can buy you choices, time, and freedom.

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Music credit: MetzMusic on YouTube.

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