A recent survey of over 6,100 doctors in the UK has shed light on the financial landscape for medical professionals, revealing significant opportunities for improvement in personal finance management. The “State of Medics Money 2025” report, authored by me, highlights key areas where doctors can enhance their financial well-being and security.
Key takeaways from the report
- Financial Concerns: A significant number of doctors feel insecure about their financial situation, with 52% of those surveyed reporting that they worry about their financial position relative to their age. This suggests that the long-standing view of medicine as a secure profession with good income may not reflect the current pressures faced by younger professionals.
- Tax Management: The report indicates a notable gap in financial literacy concerning tax planning among doctors. Only 35% of respondents felt confident about the tax allowances available to them. Additionally, a surprising 26% of doctors reported they have not claimed tax relief on professional subscriptions to medical bodies like the GMC or Royal Colleges, which means millions of pounds in tax relief are going unclaimed.
- Saving and Budgeting: While 81% of doctors are saving money regularly, there are still areas for improvement. Less than 50% of doctors have a monthly personal budget, and only 33% review their spending. This lack of structured budgeting can hinder saving efforts.
- Investments: The survey points to a general hesitancy towards investments. A large majority of respondents (57%) do not have any investments in stocks and shares. Furthermore, a significant number of medics appear to lack concrete retirement income plans, a critical component of long-term financial security.
- Personal Protection: The data reveals a major gap in personal protection, which is a cornerstone of financial planning. A large majority of doctors do not have essential policies such as life insurance, critical illness cover, or income protection. Only 51% reported having no life insurance and only 35% have income protection, leaving them and their dependents vulnerable to financial hardship.
- Lack of Professional Financial Advice: The report shows that 81% of those surveyed had not contacted a financial planner or wealth adviser in the last two years. This highlights a potential opportunity for financial advisors to better communicate their value to the medical community.
A call to action
The report serves as a call to action for doctors, employers, and financial advisors. Doctors are excellent at looking after the health of others, but often fall short when it comes to their own financial affairs.
- For Doctors: Take control of your financial future by educating yourself and taking simple steps like creating a budget and claiming tax relief on professional expenses.
- For Employers: A financially secure workforce is a healthier one. Supporting your workforce in making informed financial decisions would be a good start for the NHS in relieving some of these pressures.
- For Financial Advisors: There is a clear opportunity to provide value to doctors, especially concerning protection policies and tax issues, given the low engagement with financial advisors shown in the survey.
The full “State of Medics Money 2025” report, which provides a comprehensive overview of the financial landscape for medical professionals, can be downloaded here.
