AMA Insurance recently released its 2015 report on U.S. women physicians’ financial preparedness. See the report here.
Some of the highlights include:
- 47% of women physicians consider themselves to be ‘behind where they’d like it to be’ when describing the overall status of their retirement ﬁnancial plans.
- The majority of women physicians (76%) believe they are only ‘somewhat’ or ‘not very knowledgeable’ about personal ﬁnancial planning.
- Nearly two-thirds (62%) of women physicians feel the time they spend on their personal ﬁnances is not adequate.
- Of those women physicians who have not engaged a ﬁnancial advisor, 45% say it is because they ‘haven’t found someone I trust.’
- Seventy-one percent (71%) of women physicians are the breadwinners in their family, earning about 75% or more of their family’s household income.
- Half of women physicians say they are primarily responsible for personal ﬁnancial planning decisions for their family.
It should come as no surprise that many of the areas of concern described by survey participants could be addressed through more effective financial literacy education.