2015 Young Physicians Financial Preparedness Report

The 2015 Report on U.S. Physicians' Financial Preparedness: Young Physicians Segment is the latest data release from AMA Insurance designed to understand the attitudes and behaviors of physicians related to personal financial planning and retirement readiness.  Data was obtained from three national survey studies representing responses from 1,937 U.S. physicians under age 40.  The report is quite detailed and comprehensive at 81 slides.  But fear not!  White Coat Money is here to break it down...


  • Most of us work as employees (79%) - makes sense since we haven't had enough time to build equity in a practice.
  • 13% work a normal work week (less than 40hrs/week) - honestly that's a lot more than I expected.  Personally, I don't know a single physician who works less than 40hrs/week.
  • 78% of us is the family breadwinner - earning more than 75% of our total household income.
  • 75% of us graduate with student debt - 80% owes $100,000 or more.
  • Most (71%) feel somewhat or not very knowledgeable in the areas of personal financial.  Only 5% of young physicians consider themselves very knowledgeable about personal financial issues.  Lack of time is the #1 reason why we don't learn more about personal finance.
  • Half of young physicians use a professional financial planner, 84% of whom are satisfied with their current planner.
  • For the half that don't use a financial planner, the top reasons are: 1) Costs too much and 2) Haven't found someone I trust.

Gender Breakdown:

Male physicians

Female Physicians

The report also offers some basic advices for young physicians to stay ahead:

5 Strategies for a Strong Financial Foothold:

  1. Pay yourself first. Start saving from day one.
  2. Develop a budget beyond debt repayment.
  3. Understand the financial aspects of your employment contract.
  4. Prepare for the unexpected. Protect your family now.
  5. Engage a professional financial advisor.

Want more details?  Check out the full report HERE.



Future Proof, MD

Dr. Bo Liu is an aspiring radiologist-in-training and the founder and editor of the White Coat Money Blog.  He has an interest in interventional radiology and helping his medical colleagues get ahead in this mad world of medicine and money.  When he's not crushing the list at the PACS station or typing up your next favorite blog post, you can usually find him at the local badminton club, movie theater or the most recently opened restaurant.