Insights: Financial Planning For Doctors

Doctors are busy saving lives, they spend most of their time working and are known to have a very limited time for their routine activities. Knowledge of finance is a must-have for any working professional, but for doctors, is even more important. We have conducted a survey to understand how doctors are managing their finances.

A total of 115 doctors responded to our survey from 16 different specialities. The majority of doctors were from Tier 1 city (36%), 30% of doctors were from Tier 4, 18% from tier 2 and 16% of doctors were from Tier 3.

Planning is essential for managing finances, in our study 75% of doctors plan their finances whereas 25% do not.

Around 34% of doctors find it daunting to manage finances due to lack of expertise in the field, 24% of doctors are unaware of options available for managing better finances, 23% thinks that time constraints stop them from taking the charge of their finances and 19% are unaware of the positive outcome of doing so.

The majority of doctors seek suggestions from a financial advisor but an equal number of doctors do not.

Around 61% of doctors are managing their finances with the help of a personal accountant, and only 20% are engaging with an accounting firm.

46% of doctors are willing to acquire knowledge of finances by attending specific conferences or workshops, whereas 33% do not feel the need for the same.

More importantly, a high majority- 77% of doctors will be happy to receive finance related information on their phone through an app.

The survey affirms that doctors understand the need for planning their finances, but strongly feel lack of time and expertise acts as a major hindrance. Doctors would also like to gain more knowledge about financial planning and prefer digital platforms to conventional conferences.

WhiteCoats has launched a series of expert-driven tutorials that give doctors deep insights into the golden rules and tips for better financial planning and management.

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