Financial Wellness
Definition[edit | edit source]
Financial wellness is when someone has the ability to meet their financial needs currently and in the future. When a person has financial security, there is less stress about money and can enjoy life more comfortability.
Causes of Financial Stress in Medical Professionals[edit | edit source]
Student loan debt[edit | edit source]
The cost of schooling for many medical professionals is very high. Not only are the courses costly, but there are additional costs as well, such as paying for commuting to placements, attended events such as conference to improve their resume, and exams (or multiple exams)[1]. This can significantly affect professionals from low income backgrounds due to these costs. Many professionals must take out loans to cover these costs which will be paid back over many years.
Long Training periods[edit | edit source]
Professionals seeking training in terms of residency or fellowships are often making below market pay for their positions. Additionally, they may have additional costs such as travel and housing during this period of training
Operating costs[edit | edit source]
Professionals who open their own practice can face a variety of operating costs. From overhead costs such as rent/lease of property, utility services, staff salaries, and equipment to the costs of malpractice insurance, these can create challenges in ensuring these costs are covered
Disability/Illness[edit | edit source]
Dealing with a form of disability or illness can prevent or limit a professional's ability to work. They can still be expected to cover any expenses or bills despite their limitations. They can also experience difficulty in accessing financial support to assist in covering expenses.
Lifestyle creep[edit | edit source]
Lifestyle creep is when someone increases their expenditures as their standard of living improves. Purchasing more luxurious goods can be viewed as a right to have due to the work and effort they have put in to achieve their status. The downside is that the income needs to continue to come in at the same level or more to maintain this lifestyle.
Ways to Improve Finances[edit | edit source]
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References[edit | edit source]
- ↑ Medisauskaite, A., Viney, R., Rich, A., Alexander, K., Silkens, M., Knight, L., Harrison, D., Crampton, P., & Griffin, A. (2023). Financial difficulty in the medical profession. Journal of the Royal Society of Medicine, 116(5), 160–166. https://doi.org/10.1177/01410768231172151
