To mark Financial Literacy Month, MD Financial Management shares findings from physician-based research on Canadian physicians’ financial literacy -
A lack of knowledge about financial services and products is causing stress among Canadian physicians, according to the results of a physician-based survey of financial literacy released today by MD Financial Management Inc. (MD). The stress is most acute among early-career physicians as they struggle to find ways of securing their financial future while paying down high levels of debt and increasing savings.
Two-thirds of early-career physicians said they were either somewhat or extremely stressed about making decisions about financial priorities such as investments and finding balance between present and future needs. A lack of financial education seemed to be a contributing factor: 56% said they did not learn about money management before becoming a physician and 41% said they do not have time to learn about financial topics on their own.
The survey, whose results were released to coincide with Financial Literacy Month, is the largest known survey dealing specifically with the financial literacy of Canadian physicians. The results are significant because of the range of financial challenges physicians face as they graduate from medical school, grow their practice, incorporate their business, invest and plan for retirement.
“Poor financial literacy leaves physicians unprepared to make sound financial decisions and can be an added source of stress,” said Julie Gauthier, MD’s Wealth Planning and Strategy Lead. “At MD, we want to help Canadian physicians achieve their financial goals so that they can focus on what matters most: taking care of Canadians.”
To help, MD recently launched MD Learning Lounge, a website offering easy-to-digest and actionable financial education for physicians.
“MD has been dedicated to helping physicians achieve financial peace of mind for more than 50 years,” said Stephen Hunt, MD’s National Lead on Financial Planning Advice and Strategy. “With the MD Learning Lounge, we want to make it easier for them to acquire financial knowledge because it can make a significant difference when the time comes to make an important financial decision.”
The survey of 576 medical students, residents and practising physicians was conducted online by Environics Research between Sept. 8 and Nov. 3, 2019.
About MD Financial Management Inc.
With 50 years of physician-focused experience, MD has one main goal: to help Canada's physicians achieve financial well-being. MD had more than $50 billion in assets under management as of November 8, 2019, and is dedicated to serving Canada's physicians and their families. MD Management Limited was the first of the MD Group of Companies to be founded, in 1969. MD Financial Management Inc. wholly owns MD Management Limited.MD Financial Management Inc. wholly owns or has a majority interest in its seven subsidiaries (the MD Group of Companies). It provides financial products and services, is the fund manager for the MD Family of Funds and offers investment counselling services. For a detailed list of the MD Group of Companies, visit md.ca.
External Communications Manager, MD Financial Management