Canadian physicians are worried about their financial literacy, according to a survey released by MD Financial Management Inc. on Wednesday.
The survey found financial stress is most evident in early-career physicians. Two thirds of newer physicians said they were somewhat or extremely stressed about making financial decisions as they faced new challenges of paying down debt and building their savings.
A contributing factor to the stress is an apparent lack of financial education, the survey found. Over half (56%) of physicians said they had no prior knowledge of money management and 41% said they didn’t have time to educate themselves on important financial topics.
MD Financial, which was acquired by the Bank of Nova Scotia last year, said in a release that this marked “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,” MD Financial stated in the release.
The survey of 576 medical students, residents and practising physicians was conducted online by Environics Research between Sept. 8 and Nov. 3, 2019.