What We’ve Learned About Financial Literacy Among Canadian Physicians
When it comes to caring for patients, Canadian physicians are among the best in the world. But when it comes to managing their own finances? That’s where many feel out of their depth. A recent study uncovered some striking insights into the financial literacy of doctors across Canada—and the stresses they face as a result.
Let’s break down what the study revealed and what it means for physicians at every stage of their careers.
Who Took Part in the Survey?
The survey included 411 practicing physicians from across the country, spanning a range of specialties and career stages. Here’s how it broke down:
Early-career physicians (0–5 years in practice): Average age was 37.3. About 56% were women and 1 in 5 were single.
Mid-career physicians (6–15 years in practice): Average age was 43.9. Just over half were women, and only 2% were single.
Late-career physicians (16+ years in practice): Average age was nearly 59. Most respondents in this group were men (68%), and 6% were single.
All participants were asked 13 questions designed to assess their financial literacy, and their responses were scored accordingly. The average result? A modest 55%—clearly showing room for improvement.
1. Financial Stress Varies by Career Stage
Nearly 90% of physicians surveyed pointed to retirement, investing, and balancing current and future needs as top financial priorities. But when you dig a little deeper, the specific worries differ depending on how long someone’s been practicing.
Doctors early in their careers are especially focused on building savings and protecting their families financially. Mortgages, tax planning, and saving for kids’ education topped their lists.
Mid-career physicians shared similar priorities but ranked tax planning even higher, with less concern around mortgages.
Senior physicians still cited tax planning as a key issue, though nearly a quarter said they didn’t have any major financial worries at all.
Key takeaway: The types of financial concerns evolve with time, but the need for thoughtful planning is constant. While younger doctors may feel more stressed, the good news is that stress seems to decline with age and experience.
2. Financial Education is Lacking—Especially for Young Physicians
One of the most eye-opening findings from the survey is the gap in financial education:
A full 56% of physicians in the early-career group said they received no financial training before entering the workforce.
In contrast, 60% of mid-career and 72% of senior doctors said they had received some form of financial education.
Whether this is due to shifts in perception or an actual change in education offerings over time, one thing is clear: physicians—especially those just starting out—wish they knew more about money management.
Key takeaway: Regardless of tenure, there’s a shared desire among physicians to better understand financial planning. The earlier that support is available, the better the long-term outcomes.
3. More Experience = More Trust in Financial Advisors
Another powerful trend the study revealed was the relationship between experience and reliance on professional financial advice:
Younger doctors tend to rely more on peers than professionals for financial advice—and they also report higher levels of stress.
By contrast, 68% of senior physicians said they depend on a financial advisor for most major money decisions—and they feel less stress as a result.
Mid-career doctors fall somewhere in between: more likely than early-career physicians to work with an advisor, but still navigating a mix of confidence and anxiety around finances.
Key takeaway: Financial stress tends to decrease as physicians gain experience and the more they work alongside a Financial Professional.
Why It Matters—and How Financial Planning Can Help
It’s clear that financial planning isn’t just about growing wealth—it’s about reducing stress, building confidence, and helping physicians feel in control of their future. In essence, it helps to take as much off the plate of the physician so that they can focus on what they do best! Working with a knowledgeable advisor can make a real difference, especially for those who didn’t get financial education early on.
A financial advisor who understands the unique needs of physicians can:
Help you navigate debt, savings, and investments
Provide tax-efficient strategies for incorporation and income planning
Guide you through market cycles and long-term retirement planning
Give you back time and peace of mind so you can focus on what matters most—your patients and your life
Final Thoughts
Whether you’re fresh out of residency or decades into your practice, it’s never too early—or too late—to take charge of your financial health. The right guidance can transform uncertainty into clarity, and stress into confidence. Working alongside a qualified Financial Professional can make an astounding difference not only in your overall financial health, but also take a load of stress of your mind and body.
Want help building a plan that fits your career stage and life goals? We’d be happy to chat. We've worked with Physicians for over a decade in helping them create solutions to address their financial needs!