Roughly 21% of physicians have student debt, report finds

The recently released Medscape Physician Wealth and Debt Report 2024 found that on average, 60% of physicians are carrying mortgage debt on their primary residence, while 31% have car loans, 26% have credit card debt and 21% are paying down student loans. Fewer physicians have these debts today vs. 2019, when 65% of physicians had a mortgage on their primary home, 38% had car loans and 26% were working on education debt.

Also, since 2019, the share of physicians carrying at least $400,000 in mortgage debt dropped from 33% to 26%.

According to the report, 60% of physicians have a family net worth of $1 million or more, 1% higher than the previous year. Net worth comprised home equity and personal property such as cars and jewelry, in addition to financial investments.

To create the report, Medscape surveyed 7,000 physicians across 29+ specialties between Oct. 2, 2023, and Jan. 16, 2024. Nearly 60% of those surveyed were women, and 39% were men.

When asked, 58% of physicians said they were saving money in tax-advantaged accounts like 401(k)s and 403(b)s at the same rate or at a higher rate than they were the previous year, while 36% said they reduced their investments. Regarding losses, 18% suffered them due to bad investments or a fall in the stock market. About 2 in 3 docs expect their investment portfolios to flatten or dip in 2024.

By the numbers

The list below shares the percentage of physicians paying for different expenses and carrying various debts. Please note that the statistics below come from self-reported survey results.

Physicians’ expenses and debts

Bills/expenses:	Percentage of physicians:
Mortgage on primary residence	60%
Car loans	31%
Credit card	26%
Personal college or med school loans	21%
Children’s college tuition	19%
Family medical expenses	16%
Mortgage on second home	13%
Private school tuition for children	13%
Childcare	13%
Car lease	12%
Spouse’s/significant other’s college, med school, or grad school loans	8%
Business loan	7%
Grad school tuition for children	5%
Alimony	2%
Other	4%
None of these	13%

The list below shares the percentage of physicians who suffered various financial losses in the past year. Please note that the statistics below come from self-reported survey results.

Physicians’ losses

Losses:	Percentage of physicians:
In bad investments or stock markets	18%
Due to practice issues (i.e., business problems, reimbursement changes or change in practice situation)	10%
Due to job loss (personal or spousal)	5%
In real estate	4%
In legal fees or lawsuit	3%
In a divorce	3%
Other	4%
Experienced no significant financial losses in the past year	63%

Related reading:

Making your money grow: A guide for physicians

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