Money matters Roughly 21% of physicians have student debt, report finds Medscape’s Physician Wealth and Debt Report 2024 examines physicians’ net worth, debts, expenses and financial losses. The percentage of physicians with student debt is down from 26% in 2019. July 18, 2024ThursdayJuly 2024 issue The DO Staff Contact The DO Staff Facebook Twitter LinkedIn Email Topics med school debtmoneymoney matters 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. Related 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 residence60%Car loans31%Credit card26%Personal college or med school loans21%Children’s college tuition19%Family medical expenses16%Mortgage on second home13%Private school tuition for children13%Childcare13%Car lease12%Spouse’s/significant other’s college, med school, or grad school loans8%Business loan7%Grad school tuition for children5%Alimony2%Other4%None of these13% 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 markets18%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 estate4%In legal fees or lawsuit3%In a divorce3%Other4%Experienced no significant financial lossesin the past year63% Related reading: Making your money grow: A guide for physicians Most and least stressed states in 2024, according to WalletHub More in Profession On-demand CME from past OMED conferences now available Watch or listen to AOA live conferences at your own pace and on your own time through the end of March 2025. In Memoriam: January 2025 View the names of recently deceased osteopathic physicians. Previous articlePathway to Paris: DOs prepare to support athletes in summer Olympic/Paralympic games Next articleIn Memoriam: July 2024
On-demand CME from past OMED conferences now available Watch or listen to AOA live conferences at your own pace and on your own time through the end of March 2025.