Medscape on June 9 released its "Physician Wealth and Debt Report 2023," which polled physicians on compensation, debt and expenses.
The report surveyed 10,011 physicians across more than 29 specialties about their income, net worth, and more from Oct. 7 to Jan. 17.
Here are the expenses and debts physicians reported paying down:
|
Expenses or debts |
Percentage of respondents |
|
Mortgage on primary residence |
61% |
|
Car loan payments |
33% |
|
Credit card debt |
25% |
|
Own college or medical school loans |
21% |
|
College tuition for child or children |
18% |
|
Medical expenses |
16% |
|
Mortgage on second home |
14% |
|
Car lease |
14% |
|
Private school tuition for child or children |
13% |
|
Childcare |
12% |
|
Spouse/significant other's college, medical school or graduate school loans |
8% |
|
Business loan |
7% |
|
Graduate school tuition for child or children |
5% |
|
Alimony |
3% |
|
Other |
4% |
|
None |
14% |
Here are the areas where physicians experienced financial losses:
|
Financial loss |
Percentage of respondents |
|
Have not experienced any significant financial losses in the past year |
48% |
|
In bad investments or the stock market |
36% |
|
Practice issues |
11% |
|
In real estate |
4% |
|
Job loss |
4% |
|
In a divorce |
3% |
|
In legal fees or a lawsuit |
3% |
|
Other |
5% |