Medics Money podcast
Medics Money
Podcast
Episodes
Listen, download, subscribe
Ep 288: 6,000 doctors' finances revealed. How do yours compare?
Want the latest financial tips for doctors and exclusive invites? Join 64,000 doctors here https://www.medicsmoney.co.uk/join-medics-money/ Want a free assessment of your finances? Click here https://medics-hnz5twj1.scoreapp.com Want to improve your finances fast? Then come on our course https://www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ GP partner looking to improve your practice/ Then come on our course https://www.medicsmoney.co.uk/gp-partnership-programme/ Follow us on Instagram Follow us on Twitter Disclaimer: The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results. Podcast Show Notes: State of Medics Money 2025 00:00 – Introduction & Overview Hosts introduce the Medics Money mission and the results of their recent financial health check survey for doctors. 00:49 – Podcast Purpose & Resources Discussion of upcoming webinars, mailing list, and resources for doctors to improve their finances. 01:32 – Meet the Team Introduction of the Medics Money team: Cyra (resident doctor & accountant), Andy (specialist medical accountant), Ed (GP & chartered accountant), and Tommy (GP partner & co-founder). 03:31 – Survey Results: Tax Relief Ed discusses the importance of claiming tax relief on professional subscriptions. 26% of doctors haven't claimed, resulting in lost money. 06:07 – Tax Awareness & Financial Literacy Only 35% of respondents feel confident about available tax allowances. Discussion of marginal taxation and tax traps. 10:48 – Tax-Efficient Investments Many doctors are not using ISAs or other tax-efficient investment vehicles. Clarification on ISA access and types. 12:42 – Investing Habits 43% of doctors regularly invest in stocks, shares, or funds. The importance of investing vs. holding cash due to inflation. 16:20 – Attitudes Toward Investing Discussion on perceived risk and complexity of investing. The need for financial education and trusted resources. 19:44 – Property Investment 18% of doctors invest in rental property. Pros and cons of property vs. other investments. 23:34 – Saving & Emergency Funds 81% save regularly, but 24% lack a 3-month emergency fund. Importance of liquidity and emergency planning. 26:19 – Budgeting Only 45% have a monthly budget. Why budgeting is crucial for financial health and reducing stress. 29:52 – Impulse Spending 41% admit to impulse buying and regretting it. Tips for reducing impulse purchases and the impact of small spending habits. 33:36 – Insurance & Protection 49% have life insurance; 35% have income protection. Importance of understanding NHS pension benefits and reviewing insurance needs. 39:13 – Financial Worries & Planning 52% worry about their financial position relative to their age. Only 22% have seen a financial planner in the last two years. 41:12 – Wills & Record Keeping Only 29% have a will; 46% keep financial records organized. Why having a will and organized records is essential. 44:31 – Final Thoughts & Resources Hosts reflect on the survey, thank listeners, and share links to free resources and upcoming webinars. Links Mentioned: Free webinars: www.medicsmoney.co.uk/live Mailing list: www.medicsmoney.co.uk/join Family finances guide: www.medicsmoney.co.uk/familyfinances Will guide: www.medicsmoney.co.uk/wills Tax relief guide: www.medicsmoney.co.uk/taxrelief
Medics Money podcast RSS Feed
