We dug into Medscape’s “Young Physician Compensation Report 2022” to check out where young physicians tend to spend their money.
Medscape surveyed 2,000 physicians under age 40. According to the report, compensation is rising for young physicians, yet there are still heavy expenses involved.
Take a look to see how you compare with your peers!
Here are the top 7 major expenses reported by the 2,000 young physicians:
62% reported: Mortgage on primary residence
51% reported: Your own college or medical school loans
37% reported: Car loan
24% reported: Childcare
19% reported: Credit card debt
17% reported: Spouse/significant other school loans or debt
16% reported: Car lease
Over half of the young physicians reported having car-related expenses (with loans and leases combined).
These are major expenses as a young doctor, but maintaining a consistent budget and maximizing your savings can go a long way.
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