Top 7 Expenses For Young Physicians

Top 7 Expenses For Young Physicians

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!

top 7 expenses for young physicians chart

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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