Female dentists are increasingly less likely to manage their finances compared to their male counterparts, according to new research.
The biennial study from Wesleyan Financial Services found that in 2024, 37% of female dentists would primarily seek financial advice from their partners. This was greater than the 31% who would consult a professional financial adviser. This marks a significant change from 2022, when only 26% relied on their partners, while half (47%) predominantly sought professional advice.
In contrast, male dentists (42%) would primarily seek professional financial guidance over other options. This had also reduced from 2022, when the figure stood at 50%.
Financial experts warn that this growing dependence on a partner’s advice could pose risks to female dentists’ financial stability, such as investment misalignment and pension shortfalls. Wesleyan Financial Services stressed that dentistry comes with unique financial considerations and well-intentioned advice from a partner may not align with the distinct needs of those in the profession.
Unique challenges for female dentists
Linda Wallace is managing director of Wesleyan Financial Services. She explained: ‘Women in dentistry face a unique set of financial challenges, from a longer life expectancy and family responsibilities to the gender pay gap within the sector. These factors can increase the risk of financial vulnerability and will need to be given specific consideration.
‘On International Women’s Day, we’re encouraging women in the dental profession to take ownership of their financial futures. There is value in speaking to others, including partners, about financial plans and experiences. However, seeking advice from a trusted, knowledgeable source who understands the nuances of a career in dentistry can be a powerful step towards achieving your financial objectives.’
Wesleyan also highlighted the impact of professional advice, saying: ‘An ongoing relationship with a financial adviser can lead to even stronger long-term outcomes.’ Research from the International Longevity Centre (ILC) found that individuals who received financial advice were averagely £47,000 better off in pensions and financial assets by retirement.
‘This International Women’s Day serves as a reminder that financial empowerment is key to long-term security. By working with dental specialists in financial planning, female dentists can make informed decisions, benefit from a reduction in time sacrificed to independent research and help bridge the gender gap in financial independence.’
Download the full report on the key financial concerns for female dentists here.
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