This is a great article that provides research data on doctors and financial planning:
Study: Doctors neglecting own financial planning
Part of the issue may be that a majority of doctors believe they have unique or more complicated financial needs than other professions, with 75 percent of doctors under age 40 believing that is true. And, only half of physicians under the age of 50 say they use a professional advisor to assist them with personal financial and retirement planning matters.
The study showed that physicians have a healthy concern for their future. Their biggest worries are about having enough money to retire and funding their children’s college expenses. At older ages, estate planning and long-term care became greater concerns.
Perhaps surprisingly, 35 percent of doctors interviewed have no estate plan at all, and nearly half don’t have an updated will or end-of-life directives. Female physicians are significantly behind their male counterparts in all areas of estate planning – 44 percent of female doctors have no estate plan and 54 percent don’t have an updated will.
The study underscores the need for physicians to budget time for personal financial planning.
“It makes sense that physicians would have little time to spend on their own financial situations,” said J. Christopher Burke, M.B.A., president and vice chair of the AMA Insurance Agency. “However, the survey results indicate a deeper awareness by them that they should be spending more time on their financial preparedness overall.”