The biennial study into the key financial concerns of female dentists revealed that in 2024, 37 per cent of female dentists would primarily seek financial advice from their partners, surpassing the 31 per cent who would consult a professional financial adviser. This marks a significant change from 2022, when only 26 per cent relied on their partners, while half (47 per cent) predominantly sought professional advice.
In contrast, male dentists (42 per cent) would primarily seek professional financial guidance over other options (versus 50 per cent in 2022).
The research was based on 658 dental professionals (419 of which were female dentists), conducted by FMC on behalf of Wesleyan Financial Services between July 9 and August 28, 2024.
Increased dependence
Financial experts have warned that this growing dependence on a partner’s advice could pose risks to female dentists’ financial stability, such as investment misalignment and pension shortfalls. Dentistry comes with unique financial considerations and well-intentioned advice from a partner—often based on their own financial circumstances—may not align with the distinct needs of those in the profession.
Linda Wallace, managing director of Wesleyan Financial Services, said, "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."
Research from the International Longevity Centre (ILC) found that, on average, individuals who received financial advice were over £47,000 better off in pensions and financial assets by retirement. This demonstrates the financial benefits of professional advice.
References available on request.
For more information visit https://www.wesleyan.co.uk/dentists/female-finances-report