Save smart

The research reveals that most dentists are regular savers, but need to plan properly if they are to achieve all their saving goals.

Wesleyan found nine out of 10 dentists save regularly, typically putting aside more than £250 a month towards their future spending plans. Most dentists surveyed have already built up a savings pot of, on average, £10,720.

The research showed the most popular saving goals for dentists are:

At today’s prices, it would cost £301,279 over a lifetime to cover all of these items.

For those dentists saving £250 a month, it could take them up to 55 years to reach this amount if they were saving into a Cash ISA paying, for example, 2 per cent AER interest – and even then they would need to leave those savings untouched during that time.

But that timescale could be reduced to just 27 years if they invested the same £250 a month in a stocks and shares ISA with annual returns of 8.6 per cent (based on an average of the past five years’ performance of the Wesleyan ISA with Profits Fund).