Australia’s doctors, dentists and allied health professionals spend their careers caring for others. But the latest PPS Mutual State of Health & Wellbeing in the Medical Profession Report shows that many medical professionals are facing increasing pressures of their own.
The report, conducted by Lucidity Group on behalf of the insurer, surveyed 442 medical professionals across Australia and explored their physical, mental and financial wellbeing. While the findings show a profession that remains highly committed to its work, they also highlight growing concerns around financial security, fatigue, burnout and insurance understanding.
A Profession That Still Finds Meaning in Its Work
One of the most encouraging findings from the report is that medical professionals continue to derive strong satisfaction from their careers.
The research found that 81% of medical professionals surveyed were satisfied with their roles, which sits above the broader national workforce average.
However, professional fulfilment does not always mean personal or financial wellbeing is where it needs to be. Long hours, career progression, family responsibilities and financial commitments can all place pressure on medical professionals, particularly those in the early to mid-career stage.
Financial Security Is a Growing Concern
While many medical professionals are considered high-income earners, the report highlights that this does not always translate into feeling financially secure.
Many practitioners are balancing mortgages, young families, practice expenses, education costs, insurance premiums and long-term planning decisions.
This stage of life and career often raises important questions:
- Am I adequately protected if I cannot work?
- Is my insurance still suitable for my income, debt and family situation?
- Am I making the most of my cash flow, tax position and superannuation?
- Do I have a clear plan for building long-term wealth?
These questions benefit from tailored advice, rather than a one-size-fits-all approach.
Burnout and Fatigue Remain Key Challenges
The report also identified physical and mental exhaustion as major challenges across Australia’s healthcare workforce.
Long working hours, administrative demands, compliance requirements and workforce shortages continue to place pressure on medical professionals.
This is an important reminder that financial planning is not just about investments or retirement. A strong financial plan should also consider lifestyle, work-life balance, income protection, debt management and contingency planning.
Confidence in Insurance Is High, But Understanding May Be Lower
Another key finding from the research relates to insurance and financial protection.
While 85% of respondents felt confident in their existing insurance arrangements, only around one in three felt confident they understood the financial impact a serious illness or injury could have on their circumstances.
This gap between confidence and understanding is important.
Having insurance in place is not always the same as having the right cover, in the right structure, for your current stage of life and career. Income protection, life insurance, total and permanent disability cover and trauma cover can all play different roles.
For medical professionals, regular insurance reviews are particularly important during major life or career changes, such as buying a home, starting a family, moving into private practice, becoming a consultant or taking on practice ownership.
What This Means for Medical Professionals
The PPS Mutual research highlights a clear message: medical professionals remain deeply committed to their work, but many are also carrying increasing personal and financial pressure.
At Walshs, we work with medical professionals across every stage of their career to help them manage, protect and grow their wealth. Our team provides integrated advice across financial planning, insurance, accounting, taxation, lending and wealth creation, with a deep understanding of the unique pressures and opportunities within the medical profession.
Regularly reviewing your financial plan, insurance arrangements and protection strategies can help ensure you are prepared for both opportunities and unexpected events.
If you would like to review your financial plan or insurance arrangements, please contact our team at enquiries@walshs.com.au or (07) 3221 5677.
FAQ
Why is financial wellbeing important for medical professionals?
Financial wellbeing helps medical professionals make confident decisions about their income, debt, insurance, investments, superannuation and long-term goals.
What insurance should doctors and medical professionals consider?
Medical professionals may need to consider income protection, life insurance, total and permanent disability cover, trauma cover and, in some cases, specialist cover such as needlestick or blood borne illness cover.
How often should medical professionals review their insurance?
Insurance should generally be reviewed when there is a major life or career change, such as buying a home, starting a family, increasing debt, becoming a consultant or moving into private practice.
Can Walshs help medical professionals with financial planning and insurance advice?
Yes. Walshs works with medical professionals across different career stages, providing advice across financial planning, insurance, tax, accounting, lending and wealth creation.
Source: PPS Mutual, State of Health & Wellbeing in the Medical Profession research.
