Enhancing financial independence among female dentists
Female dentists are increasingly less likely to manage their finances compared to their male counterparts, according to new research from Wesleyan Financial Services.
The biennial study into the key financial concerns of female dentists revealed that in 2024, 37% of female dentists would primarily seek financial advice from their partners, surpassing 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 (versus 50% in 2022).
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. 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, 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."
The financial benefits of professional advice are clear. 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. Maintaining an ongoing relationship with a financial adviser can lead to even stronger long-term outcomes.
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.
About the research
Findings are based on consumer research of 658 dental professionals (419 of which were female dentists), conducted by FMC on behalf of Wesleyan Financial Services between 9th July and 28th August 2024.
Download the full report on the key financial concerns for female dentists.
* Advice received between 2001 and 2006 resulted in a total boost to wealth of ￡47,706 in 2014/2016 (International Longevity Centre, 'What It’s Worth – Revisiting the Value of Financial Advice', 2019).
The findings of this report underscore a pressing need for financial support and education for all dental professionals. This is particularly relevant for female dentists who are still predominantly balancing pressures from their careers with their family lives. The most common reason people apply to our Charity is because of cash flow and money management and 60% of applications are from female dentists. We encourage all dentists to access financial education and resources to better protect themselves and their families for the future. This can allow people to make informed decisions about how much and where they work and even reduce stress.