GP Money Matters: GP career trends and financial planning
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What prompted Wesleyan to research GP career trends and financial attitudes?
Hello and welcome to a special bonus episode of Talking General Practice, the podcast from GP Online. I'm Emma Bauer, the editor of GP Online. This episode is part of our GP Money Matters series sponsored by Wesleyan, where we look at key personal finance issues that affect GPs. In today's episode, I'm welcoming back Wendy Bailey, a chartered financial planner and the retirement lead for the medical division at Wesleyan. To talk about some research Wesleyan recently undertook looking at GP career trends and GP's views on various personal finance issues. Wendy explains how GP's attitude to work has changed in recent years. The impact workload and future uncertainty about the GP contract has had on decisions to retire early or move towards a portfolio career.
What that means for GP's finances. She also offers some practical advice for GPs on financial planning and ensuring they have the money they need. for the future that they want. This podcast is intended for general information purposes only and does not constitute financial advice. Individual circumstances may vary. This bonus episode of Talking General Practice has been sponsored by Wesleyan. Wesleyan Financial Services supports doctors with advice shaped around the realities of the profession. From complex income structures and portfolio careers to the NHS pension scheme and retirement options, its specialist financial advisors work closely with doctors every day. Recognized by the NHS as able to give advice on the NHS pension scheme.
Wesleyan brings trusted expertise to key financial decisions. Combining financial planning, investment advice and protection, it helps doctors make confident, informed choices. 96% of doctors rated their specialist financial advisor as very good or excellent, reflecting a focused service that helps doctors protect their income, grow wealth, and plan ahead with confidence. Remember the value of investments can go down as well as up, and you may get less back than you invest. I'm really pleased to be joined again on the podcast by Wendy Bailey from Wesleyan, who is a chartered financial planner and a fellow of the Personal Finance Society and a regional manager with Wesleyan, looking after all of Wesleyan's advisers across Scotland and Northern Ireland in their medical division.
Wesleyan provides financial advice to GPs and other doctors, and Wendy's here today to talk about some research they did recently into GP career trends and financial attitudes. Thank you for coming to speak to me again, Wendy. It's really good to have you back. It's great to be here, Emma. Hello, everybody. So, first of all, what prompted Wesleyan to carry out this research into GP career trends and financial attitudes?
We are really aware that there's an awful lot of change happening in general practice and a lot of uncertainty. And we thought it was really important to just kind of go out to GPs and sense check how they are feeling, how are they feeling about their career? How are they feeling about general practice and everyday circumstances? How are they feeling about new contracts? How are they feeling about the ten year plans, lots of unanswered questions for us there.
And do the results suggest there's been some shift or any change in how GPs are thinking about their careers and future plans?
Yes, I think so. I think if you go back a generation or two, if you qualified as a GP, you were the family doctor and that was your whole profession throughout your whole career and you maybe spent thirty to forty years doing just that in your local community. And we find now that GP careers are generally much more varied, they are less linear than that. Tend to kind of cover all sorts of different branches of medicine and not just general practice. We think in general, partnership is still a good option for GPs, and lots of them still either aspire to be in a partnership or are in a partnership. But there's increasingly complex issues around that with finances, and GPs just don't tend to be as equipped to deal with that as you would like to.
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