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To say there is a gender equity issue in medicine would be an understatement.
Women face gender gap issues in most work fields across the world, and the same holds true when it comes to being a female physician. Women are paid less than their male counterparts and that can lead to a whole host of issues, such as saving up in general.
For one thing, it’s harder for them to climb the ladder towards things like specialization and consultancy. Female physicians often get overlooked when being considered for residencies and more.
And even if they do get offered higher positions or promotions, they tend to be more overworked and underpaid than the male physicians appointed alongside them. This means it could be impossible for them to meet the same financial goals their peers set.
So, yes, it is harder for women to save up for things like retirement. And there isn’t just one thing that factors into it. Rather, it’s a system designed to hold women back, especially when it comes to STEM careers, which were traditionally male-dominated.
But why is this happening? Why are women kept at bay from reaching their true potential and becoming totally financially independent, even into retirement? Today we look at:
- Gender inequity in medicine
- Women’s struggles to save up for retirement
- How to gain financial independence as women
Read More:
- Negotiating Your Hospital Employment
- Working in the Time of a Burnout Crisis
- Financial Planning for Medical Residents
Medicine And The Gender Gap
I won’t beat around the bush: women are undervalued in medicine and that is simply the truth.
Don’t believe me? The American Medical Association admits as much, claiming that gender inequity in medicine is an issue that is complicated and needs a solution that doesn’t just target superficial concerns.
But we already knew that, right? Female physicians have been fighting the good fight for decades now, with the conversation of gender based discrepancies in the workplace being at the forefront. This translates both into the work they put in and the compensation they get for it.
Female Physicians: Overworked And Underpaid?
According to a study conducted by Dr. Ishani Ganguli at Harvard Medical School, female physicians are paid 87 cents for one working hour. Which is less than the one dollar that male physicians usually earn. Even if 13 cents doesn’t sound like much of a difference.
That is brutal when you compare the workload of the two. Female physicians actually spend more time with their patients compared to their male counterparts, at least 2 minutes more per visit. This seems insignificant, but it isn’t when you add it all up, especially considering how rushed doctor visits can be.
And, no, before you throw in that age-old stereotype of women ‘talking more,’ the reason they take more time is that they end up being more thorough with their history taking, diagnosis and coming up with treatment plans. This helps the patient more since they are assured they are being treated by someone who shows compassion and care.
But do you want to know something interesting if you add up the stats? That 13-cent loss we talked about? That adds up to a two-million-dollar loss for female physicians over a four-decade career.
Again, women do more work for less money. Female physicians are more likely to opt for night shifts despite low compensation, invalidating the notion that women do not put in as many hours as men or are less likely to pursue more opportunities.
Retirement Struggles For Women Are Universal
Sure, I’m using medicine as the baseline here, but the reality is that women from all walks of life struggle to save money for similar reasons.
It isn’t only that they aren’t being paid the same as the men around them. Women tend to live longer, meaning their savings must last longer, too. But saving up becomes more of a chore when they are already cheated out of so much capital.
And it isn’t even like women can aim for a higher paycheck through promotions because of the hurdles in the middle. For example, women are often sidelined when it comes to associate positions or being appointed as professors, facing a more limited promotional timeline when compared to men with the same qualifications.
Plus, women are so discouraged from discussing finances that many don’t question the status quo. After all, if you don’t value yourself, you won’t ask for the salary your work is worth. So, why would you also know how your retirement funds will work out in the long run?
Oh, and let’s not forget taxes, which eat up physician salaries but more so when you already have little to start with.
Taking Control Of Your Financial Narrative
One of the best pieces of advice I’ve heard so far is to be confident about money. This sounds superficial, but overcoming insecurities when talking cash means you start managing money openly and investing it in the proper channels.
This also means you don’t get tricked when asked about salaries and promotions. You should know your worth, and not be afraid to negotiate for a wage that matches. Negotiating your first salary can make all the difference, helping you get a great early start.
It also doesn’t hurt to be debt free. This advice is of use to everyone, but prioritizing clearing your debts is a great way to build long-term wealth that won’t go anywhere. It means whatever savings you procure remain untouched.
Also, just be more frugal. Contrary to popular belief, most women are great at budgeting. They know where to save and how, which helps them add more to their retirement savings later. Invest in yourself through other means, like taking care of your health, so you don’t have to pay hefty hospital bills.
Conclusion
While it is much harder for women to save for retirement, it isn’t impossible. There are ways you can tackle savings and retirement that will be sustainable towards your financial goals.
But there is also something to be said about how most of the issues that women face when trying to gain financial independence are because of a system that encourages gender disparity.
And really, until we dismantle that? There won’t be a long-term solution.
