A British survey reveals that an increasing number of female dentists are relying on their partners for financial advice rather than seeking guidance from professionals.
A biennial study from Wesleyan Financial Services found that in 2024, 37 per cent of female dentists primarily sought financial advice from their partners. This marks an increase from 2022, when 26 per cent relied on their significant others. Meanwhile, 31 per cent of female dentists consulted a professional financial adviser in 2024, down from 47 per cent in 2022.
In contrast, 42 per cent of male dentists primarily sought professional financial guidance, a decline from 50 per cent in 2022.
Financial experts warn that growing dependence on a partner’s advice could pose risks to female dentists’ financial stability, such as investment misalignment and pension shortfalls. After all, studies indicate that investors who worked with an advisor for 15 years or longer accumulated 2.3 times more wealth than those who did not.
“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 need to be given specific consideration,” says Linda Wallace, managing director of Wesleyan Financial Services.
Canadian context
While no recent comparable studies exist for Canada, financial disparities remain. A 2023 study published in BMC Health Services Research analyzed data from the 2021 Canadian census and found that female dentists in Canada earn about 21 per cent less than their male counterparts, even after accounting for geographic, institutional, and other professional and personal factors.
Additionally, Statistics Canada reports that Canadian women can expect to live about 4.5 years longer than men, reinforcing the need for women to plan for a longer retirement.
[Also check, Dentist candidly reflects on perimenopause, offers solutions to unique challenges.]
To gauge what’s happening in Canada, we took to social media—LinkedIn and Instagram—and asked dentists to participate in our polls. (Disclaimer: These polls are not scientific and should be taken with a grain of salt.)
As of March 13, about 67 per cent of male dentists on LinkedIn primarily sought professional advisers, while 33 per cent relied on online sources such as webinars. However, 50 per cent of female dentists turned to their significant others, and the other 50 per cent relied on online sources.
On Instagram, about 40 per cent of male dentists had professional advisers, another 40 per cent used online sources as their primary guidance, and 20 per cent sought advice from their significant others. Among female dentists, 50 per cent relied on their significant others, 33 per cent used online sources, and 17 per cent had professional financial advisers.
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