How financial stress fuels physician burnout — and what to do about it

It may be surprising to learn that many physicians experience financial stress — and that this stress may contribute to burnout. After all, burnout is often viewed as a work problem. Defined by the World Health Organization as chronic workplace stress and an “occupational phenomenon,” burnout is typically attributed to long hours, high patient volumes and administrative burden.

The connection is that burnout is ultimately a measure of well-being. It is a self‑reported assessment of emotional exhaustion, detachment and personal accomplishment. While these feelings can be triggered by workplace conditions, they are not confined to the workplace. Stress in one area of life, particularly financial stress, can spill over into how physicians experience their work. A 2018 Well‑Being Assessment of Medical Professionals found a strong correlation between financial stress and lower overall well‑being among physicians, suggesting that personal financial strain may meaningfully compound the experience of workplace burnout.

Unlike the system-level causes of stress and burnout that physicians may have limited control over, they do have control over their financial status, goals and strategies. Physicians are among the highest-paid occupations — so why do so many have financial stress?

Why do physicians have financial stress?

Physicians require many more years of training before starting their careers. The longer training usually requires borrowing to fund their education and life. For many, this means starting residency with hundreds of thousands of dollars in student loan debt. This high debt burden is magnified by a modest starting salary and the likelihood of overlapping with personal milestones like marriage, children and their first home purchase.

After someone graduates from residency and becomes an attending physician, their income can leap four times on average. This great achievement would seem to be the end of financial stress. And while it can solve some problems, it can also spark new ones. This sudden income change, after years of required restraint, can lead to extreme shifts in lifestyle spending. Additionally, physicians become a target for complex and expensive products: investment opportunities, life insurance, etc. — decisions that can be difficult to reverse and can impact future decisions.

After the initial stages of their career, physicians will continue to face financial pressures. According to one annual compensation survey, nearly half (47%) of physicians felt underpaid relative to the demands of the job. While physician income has remained relatively high — and has generally kept pace with inflation between 2017 and 2025 — physicians reported feeling the pressure of long hours, additional administrative burdens, and productivity and performance expectations. Together, these factors contribute to the perspective that physicians must continually produce more simply to avoid falling behind financially.

This is combined with working in a field that is more prone to lawsuits. According to the American Medical Association, one-third of physicians will have a claim filed against them at some point in their career. While this varies by specialty, it represents a real and looming financial risk for physicians throughout their careers.

Combating financial stress with education

The high-stress work environment and unique career trajectory leave physicians exposed to burnout and financial stress. So, what can be done about it?

Burnout is a multifaceted problem without a single solution. But there is an opportunity to chip away at the root causes. For financial stress, a 2024 longitudinal pilot study of medical residents found encouraging evidence that consistent and targeted education can help alleviate stress for physicians.

The study offered an eight-hour personal finance program and found meaningful improvements in financial confidence in key areas such as workplace benefits, taxes, debt management, retirement plans, and a better understanding of who should be on their financial team. Importantly, these improvements translated into a reduction in stress.

The design of the program helps explain its success. The educational courses were tailored to physicians, with topics selected and weighted based on participant input. This recognizes that the goal isn’t financial expertise in all areas but improving clarity around high-impact decisions. The instruction was led by a combination of qualified financial professionals and physicians. This paired industry knowledge with a trusted peer perspective. Lastly, the benefits were strongest immediately following the program but diminished over time — highlighting that financial education is not a one-time solution. To meaningfully improve financial stress, the education should be relevant, consistent and provided by credible sources.

The creep of financial stress — and relief from it

Burnout is often viewed as something confined to the workplace. However, evidence suggests that physician well-being is much more holistic. Financial stress — brought on by delayed earning, high debt loads and complex financial decisions — creeps into how physicians experience their work and can compound burnout.

Financial education can combat financial stress and help mitigate some factors related to burnout. As hospital systems and private practices seek to reduce the impact of burnout, they should consider creating a financial education program for physicians. In many cases, financial education programs haven’t been implemented because the assumption is that it is already being provided.

Benefit providers for workplace insurance/retirement plans usually offer employee education. While important, this service has limitations. Since workplace benefits are for all employees, the content often falls short of targeted and physician-focused education. Moreover, these providers can only offer education on their own benefits or services. There are many financial concerns and strategies that physicians may want to know, in addition to their workplace benefits.

This educational gap presents an opportunity. By combining the efforts of physicians and financial professionals, organizations can promote well-being through mentorship and financial education. While financial education alone won’t solve physician burnout, it represents one piece to a larger puzzle and offers a proactive way to support physician well-being inside and outside the workplace.

While running a half-marathon, Gretchen Cliburn, CFP, suffered a cardiac arrest. Her life was saved by health care workers running the race, who performed CPR for over 20 minutes. This life-changing event led to a strong desire to give back to the medical community. As managing director of Forvis Mazars Private Client, she now specializes in serving and educating physician clients, helping them ensure they are on track to achieve their financial goals, which enables them to concentrate on patient care without the burden of financial stress.

Dave Koppenheffer is a CFP professional and senior managing adviser with Forvis Mazars Private Client in Greenville, South Carolina, bringing over a decade of experience helping physicians, individuals, and families navigate investment, tax, and retirement planning decisions.

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