Money worries rank high for most veterinarians
DVM's exclusive survey results explore compensation, benefits
Dec 01, 2004
Veterinarians worry about money.
The results were part of an exclusive DVM Newsmagazine survey that was mailed to 2,500 veterinarians in the United States, and it posted 844 useable responses. The survey achieved a 34-percent response rate. (See demographic profile, p. 22.) Last month, the series focused on work/life balance (p. 16), and the October issue confronted ownership aspirations and career satisfaction among men and women (p. 1).Results presented here address compensation and benefits. Importantly, the survey asked veterinarians "how they feel" about their personal financial footing. Some gender differences emerge.
For example, about 42 percent of men say they have "enough money to live comfortably," while 33 percent of women say the same. Keep in mind the composition of the survey sample. Men were more likely to be owners of practices. Women were more likely to be in an associate-level position.
When looking at position in practice, about 31 percent of associate female veterinarians say they have enough money to live comfortably. Among female practice owners, only 38 percent say they have enough money to live comfortably. For men, about 43 percent of owners report they have enough money to live comfortably, while only 28 percent of male associates say the same. In turn, the remaining 72 percent of male-associate respondents say they worry about having enough money.
The survey sought to measure what was causing veterinarians the most significant financial angst. "Retire some day" rated overwhelming the highest of all categories for both sexes. Ninety-one percent of men rated it the highest, and so did 86 percent of women. Only 44 percent of respondents are in a practice-sponsored 401K.
Some other findings include:
Compensation According to this DVM Newsmagazine survey, men are winning the compensation race, hands down.