Managing financial anxiety
Featured Products Promotional FeaturesPosted by: Dental Design 11th December 2024
Nerves are a natural part of the human condition, and affect how we think and feel, both physically and emotionally. However, stress can quickly develop and become detrimental to the way we live our lives.
In dentistry, many clinicians working in practices with high NHS commitments have developed high levels of stress in recent years, markedly more than those with a higher private commitment.[i]
The leading cause of stress for practice owners on both sides of the divide? Increasing practice costs, which was the primary concern for 91% of contributors to a recent survey.i Both practice owners and dental associates also reported that financial concerns were the third largest strain, with many clinicians who are not fully private feeling the squeeze from NHS dentistry feeling less viable with each passing year.i
In today’s economic climate, it’s easy to see occupational anxiety and financial concerns combine, creating a greater state of distress that can impact day-to-day life. However, it’s important to remember that clinicians and practice owners are not alone in this, and there are steps that can be taken – even in the most overwhelming of situations – in order to manage this stress carefully.
A dental problem
Clinicians and practice owners are in a unique role in public life that can make financial concerns difficult to manage. Firstly, dentists must consider their own well-being and abilities to make payments towards debts. Struggling to do so may create new problems, especially if they are subject to additional fees and interest. Mind, the mental health charity, notes that concerns about money can affect mental health, which in turn affects the ability to manage finances.[ii] This can create a cycle that feels difficult to escape.
On a larger scale, dental professionals may be concerned about financial viability of the practice, and their ability to continue delivering high-quality treatments to a dedicated patient base, whilst managing a variety of other expenses – including practice mortgages, staff salaries, equipment costs, and many more.
Financial concerns are nothing new in dentistry; on top of the disparity between rising treatment costs against NHS dental contract payments, a 2021 research paper discussed the pressure of family financial commitments, and the constraints surrounding annual leave as a result of financial and professional commitments.[iii] The difficulties faced by graduates, saddled with significant student fee debts, was also of note.iii
Support systems
Anxiety caused by financial worries is a difficult problem to manage, and should not be done so alone. Reaching out to family, friends and other clinicians can be an important first step in discussing your concerns, and organising your thoughts. They may be able to offer advice, or simply listen to you.
Professional help should be considered if feelings of anxiety are affecting your everyday life for an extended period. You may be offered advice for managing your anxiety, perhaps through cognitive behavioural therapy (CBT) techniques, or it may simply be helpful to discuss your thoughts and concerns in this setting.
It is also essential to take active control of your financial situation – this is not always easy, but it again doesn’t need to be traversed alone. Dental professionals could seek the help of independent financial advisers, who can offer insights on their situation, and begin to find ways to help solve an array of financial problems. They may also be able to suggest effective ways in which you can invest your money, or delegate a portion to a suitable pension pot, to help protect your financial needs for the future.
Don’t go in alone
When tackling the problems created by financial anxiety, it’s important to find financial advisers that can tailor themselves to your work as a dentist. It is in many ways a unique profession – with the mix of private and public healthcare combined with traditionally self-employed contracts – so, what may work for salaried professionals might not be appropriate for clinicians.
The team at money4dentists can offer unique advice for dental professionals no matter their financial situation. With a legacy of providing expert financial advice exclusively to dentists for decades, the team can help you organise your investments, loans, tax contributions, and so much more, without judgement. Begin your journey today with a free consultation.
Financial anxiety is a difficult aspect of modern dentistry that many professionals have to live with. Reaching out to support systems and professional guidance can be helpful, and should be encouraged in times of need.
For more information, please call 0845 345 5060 or 0754DENTIST.
Email info@money4dentists.com or visit www.money4dentists.com
Author bio: Richard T Lishman: Managing Director of the 4dentists Group of companies
[i] Buckland, E., (2024). Supporting you during declining morale in dentistry, British Dentistry Association. (Online) Available at: https://www.bda.org/news-and-opinion/blog/supporting-you-during-declining-morale-in-dentistry/ [Accessed June 2024]
[ii] Mind, (2021). Money and mental health. (Online) Available at: https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/ [Accessed September 2024]
[iii] Gallagher, J. E., Colonio-Salazar, F. B., & White, S. (2021). Supporting dentists’ health and wellbeing-workforce assets under stress: a qualitative study in England. British Dental Journal, 1-12.
