We can’t repeat it enough: a personalized and optimized financial plan is key to your financial success, both in your personal life and in your profession as a dentist. What is often forgotten, however, is that although the principles underlying any financial plan remain basically the same, they must evolve over time to keep pace with the changes that occur in society and from generation to generation.
Think about all the changes that have taken place in certain areas of planning such as investments, retirement, or even in legal aspects such as marital status, over the past twenty or thirty years…
Why survey the next generation of professionals?
For Bernard Fortin, Vice-President, Private Management, “fdp is a company of people serving people, and we felt it essential to consult the next generation of professionals to fully understand their reality and update our approach to their needs.
Our future dentists see their future differently and their priorities aren’t the same as those of their elders, even if their interest in their profession is just as strong… It’s the subtle differences in how they view their future and how they intend to achieve their goals that we wanted to identify, and their generous feedback has enabled us to understand how their thinking has evolved and the path they are taking.”
A partner of choice, Ipsos
Last spring, fdp conducted a survey of the young women and men who in a few years will make up the next generation of professionals in our shareholder associations. Accessible via the Internet, the survey1 was carried out in collaboration with the renowned firm Ipsos, a leader in its field, and attracted more than 1,000 respondents. It clearly identifies the factors that will influence these future professionals who, in turn, will chart the course of their profession. We want to share with you some of the most noteworthy findings of this survey.
Energetic, determined and ready to get involved
The profile that emerges from the Ipsos survey is that of a generation of determined and passionate future dentists for whom their practice represents a means of developing their know-how and realizing themselves on a human level.
They want to prepare for their future, but they are also concerned about the present, and they value empathy and responsibility. They are involved in both their professional and personal lives because they want to learn and understand, and also help improve their environment.
What is their vision of their profession?
Choosing the dentistry profession is a major decision. It generally takes many years of schooling and training, as well as dedication, perseverance and investment in their chosen field. It is a serious undertaking, and some of our future professionals, in addition to their passion for their discipline, show aptitudes as entrepreneurs.
On average, about 46% of them, women and men alike, say they intend to hang out their own shingle and go into business.
- In the case of future dentists, 89% show an interest for this option.
Gender equality in the workplace has evolved considerably, and even though there is a consensus (74%) that this equality has not yet been achieved, but is in the process of being achieved, 77% of women and 67% of men are optimistic that it will be achieved.
- Among dentistry students, only 29% of respondents believe that this equality has been achieved or is in the process of being achieved.
- Although 37% of respondents believe that the situation of women has improved compared to that of men in their profession, 40% continue to believe it is worse.
Equality remains a key factor for chances of success and achievement of career goals, even if women are slightly more pessimistic than men on this issue.
Do they have a good understanding of financial management?
To succeed professionally, a basic knowledge and understanding of the financial world is essential. Even though the main focus of development is their profession, the next generation of professionals recognize that their success also depends on their ability to manage their finances well and to master certain basics in this regard.
According to our Ipsos survey, three out of 10 young people believe they have a good or even an excellent level of financial knowledge.
- Asked about their annual savings capacity, 35% of respondents say they can put aside $5,000 or more a year, while only 13% say they have no capacity to save. Among dentistry students, the latter percentage is 26%.
- Asked what they would do if they received a gift of $1,000 for their birthday, 43% of respondents would save half the amount and use the other half to treat themselves. An encouraging and thoughtful answer at the very beginning of a career! Note, however, that 11% of dentistry students would use all of this money to treat themselves, compared with an average of 5% of the other respondents.
- They also have sensible attitudes about debt, with 57% of respondents preferring a line of credit that is adequate to cover their needs, with reasonable leeway to cover unforeseen expenses. Among dentistry students, 42% would opt for the highest possible line of credit.
How do they see the world of investment?
Asked about their criteria for their savings and investment choices, 72% of young people say the most important element is the potential for optimal long-term returns, even if there are short-term fluctuations. Their awareness of environmental and societal issues also has a significant influence on their investment choices, with 58% considering responsible investment an attractive option.
And since technology is ubiquitous, 84% of them obviously want to be able to view their account or make transactions online.
- Despite some interest in more autonomy in managing their finances, young people of the next generation recognize the importance of being well advised. Their financial advisor (76%) or their parents (65%) remain their primary references. In the case of future dentists, 81% look to their parents for financial advice.
- Their main concerns are being poorly advised (70%) or making bad decisions for their future (60%), proof that they are aware of the importance of the financial aspect in their success.
- What qualities do they look for in their relationship with their financial advisor? First, trust (86% of respondents). Next, a relationship that lasts over time (72%). And also, an in-depth knowledge of the issues and the reality of their profession (70%). Having many years of experience as an advisor is an important factor for 74% of dentistry students.
What about their personal ambitions?
Choosing the dentistry profession to express their intelligence, their talents and their know-how requires a good measure of passion and perseverance, but also a desire for both personal and professional fulfilment. There is no shortage of life projects to fuel this enthusiasm and this desire to learn.
Asked about their main projects for the next five years, 77% of respondents spontaneously put “travel” at the top of the list, followed closely by starting their professional practice (72%). Buying a first home comes in third at 58%.
- In terms of activities and social life, what drives the next generation? Taking care of themselves and others is a key priority in their lives. These young adults enjoy spending time with friends (86%) or family (83%). To relax, practising a sport is the activity of choice for 65% of them.
- Other plans for the future? The couple and the family. More than half of respondents are considering marriage (56%). However, 51% of them do not expect to have their first child until they are in their thirties. We should also mention that 76% of respondents are interested in buying a second home.
Takeaways from the survey
From one generation to the next, some things change and others don’t. This may seem very obvious and yet, it is above all the significance and the nature of the changes that count and that must be identified, because they are the ones that will guide our service offer.
To remain relevant with our dentists and serve them effectively, we must keep abreast of their reality and adjust accordingly. That is how we can continue to refine our approach and our products so that they precisely meet the needs of the next generation and the generation after that. A company of people, serving the people who are our clients, in all their diversity and complexity, that is what fdp is and that is what we will continue to be, from generation to generation.
1 IPSOS – fdp, Mieux connaître les étudiants et leurs habitudes financières,Rapport de sondage (Better understanding students and their financial habits, Survey report), June 2022, 40 p.
