Burnout. It’s a word we’ve heard often in healthcare — and for good reason.
According to the Canadian Medical Association’s National Physician Health Survey (2021), physicians today are 1.7 times more likely to experience burnout than before COVID-19. For many, it shows up as emotional exhaustion, moral distress, and a sense of being constantly overwhelmed. While long hours and emotionally charged work are often to blame, there’s also a less obvious contributor hiding in plain sight:
Financial stress.
The Top Cause of Stress in Canada? Money.
In 2023, FP Canada’s Financial Stress Index revealed that money remains the number one cause of stress for Canadians as a whole, topping health, work, and relationships.
Physicians, despite their earning potential, are not immune. They may even be more vulnerable.
At Tall Oak Capital Advisors, we’ve worked with hundreds of physicians at every stage of their careers, and we’ve seen firsthand how financial stress can quietly erode confidence, decision-making, and mental well-being, especially during the transition from residency to independent practice.
Early-career physicians: High Debt, Low Financial Literacy
In a joint MD Financial Management and Environics study, two-thirds of newer physicians reported feeling “somewhat or extremely stressed” about their finances. Most had significant debt, and little formal training on how to manage it.
Over half of residents had over $150,000 in student debt, with many approaching $300,000 or more. These figures are increasing as banks offer larger lines of credit to residents, often with minimal guidance on repayment strategies.
This gap between financial responsibility and financial literacy is a problem. And for many physicians, it’s contributing to the burnout epidemic.
Can Financial Literacy Reduce Stress?
One of the most compelling findings comes from an introductory course at the Alpert Medical School of Brown University. After receiving basic financial education, medical students reported a 15% decrease in stress levels — just from understanding their finances better.
We see similar outcomes at Tall Oak Capital Advisors.
When residents come to us, it’s common that they are unsure what they can afford, how to save for taxes, and whether to incorporate or how to manage large debt loads. When we work with them to build a personalized 5 Year Wealth Plan that reflects their reality and goals, they often leave feeling informed and confident in their next steps.
Burnout Isn’t Just About Workload
If you’re a resident or early-career physician feeling overwhelmed, know that you’re not alone.
Financial literacy doesn’t solve everything, but it can give you the clarity, control, and confidence that burnout can strip away. It can also help prevent costly financial mistakes that linger for years.
Take the First Step Toward Financial Clarity
At Tall Oak Capital Advisors, we’ve seen how understanding your finances can help reduce stress and provide a greater sense of control. That’s why we offer customized financial literacy sessions and transition-to-practice planning at no cost or obligation for residents.
Whether you’re figuring out how to pay down debt, save for taxes, or want to understand what your financial future might look like, we’re here to help.
Click here to book a meeting with an advisor
The views expressed in this commentary are those of Tall Oak Capital Advisors as at the date of publication and are subject to change without notice. This commentary is presented only as a general source of information and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax or legal advice. Statistics, factual data and other information are from sources Tall Oak believes to be reliable but their accuracy cannot be guaranteed. This commentary is intended for distribution only in those jurisdictions where Tall Oak Capital Advisors are registered. Securities-related products and services are offered through Raymond James Correspondent Services Ltd., member Canadian Investor Protection Fund. Insurance products and services are offered through Gryphin Advantage Inc., which is not a member-Canadian Investor Protection Fund. This commentary may provide links to other Internet sites for the convenience of users. Tall Oak Capital Advisors is not responsible for the availability or content of these external sites, nor does Tall Oak Capital Advisors endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy which Tall Oak Capital Advisors adheres to.
