Ten Financial Mistakes Nigerian Medics Make in the UK — And How to Avoid Them

Ten Financial Mistakes Nigerian Medics Make in the UK — And How to Avoid Them

Ten Financial Mistakes Nigerian Medics make in the UK and How to avoid them

By Dr. Ndubuisi ‘Andy’ Egwim, Founder of Moneywise Doctor

For many UK-based Nigerian doctors — especially those who trained internationally — financial planning often feels like an afterthought, overshadowed by intense clinical demands and relocation pressures.

But the cost of financial inaction is real. At Moneywise Doctor, we’ve worked with thousands of medics navigating money challenges. Whether you’re ST1 or a senior consultant, there are common missteps that can silently erode your long-term security.

Ahead of our MANSAG Annual Educational Symposium Spring Ball 2025, here are 10 mistakes medics often make — and how you can avoid them.

1. Waiting Too Long to Start Investing

Many doctors think they’ll “sort it out later.” But later often means lost years of compound growth. Even small monthly contributions add up if you start early.

👉🏾 Read our free guide on: 7 Steps to Take Before You Start Investing

2. Relying Too Heavily on NHS Pension Alone

Yes, the NHS pension is valuable — but it’s not the full picture. Many doctors don’t fully understand their scheme, contribution tiers, or recent changes post-McCloud remedy.

👉🏾 Want clarity? Will NHS Pension Be Enough?

3. Not Protecting Their Income

A career-threatening illness or accident could instantly stop your income. Yet many doctors don’t have income protection or life insurance in place.

👉🏾 Free guide: Navigating Insurance Options for Doctors

4. Ignoring the 60% Tax Trap

Crossing £100k gross income? You could lose your personal allowance and face an effective 60% tax rate. Many find out far too late — often via HMRC brown envelopes.

👉🏾 Learn how to avoid it: Avoid the 60% Tax Trap

5. Not Claiming Legitimate Tax Reliefs

From professional fees to travel expenses, there are allowable deductions most medics miss — especially locums and portfolio doctors.

👉🏾 Step-by-step guide: Claiming Tax Reliefs for Doctors (YouTube Video)

6. Overpaying for Mortgages or Underutilising Credit

Many medics don’t negotiate mortgage terms or strategically use credit. Result? Wasted thousands in interest over time.

7. Letting ‘Money Shame’ Block Progress

Doctors are seen as high earners, so admitting financial struggles can feel embarrassing. But silence delays solutions and compounds the problem.

8. DIY Investing Without a Plan

It’s easy to open a Stocks & Shares ISA. It’s harder to build a proper, long-term strategy based on your goals and risk appetite.

9. Black Tax (Not Managing It Well)

Supporting family back home is honorable — but without structure, it can derail your savings and investment goals. You must set clear boundaries and plan responsibly.

10. Not Seeking Support Early

You don’t need to wait until you’re “good with money” to start. The best time to get support is before mistakes cost you years of lost growth.

Join Us at MANSAG’s “Your Finances as a Medic” Session

These topics and more will be explored live at the MANSAG Village Hotel Leeds South, Capitol Boulevard, Tingley LS27 0TS during the MANSAG Spring Education Symposium and Charity Ball 2025.

I’ll be on the panel sharing practical tips on long-term planning, NHS pensions, investing, tax efficiency, and building wealth wisely.

🎟️ Reserve your spot:
 Eventbrite Link: https://www.eventbrite.co.uk/e/2025-mansag-spring-education-symposium-and-charity-ball-tickets-1269537794719

About the Author

Dr. Ndubuisi ‘Andy’ Egwim is a former NHS GP, experienced investor, and founder of Moneywise Doctor, a platform helping UK medics build financial clarity, confidence, and long-term security through education and practical tools. To get in touch, visit his website at moneywisedoctor.com or send him an email at support@moneywisedoctor.com.