Money and MWF membership (a chat and a challenge)
Professor Scarlett McNally, past-President, MWF
For many of us, money is a taboo. We became doctors to help people. But money buys freedom and choice. I start with a caveat – this is not financial advice, just some ideas. The Medical Women’s Federation is a supportive space to put life (including money) into perspective at different phases. Our membership survey highlighted that many people join MWF because they support our mission and want to give back. Others join because they seek something specific at a key phase of their career. Please tell your friends, colleagues and students to join! If the subscription cost is a barrier, here are some of my own suggestions about the awesome financial value of being a MWF member. I reckon membership pays back financially many-fold over a career. Here are some ways:
- For consultants and academic GPs: The MWF has a new team, webinars and resources ready to give advice for applicants to the new “Clinical Impact Awards” (CIA) that recognise excellence. Each is worth £10,000 - £40,000 per year for 5 years. I recollect attending, and later running, MWF workshops about how to craft a good application under the old system. The new system does not have “nominating bodies” (such as MWF used to be) for national awards. Mine was only a local Level 9 Clinical Excellence Award since 2011 – but I can afford to work part-time because I have it. The MWF advice and resources might help get an application over the line. Please encourage your friends to join!
- For medical students, resident doctors and others: MWF gives opportunities to submit abstracts for poster or podium presentations and practise writing or being involved in organising campaigns or events. These activities help getting into and through training (with salary implications).
- For women doctors in general: We are updating and collating a raft of information. Some allow future planning. Financial suggestions include:
- Beware of being pregnant and not in a job at 11 weeks before your baby is due, because no organisation will have to pay your maternity pay.
- You accrue annual leave when you are on maternity leave – so you can plan your “return to work” date but then take more time off as a holiday getting normal pay.
- If you are appointed to a consultant post and your training was lengthened due to flexible working, the employing organisation should credit you with additional seniority. You can negotiate for a higher starting pay rate than the basic. (This is worth thousands every year, for the rest of your career, with earlier increments, and higher pension.) [Schedule 13, para 7]
- If your partner is a doctor when you have a baby: Shared Parental Leave is paid at enhanced rates for resident doctors, consultants and SAS doctors – if they can take a few weeks to focus on parenting – this may allow your family to adjust to the future together.
- Don’t assume that NHS national terms and conditions of service mean that pay will be fair. There is a gender pay gap. This leads to a pension pay gap. There is also a “motherhood penalty” in pay and progression. We encourage you to value your time.
- Our President, Jane Dacre, led the work on the gender pay gap, and is Chair of the GPG in Medicine Implementation Advisory Board. We have MWF representatives on this Board.
- The NHS pension is good. The employer contribution is 23.7% of your salary.
- Job plans should be re-negotiated. Women do more unremunerated work and may benefit from considering how to negotiate a good job plan.
- Many women do not have a will – we have a free, easy and legally-checked will-writing service. This may reduce family distress and squabbles. Leaving over 10% (or more) of your estate to charity might reduce inheritance tax on the rest.
- 76% of women in the UK live their final years either widowed, single or divorced. Many of us would benefit from being aware of alternative scenarios.
- For women, the financial and emotional impact of divorce can be hugely difficult. You have even fewer rights if you are not married or in a civil partnership.
The MWF has a priceless impact on members’ lives, through connecting other members, including students and retired doctors from all ages, stages, specialties, places and backgrounds. Connecting can change lives. This isn’t about being a role model. Nor is it “mentoring” which is a formalised process following the mentee’s agenda and requiring some mentor training – I wrote a mentoring booklet. It’s about a chat and a challenge. I recollect sitting next to Clare Gerada at an MWF dinner 15 years ago and talking about my roles and work. She challenged me to drop a clinical session or two – she was right. I now have time to plan and think.
I recollect one senior member talking about starting her PhD after her children had left home. Another described the 7 years of freedom between children leaving and being a busy grandparent. Many members discuss practicalities or luxuries - one friend has a personal assistant who arrives every fortnight, meaning she can literally put all her life admin into a folder and forget it, knowing they will sort it out together. Childcare costs and housing costs are very high. I overhear multiple discussions with colleagues moving closer to their parents or in-laws or sense-checking vague future plans – knowing that 20% of pregnancies end in miscarriage and some people experience fertility issues or have children with special needs, or plan to live in a different way to society’s expectations. Priorities can change. I am grateful for the greater access to flexible working and training now – that may keep careers going through peaks and troughs of life.
Women doctors are insightful, experienced and wise. MWF members support each other and offer a safe space and a vision of alternative lifestyles. During my term as President, I persuaded the Treasurers to reduce the cost of membership subscriptions – promising many more members. Please encourage your friends to join and see what you can do with us – it’s worth it!!
Please tell your friends to join us! - subscriptions reduced now:
o £5 students
o £20 years 1-4 post-graduation
o £40 years 5-8 post-graduation
o £130 year 8+ post-graduation
o £45 retired
o email us for concessions
