Breaking the silence about personal finances in research careers
When was the last time you discussed your personal finances with colleagues? Not budget cuts, research budgets or grant opportunities – but your actual financial wellbeing, investment strategies, or retirement plans?
In academia, we excel at securing funding for our research, but rarely apply the same rigorous approach to our own financial health. This silence creates a dangerous knowledge gap that can impact researchers for decades.
My own relationship with money has been a complicated journey. As a PhD student in Switzerland, I operated with financial tunnel vision- focused entirely on my research while living month-to-month with minimal savings. The future seemed distant and irrelevant compared to the pressing demands of academic life.
You know, the kind of “carpe diem” principle.
Or just being simply way too busy.
Or not having a clue what and who I would be 10 years later.
This “strategy” was relatively okay, until the moment I reached the end of my postdoc and had no job, no savings, and no unemployment benefits. That painful period forced me to confront an uncomfortable truth: my financial literacy hadn’t kept pace with my academic expertise.
That’s the moment I thought that something needed to change.
But this transformation didn’t happen overnight – it took a couple of years.
Like any worthwhile research project, it required dedicated study – finance books, podcasts during daily walks, online courses on topics I’d previously dismissed as boring, and carefully designed “experiments” in investing. Some early attempts failed, but each provided valuable data points for improvement.
Today, I’ve developed a financial confidence that parallels my scientific expertise. My only regret? Not treating personal finance as a priority area of study years earlier.
In this newsletter, I’m breaking the academic taboo around money to share practical strategies that can help you build financial resilience alongside your research career. The scientific method doesn’t just belong in the lab – it can transform your financial future too!
7 strategies to develop your financial literacy
#1 | Take ownership of your financial future
While your research is important, so is your financial wellbeing. Academia often treats money as something to secure for research projects, not personal stability. Yet your financial future is entirely your responsibility. The earlier you start thinking about it, the better positioned you’ll be for long-term security and freedom in career choices.
#2 | Educate yourself systematically
As a researcher, you’re used to tackling complex topics – apply these same skills to your finances! Learn the basics of personal finance, including taxes, pension systems, and investing. Just as you would approach a new research area, find quality resources through books, courses, and podcasts. Start small, but start somewhere.
The following resources were really helpful to build my understanding of personal finance and investment fundamentals:
💡Courses on finances and investment on the online platform Coursera
💡The podcast Invest Like A Boss – even though the hosts have recently decided to stop recording new episodes, the first episodes are very good to understand the basics
💡The book Rich Dad, Poor Dad from Robert Kiyozaki – the best way I found to start my journey towards financial literacy
💡The book Money Master the Game from Tony Robbins – one of the “go-to’s” when it comes to investing. Disclaimer: Tony loves to brag, and some chapters are focused on US-related topics (such as pension)
💡The book Psychology of Money from Morgan Housel – easy to read and helpful to have a mindset shift.
#3 | Take action immediately
Even if you think your academic salary isn’t enough to save or invest, small steps now will make significant differences later. Compound interest works in your favor, but only if you give it time. Whether it’s setting aside a small monthly amount or opening a simple investment account, the key is to begin today rather than waiting for the “perfect” time.
#4 | Always negotiate your salary
Many researchers assume academic salaries are fixed and non-negotiable. While industry positions expect negotiation, even in academia you might have room to negotiate your starting step within the pay scale or secure additional perks like research budgets or relocation allowances. Prepare for these discussions before interviews!
#5 | Understand the broader financial landscape
Beyond your own salary, be curious about how funding, grants, and university budgets work. This knowledge won’t necessarily increase your personal wealth immediately, but it will help you navigate academic career decisions more strategically and position yourself better for financial opportunities.
#6 | Navigate academic-specific financial challenges
Academic careers often involve unique financial pitfalls that require special attention. International relocations can disrupt pension contributions and create complex tax situations. Short-term contracts may limit access to certain financial products or mortgage opportunities. Understand how your academic mobility affects retirement plans, healthcare coverage, and tax obligations across different countries. When I moved from Switzerland to the Netherlands, I had to manage Swiss insurance and taxes while living abroad – creating a financial puzzle that took years to fully understand.
#7 | Think beyond academia
Whether you plan to stay in academia, move to industry, or explore another sector, having a financial cushion gives you freedom to make choices based on interest rather than necessity. The job market can be unpredictable, and you may experience periods between positions – a lesson I learned the hard way. Prepare accordingly!
📢 The Take-Home Message
💡Financial literacy deserves as much attention as your research skills – it’s a critical part of your professional development.
💡The sooner you take ownership of your financial future, the more options and stability you will have throughout your career.
💡Knowledge is power – start early, educate yourself systematically, and take consistent action toward building financial confidence.
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