Money is a topic that often comes up in academia: budget needed to perform experiments, grant proposals written to obtain funding to hire people to do research, repair costs for instruments, etc. These days the focus on money has greatly increased due to the budget cuts announced by the government in the Netherlands. But there’s one aspect related to money that is often not mentioned – the financial situation of early-career researchers.

When I was a PhD student, my focus was solely on research. The salary I was getting as a PhD student in Switzerland was just enough to afford living on my own, but not sufficient to consider putting a lot into my savings account. I was also young, living according to the ‘carpe diem’ principle. I didn’t feel concerned about what would happen to me 5 or 10 years down the road – let alone 30 years later! I didn’t have a clear idea about how I was building my pension during my PhD, nor whether I would have any financial rights if I would find myself unemployed after my PhD. I recall a painful situation where I had to cancel surfing holidays in France because I had to pay a significant sum of money due to taxes.

My financial situation didn’t improve the following years. As a postdoc in the Netherlands with a Swiss grant, I found myself having to pay Swiss insurance and taxes; my savings account stayed relatively empty – and I had no idea about investing money. ‘I’m a scientist; money isn’t my cup of tea’, I thought. This concept became very fragile at the end of my postdoc fellowship, where I had no more money, no job, and no right for unemployment in the Netherlands. These months were painful and a turning point in my financial life. Finding my job as Assistant Professor brought me relief (and a monthly salary again) but also showed me that I needed to put more energy into this topic to build my wealth and better prepare the next 40 years of my life.

It took me a few years to start my financial journey: I read all the books I could about the topic, listened to podcasts during my daily walks, followed courses on finance and investing online, learned everything I could about topics I thought were boring – taxes, pension, you name it – and started investing my money. Of course, the process followed the rules of experiments I would do in the lab: sometimes unsuccessful, especially at the beginning of the process – and then more and more successful, following my learning curve on this topic.

Fast forward to 2025: I’m in a much better place financially and feel, for the first time in my life, confident about my financial future. The only regret I have? That I didn’t start earlier getting educated on this topic – and not only focusing on science and research.

As an early-career researcher, do you want to become more financially literate? Consider these strategies to level up your financial journey:

• Take ownership of your financial future. Your research is important, but so is your financial well-being. 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.
• Educate yourself on finances. As a researcher, you’re used to tackling complex topics. Why not apply the same skills to your finances? Learn the basics of personal finance, including taxes, pension systems, and investing. The information is out there – books, courses, podcasts. Start small, but start somewhere.
• Take action and don’t wait. Even if you think you don’t earn enough to save or invest, small steps now will make a difference later. Compound interest works in your favour, but only if you give it time. Whether it’s setting aside a small amount of money per month or opening a simple investment account, the key is to begin.
• Always negotiate your salary. Many researchers assume salaries are fixed. In companies, negotiation is expected, but even in academia, you might have room to negotiate your starting step within the pay scale or get additional perks (research budget, relocation allowance, etc.). Make sure you prepare yourself on this topic before the interview, too!
• Understand the financial landscape of academia. Beyond your own salary, be curious about how funding, grants, and university budgets work. This won’t necessarily increase your personal wealth, but it will help you navigate academic career decisions more strategically. You can start by reading one of my previous columns on this topic!
• Think beyond academia. Whether you stay in academia, move to industry or consider another sector, having a financial cushion gives you more freedom to make choices based on interest rather than necessity. The market can be tough and you may not find a job directly. This is a lesson I learnt the hard way; so don’t make the same mistake I did.

Financial literacy is not a topic that should be left aside during an academic career. The sooner you take ownership of your financial future, the more options and stability you will have. Knowledge is power – start early, educate yourself, and take action. Science is important, but so is everything else that shapes your future.