Nurses should be way better off financially, but they often times are not. Why?
Nurses make good income, can have minimal student loans, and get long stretches off from work, but can still really struggle financially. No, it is not because of the high percentage are women. No, it is not because they have four-to-five-day stretches off and spending everything they make (I am sure some do though). It all stems from lack of financial education and access to resources.
Many nurses will go through childhood education, high school, and college without any form of financial education or classes. They are not the only career that does so, but for someone that is going through a rigorous degree program and obtaining a pretty good starting income at 21, or 22 years old, you would think they would have learned about compound interest, or taxes, or how debt works, right? No. I will paint the picture of what happens. They usually ask a parent or friend, “what should I contribute to my 403b?” or “what benefits should I elect?” or “I really have no idea what I am doing” or the worst; not have any questions at all and flying by the seat of their pants.
So, what can happen, is no one properly explains how to save for retirement, what percentage of income to invest, how much to keep in liquid cash, how to properly use a credit card and maintain a budget. All of these areas can be easily taught and understood, but a big problem is a lot of medical professionals do not have this top of mind. They are amazing people focused on their work, living a great life, and living for the now. Even a little bit of education on financial planning topics could change the trajectory of many nurses’ financial futures.
This is something that I am actively working towards. Making financial wellness top of mind.
The more nurses that can become financially successful and independent, the better. I hope to continue bringing financial education and awareness not only to the nursing community, but to the medical community as a whole.
