With Caregiving in Overdrive, Nurses Have Little Time for Financial Matters

Show A Nurse You Care About Her Financial Wellbeing Today

nurse-project-boxesNurses spend their professional lives taking care of us when we need them, and they spend their personal lives taking care of family and friends. They often work shifts that defy sleep logic, forcing personal matters to the back burner. This is where planning for their financial security sits – on the back burner while they’re busy taking care of everyone else.

Fidelity released a Money FIT Nurses Study for Nurse’s Week (May 6 -12) that spells out the lack of financial confidence nurses carry. WISER’s earlier work with the FINRA Investor Education Foundation and the Center for American Nurses uncovered similar findings. Our Nurses Investor Education Survey revealed that nurses may be saving for retirement, but few were planning and investing to meet retirement needs. In fact, most nurses said they didn’t know what those needs would be. The Center and WISER used the survey results and information from focus groups to create retirement planning and investing workshops, webinars, and other resources for nurses, available here.

We learned through our survey and focus groups that nurses are wary of outsiders when it comes to financial issues. So WISER worked with the Center to identify interested nurses who could run group workshops for their peers. (This ‘train the trainer’ approach is one WISER continues to have great success with in communities around the country.) Trained nurses went on to run sessions in their workplaces and as part of nursing conferences in several states. The results of that project are available in our report “Changing Investment and Savings Behavior of Nurses.”

Nurses’ concern for the welfare of others is not just professional. They consistently report putting their children and families’ needs above their own. During WISER’s nurses project, one nurse explaining that she is the “go-to” person in her extended family and in her neighborhood when it comes to health concerns and questions. This role alone was practically a fulltime job for her.

We owe our nurses a debt of more than just gratitude. We owe them peace of mind that they can have financial security. In our survey, 96% felt it was important to increase their investment knowledge. Show you care for a nurse, and share these resources with one today.

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