Health care providers require knowledge in many areas beyond clinical care. One of the most critical skill is the knowledge on financial issues and budgeting tasks. Nurses face many financial challenges such as lack of necessary motivation on finance issues, inadequate education and training on financial management and nursing economics, nurses’ debts problems, and weak reference managerial tool. Following the many financial issues that many nurses face in their workplace, there is the need for the nurses to learn and know the effective ways to increase their effectiveness on financial management skills. In this paper, the problem involving nurses’ debt and how the knowledge of effective financial management can help the nurses solve these problems are discussed at large.
To begin with, many of the healthcare workers are facing many financial issues. Most nurses are facing a problem with debts where many nurses find it difficult in ensuring a profitable working environment in their workplace. Research has shown that from the rising tuition cost in most countries, many graduate nurses enter the workforce with vast amounts of debts than ever before. From research conducted by a non- profit public-policy organization called brooking institution in Washington DC, the student- loan debts have increased by more than 60 percent on average from 2002 to 2017. In addition to that another study that was conducted by George Washington Global Financial Literacy Excellence Center (GFLEC) shown a similar picture and where more than 5,500 people are the youths aged between 23 and 25 years.
Delegate your assignment to our experts and they will do the rest.
From my research, the following were the findings and the statistics concerning the nurse’s debts;
Worries on Repayment of Student Loans
The nurse student loan has increased in both number and volume. Nurses face a significant challenge on the repayment of these massive debts. About 54 percent of the nurses have voiced their concerns about their abilities to repay their loans, and this is due to lack of financial knowledge on loans (Grier and Schnitzler, 1979).
Lack of Retirement Account
This is another challenge that has increased the nurses' debt. The art of saving is significant as the future is concerned. Lack of retirement account and plan makes the fate of many nurses challenging. Research has shown that approximately 64 percent of the nurses do not have a retirement account and worse to that, the little 17 percent with retirement account have taken out loans in the past years (Well, 2011). Therefore, the generation of curses does not show a bright financial future.
Lack of Financial Management Knowledge
Most nurses lack skills in financial management since many do not consider learning about finance and budgeting as a priority for nurses. Basic financial knowledge such as inflation principles and compound interest principles are lacking in many nurses and therefore contributing to increased nurse debts. This is due to the likelihood of poor financial decisions and management.
Another factor that has contributed to increased nurse debt is the low financial levels. Studies have shown that most of the nurses are not happy with their current financial situations. Many nurses feel that they lack the needed tool to improve their situation due to low earnings. This has also contributed to low rates of saving and increased debts.
Saving Troubles
Saving continuously is a challenge to most of the nurses. Saving troubles are linked with the enormous debts for the nurses. From the current research, about 50 percent of the nurses could not save $2000 in a month (Well, 2011). This is because of lack of financial skills. I addition, most nurses have claimed to overdraw on their checking accounts and credit-card balances in the last few years.
The research on nurse debt has helped in viewing the importance of financial management education to nurses. This will assist in making the future and lives of many nurses brighter. Exploration of these problems helps in improving the working environment of nurses in the provision of better health care. In addition to that, identifying such issues will reduce stress for the nurses and assist in the adequate provision of health services.
Nurses have to know how to deal with the increasing volume of debts. First, by merely avoiding obligations is the best way to handle responsibilities. Secondly, going for scholarships for nursing and reasonably priced programs available in the State is a better way of avoiding student loans for the nurse students. Also, considering completing AND programs at a local community college with a reasonable tuition charge and completing RN and BSN programs at a university after achieving nursing license can help in reducing nurse debts (Finkler, 2007).
For graduates, going for loan repayment plans that are available is the best way to solve the problem. Also, the nurse corps loan repayment program allows nurses to work in both the private and public sectors and pays the remaining 60 percent of the participants’ loan. This program is helping in reducing the nurse debts and bring comfortability in loan repayment as better strategies are employed. In the day- to- day life, this information, and research is applicable and can be used to reduce the high rates of nurse debts and bring a better financial life to nurses.
References
Annelisa Steeber, M. P. P., & Keevey, R. F. Debt Crisis or.
Finkler, S. A., Kovner, C. T., & Jones, C. B. (2007). Financial management for nurse managers and executives. Elsevier Health Sciences.
Grier, M. R., & Schnitzler, C. P. (1979). Nurses' propensity to risk. Nursing Research, 28(3), 186-191.
Well, E., First, F., Dignity, P., it Out, W., & Training, C. B. (2011). How will tomorrow’s nurses be able to repay their student debts?. Nursing Standard, 26(12).
