In: Finance
What are the three most important financial concerns that the nursing profession faces? Please provide one reference
Financial concerns faced by nursing profession:
With tuition costs rising throughout the country, graduate nurses, and Millennials in general, are entering the workforce with more debt than ever before. In fact, according to this study by the Brookings Institution, a nonprofit public-policy organization based in Washington DC, the average student-loan debt increased by more than 60 percent from 2002 to 2012. During the same time period, the number of student loans also increased by 77 percent. Unfortunately, that study isn’t the only one that paints a bleak picture of Millennials’ personal finances. Another study, which was conducted by the George Washington Global Financial Literacy Excellence Center (GFLEC) and PwC US, surveyed more than 5,500 people between the ages of 23 and 35. Their research unveiled the following frightening statistics on Millennials:
54% worry that they cannot repay their student loans
As student loans increase in both number and volume, Millennials are faced with greater challenges concerning debt repayment. These challenges weigh heavy on many of those who took part in the survey, with 54 percent voicing their concerns about their ability to repay their student loans.
76% lack basic financial knowledge
Basic financial knowledge, including knowledge of principles like inflation and compound interest, is severely lacking among Millennials. As a result, Millennials are more likely to make poor financial decisions and less likely to resolve financial issues effectively.
50% would have trouble coming up with $2,000 in one month
Saving certainly isn’t one of most Millennials’ strong suits. When asked if they could come up with $2,000 within the next month, 50 percent of respondents reported that they couldn’t. Additionally, 30 percent reported overdrawing on their checking accounts, and 53 percent claimed to carry a credit-card balance in the last year.
64% don’t have a retirement account
With 64 percent of respondents lacking a retirement account, Millennials’ financial future doesn’t look very bright. 17 percent of those who do have retirement accounts have taken loans out on them in the past year. Worse still, hardship withdrawals were utilized in the past year by 14 percent of respondents with retirement accounts.
34% are unhappy with their current financial situation
Considering how dismal the majority of the statistics in the study were, it’s really no surprise that 34 percent of Millennials are unhappy with their finances. In fact, it’s actually a bit surprising that this figure isn’t higher. Regardless, a large percentage of those surveyed reported low levels of satisfaction with their finances, and many felt that they lack the tools needed to improve their situation.
Debt among Nursing Professionals
Without any in-depth studies on the financial habits of Millennials in the nursing profession, it’s hard to compare their debt issues with those of other millennial college graduates. However, unlike many college graduates, nurses don’t typically struggle when it comes to finding jobs with decent pay in their chosen career. While the demand for RNs is not as great as it was a few years ago, the profession is still far from being oversaturated. In fact, according to the Bureau of Labor Statistics’ page on nursing, employment in the nursing field is expected to grow much faster than the average career between 2014 and 2024. For these reasons, we’d wager that debt among the millennial nursing population is lower and less burdensome than it is for the millennial population as a whole
One recent study
https://ac.els-cdn.com/S2352013216301880/1-s2.0-S2352013216301880-main.pdf?_tid=spdf-4d16c5e2-a906-47e3-90e6-166f395a92c0&acdnat=1519639456_64c49b4c810422a911b54bf017b88574