Yikes.
I've been deep in the research prepping for a brand new project I'm working on 🤫 ... some of you have had a chance to peep it early!!
Here are a few mildly disturbing things I've uncovered about the state of nurses and their financial situations...
Warning ⚠️ it's a bit grim!
Aside from the studies below I've also talked to 30+ nurses from our community about this topic in the DMs! VERY EYE OPENING! I'm curious if you see yourself in any of this... DM me to add to my research!
Ok first of all, let's look at nurse income vs. nurse debt:
The median annual salary for nurses in the US is $86k/year. This is actually significantly higher than the average annual salary in general (I know y'all hate hearing that but it's true...).
Despite this... many nurses struggle to manage their debt, which is affecting their ability to save, invest, and plan for retirement. 😔
According to THIS SURVEY by the American Association of Colleges of Nursing, 69% of nurses have student loan debt greater than $50,000. And some even reported student debt OVER 6 figures!
That's right... this DOES NOT include other debts like cars, homes, and credit cards 💀
Let's shift to looking at retirement plans.
Hold on tight, it's not much better.
According to these findings by Fidelity, 51% percent of female health care professionals don't think they'll have enough money for retirement and 39% lack confidence about investing.
This lack of planning and confidence comes from a lack financial education and baseline high debt.
The deets about budgeting and money management continues this trend of nurses really struggling with money!
I've found a very wide range of stats regarding nurses' skills with money management but it's really, really unfortunate.
For how frickin' smart nurses are and how much education we have it's truly unacceptable that nurses should feel stuck, struggling, and scared about their finances.
Anyway, I couldn't keep all this from you.
I've spent the last 10 years self-educating about personal finances, becoming completely debt-free (other than a very small - almost gone, very low interest rate, very high equity mortgage 😉)!
One of the most helpful things I've done is to explore money mindset, practice logical debt-repayment, and get creative about income (while still staying in healthcare)!
In a brand new course (coming soon) I'll be sharing...
Keep your eyes peeled and DM me on FB if you want to get first dibs and an early bird discount when it's ready!!
✌️ Brit
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