Navigation Links
Nurses and Retirement Security: A Looming Crisis?
Date:9/4/2009

WASHINGTON, Sept. 4 /PRNewswire-USNewswire/ -- Nurses appear to be taking far better care of their patients than they are their financial futures, according to a survey released today by the Center for American Nurses and the Women's Institute for a Secure Retirement (WISER).

The Nurse Investor Education Survey reveals that nurses may be saving for retirement, but few are planning and investing to meet retirement needs. In fact, most nurses say they do not know what those needs will be.

"The good news is that most nurses are putting money away for retirement," said Wylecia Harris, Executive Director at the Center for American Nurses. "What's troubling is that less than half have tried to figure out how much income they will need when they get there." The Center and WISER collaborated on the research as part of the Nurses' Investor Education Project. The project, funded by a grant from the FINRA Investor Education Foundation, aims to identify and address the financial information needs of nurses.

The survey, conducted in mid-to-late 2008 with a follow-up survey in early 2009, reveals a lack of confidence among nurses about their future financial security. After the economic crisis hit, confidence eroded even further. Nearly three fourths of respondents in the second survey reported being less optimistic about their financial future compared to how they felt a year prior.

Nurses acknowledged that they do not feel they spend enough time on financial planning for retirement. The most common barriers they cited were:

  • Not enough time due to other time-consuming priorities, such as caring for children (61%)
  • Not knowing where to begin (59%)
  • Not having thought about retirement (36%)
  • Not earning enough money to save (34%)

"Only about 6% of the nurses surveyed report feeling very knowledgeable about financial investing," explained Cindy Hounsell, President of WISER. "But most report wanting to increase their investment knowledge. The Nurses' Investor Education Program is intended to bring actionable information to them."

Focus groups held prior to the first survey revealed that nurses tend to distrust "outsiders" when it comes to financial information. But most survey respondents indicated they would attend a free, unbiased financial planning workshop offered by a professional nursing organization.

The Center and WISER are using the survey results and information from the focus group to create retirement planning and investing workshops, webinars, and other resources for nurses. Currently, project activities include training nurses in six states to run group workshops, publishing a quarterly financial planning newsletter for nurses, and producing podcasts on financial planning and investing.

In summing up the goal of the Nurses' Investor Education Program, John Gannon, President of the FINRA Investor Education Foundation said, "Nurses spend their lives taking care of us. It's only fitting that this important project helps educate nurses to take care of themselves financially."

About the survey

A total of 901 nurses in 47 states and Washington, DC, responded to the initial survey. The average age of respondents was 52.5, and 95% were female. Respondents were relatively affluent, with 70% earning $75,000.00 a year or more. The average respondent had been a nurse for 27 years. Most were employed full-time, and 76% had benefits through work. The majority worked day shifts in a variety of work settings. Forty-five percent worked in an organization with more than 1,000 employees. Two survey groups, totaling 1,250 nurses, completed a follow-up survey following the global economic crisis.

About the Center for American Nurses

Established in 2003, the Center for American Nurses is a non-profit corporation that offers tools, services and strategies to make nurses their own best advocates in their practice environments. Through research, continuing education and knowledge sharing, the Center serves nurses seeking to overcome workforce challenges and realize opportunities. Visit the Center online at www.centerforamericannurses.com.

About the Women's Institute for a Secure Retirement

WISER is a nonprofit organization that helps women, educators and policymakers understand the important issues surrounding women's retirement income. WISER works to provide low- and moderate-income women with basic financial information aimed at helping them take financial control over their lives and to increase awareness of the structural barriers that prevent women's adequate participation in the nation's retirement systems. Learn more at www.wiserwomen.org.

About the FINRA Investor Education Foundation

The FINRA Investor Education Foundation provides underserved Americans with the knowledge, skills and tools necessary for financial success throughout life. For details about grant programs and other FINRA Foundation initiatives, visit www.finrafoundation.org.

    CONTACT:
    Wylecia Harris of Center for American Nurses, 301-628-5243
    M. Cindy Hounsell of  Women's Institute for a Secure Retirement, 202-393-5452
    George Smaragdis of FINRA Investor Education Foundation, 202-728-8988


'/>"/>
SOURCE Women's Institute for a Secure Retirement (WISER)
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Join The Wound, Ostomy & Continence Nurses Society As It Makes History
2. RN Super Union Adopts Name: National Nurses United Sets Founding Convention Dec. 7 in Arizona
3. Nurses from HCA Hospitals Nationwide Rally in Support of MountainView RNs Today
4. Video: School Nurses Tackle Low Parental Awareness of Meningitis Via Comprehensive National Public Education Campaign
5. School Nurses Tackle Low Parental Awareness of Meningitis Via Comprehensive National Public Education Campaign
6. Washington State Nurses Association Launches New Campaign for Health Care Reform
7. Managing Myeloma Website Launches an Interactive Forum for Oncology Nurses, Wins 2009 Gold Hermes Creative Award for Site Overall
8. Top 10 Reasons Traveling Nurses Choose to Earn Their Bachelors Degree Online
9. American Nurses Association Joins the National Healthcare Career Network
10. CHRISTUS Health Selects Five Elsevier Clinical Decision Support Solutions to Transform Care Delivery for Patients, Physicians, Nurses and Pharmacists
11. Nurses to Benefit From New CMS Never Events Resource Area on Mosbys Nursing Consult
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... , ... October 13, 2017 , ... ... the certification process to promote standards of excellence for the field of eating ... for March 22 – 25, 2018 in Orlando, Florida at the Omni Resort ...
(Date:10/13/2017)... ... , ... Apple Rehab Shelton Lakes , which specializes in the delivery ... as part of a disaster drill on October 3rd. , Apple Rehab participated with ... Manager, as well as the Connecticut Long Term Care Mutual Aid Plan (LTC-MAP). ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Global Healthcare ... scenic Alexandria Park in Milford, NJ. This free event, sponsored by Global Healthcare ... activity. The fun run is geared towards children of all ages; it is ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... “The Journey: ... faced every danger possible to save lost souls in the Philippines. “The Journey: From ... Carole is a dedicated teacher of the Bible. She has taught all ages and ...
(Date:10/12/2017)... ... , ... Planet Fitness, one of the largest and fastest growing franchisors and ... flagship location in Covington, LA at 401 N. U.S. Highway 190, in January of ... Depot in the Holiday Square shopping center. Its location allows it to serve both ...
Breaking Medicine News(10 mins):
(Date:10/5/2017)... Oct. 5, 2017  In response to the ... and Maxillofacial Surgeons (AAOMS) released prescribing recommendations that ... be used as a first-line therapy to manage ... Recognizing the value and ... Paper "Opioid Prescribing: Acute and Postoperative Pain Management" ...
(Date:10/4/2017)... Oct. 4, 2017 OBP Medical ... illuminating medical devices, today announced regulatory approval from ... Agency (or Agência Nacional de Vigilância Sanitária (ANVISA)) ... cordless surgical retractor with integrated LED light source ... illumination and exposure of a tissue pocket or ...
(Date:10/2/2017)... -- AllianceRx Walgreens Prime, the combined central specialty pharmacy and ... manager Prime Therapeutics LLC (Prime), today officially began the ... of new signage at its headquarters in ... few other company-owned facilities across the country. This also ... whom will begin to see the AllianceRx Walgreens Prime ...
Breaking Medicine Technology: