Preparing Financially Competent Nursing Leaders: Implications from Financial Literacy and Retirement Planning Among Graduate Nursing Students
DOI:
https://doi.org/10.67903/ijroms0372Keywords:
Education Nursing, Graduate, Health Literacy, Nursing Administration Research, Retirement, Students, NursingAbstract
This study investigated the relationship between financial literacy and retirement planning among Master of Arts in Nursing–Distance Learning students majoring in Nursing Administration at Wesleyan University-Philippines to provide evidence for strengthening financial management education in graduate nursing programs. Specifically, it assessed the respondents’ level of financial literacy, determined their retirement planning practices, and examined the relationship between these variables. Utilizing a quantitative descriptive-correlational research design, data were gathered from 165 students employed in the Philippines and abroad through purposive and snowball sampling using a researcher-developed questionnaire with a Cronbach’s alpha reliability coefficient of 0.87 and content validity established through expert panel review. Results revealed that respondents had a low level of financial literacy, with a mean score of 18.35 out of 50 (37%), despite demonstrating a high level of retirement planning (composite mean = 2.81). Real estate investment was the most preferred retirement planning strategy (mean = 3.39, very high), whereas investments in stocks and bonds (mean = 2.44) and business ventures (mean = 2.48) were the least preferred, both rated as moderate. Correlational analysis showed a statistically significant, moderate-to-strong positive relationship between financial literacy and retirement planning (r = 0.696, p = 0.001), indicating that higher financial literacy is associated with greater engagement in retirement planning. The study highlights the importance of integrating financial management education into graduate nursing curricula to strengthen leadership competencies and promote nurses’ long-term financial well-being. Future studies should evaluate financial education interventions across diverse nursing settings.
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