Study: The Cost of Being a Nurse: Nurses May Pay Up To $14k a Year to Practice

Research: The Financial Burden of Nursing: Nurses Can Spend Up to $14K Annually on Their Profession

Nurses continue to be in high demand, but many graduate with significant debt. Typical student loan debts for nursing degrees are:

• Associate’s Degree in Nursing (ADN): $19,928
• Bachelor of Science in Nursing (BSN): $23,711
• Master of Science in Nursing (MSN): $47,321

However, these student loans are just the beginning. Nurses often face additional out-of-pocket expenses that go beyond purchasing scrubs and shoes. According to the National Nurses United (NNU), the national average for nurse student loan debt is significant, contributing to financial strain for many.

This article will outline the expenses nurses face and suggest ways employers can help alleviate some of these financial burdens.

Workplace Costs

Nurses incur significant expenses simply to perform their jobs. These include costs for gear, uniforms, and essential tools. Here's a breakdown of some common workplace-related costs:

Shoes and Socks: Nurses typically walk several miles per shift, requiring durable compression socks and specialized shoes. Nurses often replace shoes and socks every six months, which costs approximately $284 annually.

Scrubs: Official nurse attire requires high-quality scrubs to reduce the frequency of replacement. Nurses typically buy new scrubs every six months. With durable scrubs costing $85 per set, this adds up to $510 annually.

Stethoscopes: Contrary to what some may believe, many nurses purchase their own stethoscopes. Nurses usually replace them every two years, with an average cost of $93.

Running Total for Workplace Costs: $887 annually

Non-Workplace Costs

In addition to job-related expenses, nurses face several non-workplace-related costs. These can add up quickly, including childcare, mental health support, and sleep aids.

Childcare: Many nurses are parents, and childcare costs can be significant, especially given the irregular hours nurses often work. The national average for childcare costs is $700 monthly for children ages four and up, totaling $8,400 annually.

Mental Health Support: Nursing can be highly demanding, leading to burnout. While insurance may cover some mental health services, nurses still face co-pays. If a nurse attends 20 sessions at $50 each, the total annual cost for mental health support would be about $1,000.

Sleep Aids: With 12-hour shifts, nurses sometimes need sleep aids, such as sleep masks ($15) and blackout curtains ($40), to help rest during the day.

Running Total for Non-Workplace Costs: $10,342 annually

Professional Development

Nurses also face professional development costs, such as license renewals, continuing education, and certifications. Here's a breakdown:

License Renewal: Registered nurses need to renew their licenses according to state requirements, with an average annual cost of $50.

Conferences: Attending conferences is important for skill development and networking. Nurses typically attend one conference annually, at a cost of $350 per event.

Continuing Education: Many states require continuing education units (CEUs) for license renewal. While some employers cover this cost, others may charge nurses an average annual fee of $50 for access to required CEUs.

Degree Costs: Many nurses pursue higher degrees for career advancement, which adds to their financial burden. Monthly loan repayment averages about $235 for a BSN, totaling $2,820 annually.

Certifications: Nurses often specialize in areas such as ICU or Cath Lab. These certifications are renewed every five years, with an average annual cost of $79 for renewal.

Running Total for Professional Development Costs: $13,691 annually

Implications for Employers

The total costs for nurses, including workplace expenses, non-workplace expenses, and professional development, amount to roughly $13,700 annually. These costs can create financial stress, especially for new nurses.

Employers can help by offering professional development opportunities such as funding conferences and certifications or providing student loan repayment programs. Some healthcare facilities offer loan forgiveness, but additional initiatives could greatly benefit nurses financially.

Nurses can also take advantage of discounts and savings programs for healthcare workers. For example, many retailers offer discounts for healthcare professionals, which can ease some of the financial burden.

To attract and retain nurses, reducing their financial burdens is essential. Employers who assist with professional development and offer financial support, such as loan repayment programs, can improve nurse retention and job satisfaction.

Nursing unions like National Nurses United and National Union of Healthcare Workers advocate for cost reduction and wage increases to support nurses in the field. For better nurse recruitment, explore opportunities here.