Gender Differences in Retirement Preparation Among Registered Nurses

Sixty percent of U.S. registered nurses (RNs) age 45-60 have not participated in retirement planning. Further, in the next 10 to 15 years, this cohort of 1 million RNs will reach retirement age. Previous RN retirement studies focus on RN retirement outlook, RN economic preparation for retirement, or retirement intent. No contemporary research explores gender differences in RN retirement planning processes. The omission of gender studies in RN retirement is a concern with the current RN workforce demographics. As retirement benefits have been suggested as a retention strategy, it is imperative to ascertain retirement preparation needs. Therefore, the purpose of this study was to ascertain whether gender differences exist in future time perspective, retirement goal clarity, self-rated knowledge of financial planning for retirement, and retirement planning activity level among employed U.S. RNs.    

This study utilized a cross sectional design with a convenience sample of 706 employed RNs. Hershey, Jacobs-Lawson, McArdle, and Hamagami’s Retirement Planning Preparation Questionnaire was used to assess retirement preparation through online survey methods. Hershey’s Conceptual Model of the Factors that Influence Investor Behavior served as the theoretical framework for this study.                  

Using analysis of variance statistical methods, the resulting sample demonstrated no statistical difference for gender in both future time perspective [F (1, 688) = .328, p = .567, partial eta = .000] and retirement goal clarity [F (1, 685) = .001, p = .971, partial eta = .000]. However, there was a statistical significance for gender in both self-rated knowledge of financial planning for retirement [F (1, 690) = 6.418, p = .012, partial eta = .009] [mean males = 4.76; females = 4.30], and retirement planning activity level [F (1, 662) = 9.53, p = .002, partial eta = .014] [mean males = 3.88; females = 3.34], indicating male RNs are more active than their female RN counterparts in these certain domains of retirement planning.  Administration and nursing leadership should be aware that further assistance is needed for both male and female RNs in clarifying retirement goals. Female RNs may require more education and direction in financial planning than their male counterparts. Future studies should investigate the impact of financial education on retirement planning for both male and female RNs.