Financial management literacy among nurse managers in two districts of KwaZulu-Natal, South Africa: A cross-sectional study

Background

A fundamental understanding of financial policies and practices is essential for nurse managers in the healthcare sector. Nurse managers with financial knowledge can manage the assigned budget better to ensure efficient and reasonable use of the available resources, which addresses the issue of quality health care. This study aimed to determine the level of self-reported financial literacy among nurse managers and to examine how factors such as age, years of management experience, formal qualifications, and attendance at financial management workshops are associated with self-reported financial literacy levels among nurse managers.

Methods

A quantitative approach using a cross-sectional design was employed. A self-administered questionnaire was used to collect data using a census survey. Data analysis was conducted using descriptive, bivariate and multivariate analysis.

Findings

Nurse managers showed a low level of knowledge and skills in financial management. The current study’s median self-reported financial literacy score was 37 %. Nurse managers who were older than 50 years of age, nurse managers who had more than ten years of experience in the nursing management position and who had previously attended financial management workshops reported a significantly better likelihood of above-median self-reported financial literacy scores.

Conclusion

Nurse managers surveyed in this study self-reported a low level of financial literacy. Financial management should be incorporated in nursing education. Continuous experiential learning and mentorship programs, including access to targeted financial management workshops, focussing on financial management, budgeting, and resource allocation tailored to nurse managers’ specific duties and responsibilities in healthcare settings should be introduced.