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Assessing Executive Nurse Leaders' Financial Literacy Level: A Mixed-Methods Study
Garry Brydges1, Rebecca Krepper, Ainslie Nibert
1Author Affiliations: Chief Nurse Anesthetist (Dr Brydges), Department of Anesthesia, University of Texas MD Anderson Cancer Center, Houston; Professor (Dr Krepper), Associate Dean (Dr Nibert), and Professor (Dr Young), College of Nursing, Texas Woman's University, Houston; and Senior Consultant (Dr Luquire), STEEP Global Institute, Dallas.
Objectives:
To evaluate the reliability and validity of the Financial Management Competency Self-assessment (FMCA) in executive nurse leaders (ENLs) and to determine how ENLs develop and apply financial knowledge.
Background:
Financial literacy (FL) helps in planning, implementing, and evaluating fiscal decisions, but many ENLs report weaknesses in this core competency.
Methods:
An explanatory-sequential mixed-methods study was conducted to psychometrically test the FMCA and explore how ENLs with different levels of FL develop and apply financial knowledge. Eligible participants (n = 178) were recruited from a population of ENLs across the United States.
Results:
The test-retest reliability of the FMCA was good (mean difference, 6.80; 95% confidence interval). Correlations between domain scores (P < .01) and the overall score (Cronbach's α = .99) demonstrated the reliability and validity of the instrument. The cutoff scores were fair indicators of different levels of FL in ENLs (P < .001). Self-awareness, gaps in hospital and graduate nursing education, application of financial knowledge, and a micro versus macro view emerged as important themes in the qualitative analysis.
Conclusion:
FMCA reliability and validity were established. FMCA cutoff scores were established to determine FL level, and the ENL lived experience described in financial knowledge development and application.
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