Solving the Certified Nursing Assistant Staffing Shortage Crisis: How Financial Wellness Can Boost Staff Retention in Nursing Homes

By Mrs. Shay Cook, CEO & Founder of Crusaders for Change, LLC (C4C) Accredited Financial Counselor® & Financial Fitness Coach®

In the demanding world of senior care facilities (SCFs), your staff are the heart of your operation. Their dedication, empathy, and hard work are what make a Long-term care facilities (LTCFs) are a cornerstone of the U.S. healthcare system, supporting over 1.2 million Americans in nearly 15,000 certified nursing homes. These facilities are essential for aging adults and individuals with chronic conditions who need round-the-clock care. But at the heart of LTCFs are certified nursing assistants (CNAs)—the frontline caregivers who provide not only medical assistance but also emotional support and daily living help.

CNAs make up about one-third of the nursing home workforce and deliver as much as 90% of direct resident care. They are the hands, eyes, and ears of long-term care—helping residents eat, move safely, bathe, and maintain dignity. They also build relationships with residents, often spotting health concerns before anyone else.

But despite their critical role, the U.S. is experiencing a severe CNA shortage, threatening both workforce stability and the quality of resident care.

The Nursing Assistant Staffing Crisis in Numbers

The CNA shortage isn’t new, but the pandemic pushed it to crisis levels:

• Between February 2020 and July 2022, nursing homes lost over 223,000 employees (14.1% of their workforce)—the steepest decline across all healthcare sectors.

• A 2022 AHCA survey found that 98% of nursing homes reported hiring challenges, while 73% feared closure due to staffing shortages.

• High turnover remains a defining issue: many facilities lose CNAs as quickly as they can hire them, creating a cycle of understaffing and burnout.

For residents, this means reduced consistency of care. For facilities, it translates into higher recruitment costs, strained staff, and significant operational challenges.

Why Financial Stress Is Driving CNA Turnover

While wages are often cited, financial instability is a deeper root cause of CNA turnover. Many CNAs earn modest pay and live paycheck to paycheck. In fact, research shows that over one-third of CNAs rely on public assistance to get by.

This constant financial strain impacts not just their personal lives but their work as well. When an employee faces an unexpected $400 emergency—like a car repair or medical bill—it can mean missing shifts, picking up a second job, or leaving altogether for slightly higher wages elsewhere.

Financial stress fuels:

• Absenteeism when emergencies arise

• Burnout from juggling multiple jobs or long hours

• Turnover when another employer offers even a marginal pay increase

The result is a fragile workforce stretched too thin to meet growing demands.

Financial Wellness Programs: A Nursing Retention Game-Changer

Here’s the opportunity for employers to create change: employer-sponsored financial wellness programs can help address the nursing shortage crisis at its root cause. By equipping staff with tools, education, and personalized support, facilities can reduce financial stress and build loyalty.

Financial wellness programs can help CNAs:

• Reduce debt and avoid high-interest payday loans

• Build emergency savings to cover unexpected expenses

• Develop healthier budgeting habits that stretch income further

• Improve credit scores for long-term financial stability

• Lower financial stress, leading to better focus and morale on the job

When CNAs feel secure at home, they are more likely to stay at work. This not only reduces costly turnover but also improves attendance, engagement, and the overall quality of resident care.

The ROI for Nursing Homes and LTCFs Staffing

Supporting CNAs financially is not just the “right thing to do”—it’s a smart business decision.

The cost of replacing a single CNA includes advertising, recruitment, onboarding, and training—expenses that quickly add up when turnover is high. By investing in financial wellness programs, facilities can:

• Boost retention, saving thousands in rehiring costs

• Increase attendance, reducing last-minute shift gaps

• Improve morale and loyalty, strengthening culture

• Stabilize workforce performance, ensuring better resident outcomes

In short, financial wellness is a workforce stability strategy as much as it is a caregiver support initiative.

Supporting CNAs Is a Strategic Necessity

The demand for long-term care is only growing. Without strategic action, the CNA shortage will continue to deepen—placing residents, families, and facilities at risk.

That’s why now is the time for senior care facilities to go beyond wages and provide benefits that tackle the root causes of CNA turnover: financial insecurity and instability.

At Crusaders for Change® (C4C), we help long-term care facilities launch tailored Financial Wellness Programs that empower CNAs to build financial stability. From one-on-one counseling to group education, our programs reduce financial stress, improve workforce retention, and strengthen the quality of care.

Because when CNAs feel secure in their finances, they can focus fully on what matters most: providing compassionate, consistent, and high-quality care to residents.

Ready to improve CNA retention at your facility?

Let’s talk about how a C4C Financial Wellness Program can support your staff and strengthen your workforce. Schedule a Free Consultation Today