Industry News

On October 28, 2024, the MissionSquare Research Institute released its infographic, Public Service Employees’ Financial and Retirement Security. According to a recent survey of over 1,000 public sector employees, 81% of the respondents are concerned about their financial security and having enough money to last throughout retirement. 

Other key findings include: 

• Of the respondents, 78% reported being concerned about having enough money to live comfortably in retirement;
• About 73% of state and local employees are concerned about having sufficient emergency savings;
• 73% of the respondents were concerned about being able to retire on time;
• Workers indicated that employers could help to increase their retirement confidence by providing higher wages (78%), improved retirement benefits such as employer matches (54%), and improved retiree healthcare benefits (50%); and
• Employees indicate that more financial education and retirement planning information are needed, such as guidance on retirement savings (65%), benefits needed at various career stages (53%), and how their pension plan works (45%).

The report concludes, “These findings highlight the significant financial concerns among public service employees and the importance of robust retirement and non-retirement benefits in ensuring their financial security, job satisfaction, and employee retention.” It adds, “Public sector employers can take actionable steps to address these concerns and enhance the financial well-being of their workforce.”

The infographic is available here.