Industry News

Recently, the MissionSquare Research Institute published its report, Financial Wellbeing of Women in Government: Indicators, Contributing Factors, and Workforce Considerations. The report examines: 1) how financial wellness differs in state and local governments between women and men; 2) the challenges women experience; and 3) the potential options for public sector governments to help female workers improve their financial wellness.

According to the report, “State and local governments succeed in providing their employees with access to retirement plans and health care benefits.” However, the research found that women working in public sector jobs are facing some financial challenges due to:

• Less retirement plan access and contributions for females compared to males;
• On average, women earn less compared to men;
• Despite being well-educated, many women have substantial student loan debt; and
• Career constraints related to shorter careers of females possibly influenced by familial responsibilities or other career barriers.

​The report provides various options that state and local governments may consider to improve the financial security of women working in the public sector, including:

• Establishing financial literacy programs;
• Increasing retirement savings and investment education;
• Providing emergency savings programs;
• Providing childcare subsidies and paid family leave;
• Allowing remote work and flexible schedules;
• Offering student loan debt programs; and
• Implementing mentorship programs.

The report concludes, “Employers should evaluate their own workforces’ needs and preferences to determine what strategies would be the most effective in terms of improving the lives of their employees and thereby morale, retention, and performance.”

The report is available here.