WASHINGTON, D.C., Dec. 12, 2024 (GLOBE NEWSWIRE) -- A recent national survey conducted by the MissionSquare Research Institute highlights that women in public service roles are significantly more concerned about their finances compared to their male colleagues. The survey shows that 43% of female state and local government employees are uneasy about their emergency savings, and 41% are apprehensive about having enough money for retirement. In contrast, only 30% of men share these concerns.
These findings persist even though most state and local employees have access to defined contribution accounts and defined benefit pension plans. Recent research from the Institute shows many public employees still face financial challenges, with a significant number struggling to cover daily living expenses.
Read the full research issue brief, Retirement Survey: Breakouts by Gender.
“Our research underscores the substantial financial challenges faced by women in public service, particularly regarding retirement,” said Zhikun Liu, Ph.D., CFP®, Head of MissionSquare Research Institute. “Women are significantly less likely than men to report having personal savings, pensions, or defined contribution plans, which contributes to their financial worries. There is also a strong demand among women for enhanced financial education programs and resources. These findings suggest that state and local government employers should consider reviewing their retirement benefits for women and increasing financial education initiatives and communications.”
Additional key findings from the survey include:
- Nearly one-quarter of women (24%) are unsure how they will utilize their retirement savings, almost double the rate of men (13%).
- Female respondents show a strong interest in receiving more information or financial education on topics such as taxes, retirement planning, and benefits.
- Women in public service are less likely to feel that their retirement benefits encourage them to stay in their current job, with 54% of women and 68% of men expressing this sentiment.
The survey, conducted by MissionSquare Research Institute in collaboration with Greenwald Research, reached a nationally representative sample of 1,009 state and local government workers between September 13 and October 4, 2024. This issue brief supplements an infographic on the overall survey findings, Public Service Employees’ Financial and Retirement Security.
About MissionSquare Research Institute
MissionSquare Research Institute promotes excellence in state and local government and other public service organizations to attract and retain talented employees. The organization identifies leading practices and conducts research on retirement plans, health and wellness benefits, workforce demographics and skill set needs, labor force development, and topics facing the nonprofit industry and education sector. MissionSquare Research Institute brings together leaders and respected researchers. More information and access to research and publications are available here.
About MissionSquare Retirement
Since our founding in 1972, MissionSquare Retirement has been dedicated to simplifying the path to retirement security for public service employees. As a mission-based financial services company, we manage and administer over $80.5 billion in assets.* Our commitment to delivering results-oriented retirement plans, education, investments, and financial education sets us apart. Explore how we enable public service workers to build a secure financial future. For more information, visit www.missionsq.org or follow the company on Facebook, LinkedIn, and X.
*As of September 30, 2024. Includes 457(b), 401(k), 403(b), Retirement Health Savings (RHS) plans, Employer Investment Program (EIP) plans, affiliated IRAs, and investment-only assets.
Bina Handa MissionSquare Research Institute brhanda@missionsq.org
