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MissionSquare Survey Finds Majority of Public Sector Workers Concerned About Economic Conditions and Financial Security
On October 12, 2022, the MissionSquare Research Institute released its infographic, How Employer Benefits Can Help Public Sector Worker Anxiety Over Current Economy. According to a recent survey of over 1,000 public sector employees, 84% of the respondents have anxiety about the effects of the current economic conditions and market volatility on their financial security.
Other key findings include:
- 81% of respondents reported concern about having enough money to live comfortably in retirement and having enough money throughout retirement, 72% were concerned about being able to retire on time, and 70% were concerned about having sufficient emergency savings;
- 48% reported that high inflation and 37% reported that rising housing costs are resulting in lower retirement savings;
- 42% believed that their retirement benefits were better than those of private sector workers;
- 58% indicated that their retirement benefits were a factor in retaining their employment while 62% reported that other benefits such as insurance, health care and time off were factors as well; and
- 86% responded that employers could help improve their retirement readiness by providing higher wages/salary, 54% indicated better retirement benefits, and 48% indicated better retiree health care benefits.
The infographic is available here.