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MissionSquare Finds 88% of Public Sector Workers Worry About Finances

Recently, the MissionSquare Research Institute (formerly the Center for State and Local Government Excellence at ICMA-RC or SLGE) published its report, Public Sector Employee Financial Wellness Program Needs and Preferences: 2022 Survey Results. The Research Institute conducted a survey to analyze the financial wellness of public service employees. The survey report indicated that although many state and local employees have financial challenges, numerous public sector employers help to strengthen the financial security of their workforce through their employee benefit offerings. About 73% of the survey respondents reported being very or somewhat satisfied with the employee benefits offered by employers, in general.

The key findings include:

  • 88% of the survey respondents worry about their finances.
  • 40% reported that their employer offers a financial literacy program.
  • The topics most often covered by those programs include planning for retirement (58%), investments (49%) and insurance (35%).
  • The preferred approaches for those currently offered a financial literacy program were webinars (51%), interactive online courses (47%) and individual in-person coaching (45%).
  • Typically, employers communicate program information through email (67%), employer website (33%) or printed materials (19%).
  • Of those that participate in their employer financial literacy program, 67% are very or somewhat satisfied.
  • Over 70% reported the importance of their employer offering a financial literacy program.

The report is available here.