Women working for state or local governments are significantly more concerned about their retirement planning and other finances than male colleagues.
A recent survey by the MissionSquare Research Institute reveals that while three in ten men in public service roles are uneasy about having enough money saved for their retirement and about their emergency savings, this rises to more than four in ten among female colleagues.
Most employees in state and local governments have access to defined contribution accounts and defined benefit pension plans, but this may not be of comfort to the sizeable share of respondents that are struggling with everyday expenses.
The report, in collaboration with Greenwald Research found that women are twice as likely than men to say they are unsure how to utilize their retirement savings (26% vs. 13%) and are less likely to say that they are encouraged to stay in their current role due to their retirement savings (54% vs. 68%).
Women also told the survey that they are keen to receive more information or financial education on taxes, retirement planning, benefits, and other key financial topics.
“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.”
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