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.”
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
