84% of Public Service Employees Anxious About Financial Security
New research from MissionSquare Research Institute finds the vast majority (84%) of public service employees say they are anxious about the impact of economic conditions and market volatility on their personal financial security. Additionally, these workers indicate that high inflation (48%) and rising housing costs (37%) are triggering lower retirement savings.
Digging Deeper into State and Local Government Employee Finances
National data sources illustrate the current state of public service financial and retirement security and how that relates to state and local government compensation and benefits. For example:
- About one-fifth of all state and local public service employees face financial difficulties.
- From 2017 through 2019, 14% of households employed in the public sector indicated that they could not pay all of their bills.
- Nearly one in three public service employee households would have trouble coming up with $400 in an emergency.
Click here to download the infographic.
Lessons from the Workforce DEI Front Lines
The latest report in the Institute’s series on workforce DEI shares focus group participants’ perspectives in their own words, sharing results and challenges in recruiting and retaining a diverse workforce and supporting efforts toward equity and inclusion.
Click here to download the report.
Public Plans Snapshot
The latest data from the Public Plans Database shows stability in 2021 funded ratios, as well as long-term trends in alternative investments, required contributions, and active participants. The report includes data for state and local defined benefit and defined contribution plans.
Click here to download the report.
Webinar: Public Workforce Trends to Watch in 2023
MissionSquare Research Institute will share recent data trends and discuss their significance for local government workforce planning in 2023. From global economic conditions to community dynamics, organizations are beset by a range of factors seemingly beyond their control. Understanding the impacts on public employee recruitment, retention, and retirement, as well as morale, burnout, and effective service delivery, will help enable more informed decision-making in the year ahead.
Webinar: December 15, 1pm EST.
Click here to register.
MissionSquare Research Institute in the News
The Washington Post interviewed Managing Director Joshua Franzel, PhD, on recruitment challenges, and in a second article, further cited Research Institute workforce data.
The Institute’s workforce research was also featured in BenefitsPro and the newsletters of the Government Finance Officers Association and the Colorado Municipal League.
Senior Research Manager Rivka Liss-Levinson, PhD, contributed an article to Public Management on the role of diversity, equity, and inclusion in employee recruitment and retention, and Route Fifty cited the Institute’s DEI survey research.
StateTech cited Institute data relating to those considering leaving their public sector jobs, while K-12 Dive included an Institute report in its discussion of teacher burnout.
Coverage of the survey on employee financial anxiety was featured on the NLC blog and included in PlanSponsor, American City & County, BenefitsPro, and the Highland County Press (Ohio).
