Webinar on March 3rd with Innovative Ideas to Strengthen Financial Wellness Programs
As public sector workers report increased financial challenges in the wake of the ongoing pandemic, a new series of financial wellness case studies provides state and local government employers with key learnings and promising practices to help workers reduce debt, save for retirement, and reach other financial goals. This research comes as state and local employers struggle to attract and retain employees amid the Great Resignation.
Case Studies of Innovative Public Sector Employee Financial Wellness Programs highlights the results of five jurisdictions that participated in a one-year initiative that awarded $1.4 million in grants to 24 jurisdictions to establish or improve public employee financial wellness programs. This research is part of a MissionSquare Research Institute collaboration with the International Public Management Association For Human Resources (IPMA-HR) and the National Association of State Treasurers Foundation (NASTF), with the support of the Wells Fargo Foundation.
“These five case studies highlight a range of approaches states and localities have taken, or could take, in implementing effective financial wellness programs for their employees,” said Joshua Franzel, PhD, MissionSquare Research Institute Managing Director. “They are offered at a time when many public employees are under financial pressure and are considering jobs changes in the wake of the pandemic. Implementing meaningful financial wellness programs can be a key tool for public employers as they focus on developing a productive workforce that is financially secure.”
The case studies provide ideas, advice, and networking opportunities for other state and local governments interested in establishing or strengthening employee financial wellness programs. Each case study offers a summary of the jurisdiction’s approach, outcomes, lessons learned, and future plans. The five case studies include:
- Central Carolina Community College, North Carolina
- Milwaukee County Transit System
- Pennsylvania Treasury
- San Diego County Water Authority
- Wisconsin Strong – Wisconsin Department of Employee Trust Funds and Wisconsin Department of Financial Institutions
Recent research indicates the many state and local employees are worried about their personal finances and financial decisions, and they are experiencing burnout. Research also finds few public employers currently offer financial wellness programs, yet employees want these programs and believe they are important.
The case studies follow a series of Financial Wellness Fact Sheets, which also are available on an interactive map. The partnership included development of a financial wellness toolkit that includes reference materials and guides on hosting virtual and in-person financial wellness conferences/meetings; a customizable speaker’s financial wellness toolkit; and a census of existing state financial wellness and education programs. All of these materials are available here.
MissionSquare Research Institute promotes excellence in state and local government and other public service organizations to attract and retain talented employees. The organization identifies leading practices and conducts research on retirement plans, health and wellness benefits, workforce demographics and skill set needs, labor force development, and topics facing the not-for-profit industry and education sector. MissionSquare Research Institute brings together leaders and respected researchers. More information and access to research and publications are available here.