Large Share of Public Service Workers Worry About Personal Finances While on the Job
As inflation and economic turmoil linger, a new report finds 88% of public service employees are worried about their finances and financial decisions. Among those who worry, 77% report doing so while at work, an increase from 66% in 2019.
The research also finds 40% of public service workers report that their employer offers a financial literacy or financial education program, up from 29% in 2019. Among those offered a financial literacy program by their employer, only 35% have participated in the program. However, 67% of those not offered or participating in an employer-provided financial education program indicate they would likely participate in the near future or if offered one.
These findings are detailed in a new research infographic and report, Public Sector Employee Financial Wellness Program Needs and Preferences: 2022 Survey Results.
A webinar is scheduled for Tuesday, May 9th at 1pm ET to review the research. Click here to register.
ICMA Webinar: Key Workforce Strategies
In cooperation with the International City/County Management Association, MissionSquare Research Institute shared recent survey, case study, and focus group research and discuss key insights for local government workforce planning in 2023 and beyond. From evolving economic conditions to increased competition for skilled employees to optimizing compensation packages, local governments of all sizes are challenged by a unique mix of factors as they work to recruit and retain their essential future workforce. Click here to view a recording.
Public Employment Increasing, But Still Lags 2020
While overall jobs numbers have increased over the past several months, state and local government figures have lagged growth in the private sector since mid-2008. Peak pre-recession employment for state and local government was in July/August 2008, and employment had not recovered until just before the pandemic. For detail, see the Institute’s new State and Local Government Employment Trends Issue Brief.
MissionSquare Research Institute in the News
The Institute’s report on Morale, Public Service Motivation, Financial Concerns, and Retention among public sector employees was covered by PlanSponsor, Route Fifty, the National Association of State Chief Information Officers (NASCIO), National Association of State Treasurers (NAST), and the National Institute on Retirement Security (NIRS).
American City & County ran an article on the Research Institute’s study on financial wellbeing of the public sector workforce, while Crain’s Cleveland Business cited Institute data on continuing difficulty filling public sector vacancies.
Institute Managing Director Joshua Franzel co-authored a report for VisionPhiladelphia on the city’s public sector workforce. Route Fifty interviewed Dr. Franzel as part of its exploration of the future state and local workforce.
The Colorado Municipal League featured a page in Colorado Municipalities about the Institute’s survey of new career entrants to public service.