America’s Public Sector Employees Are Happy at Work, But Majority Aren’t Confident They Are on Track for the Retirement They Envision
A new Corebridge Financial survey reveals that 80% of public sector employees are happy in their professions, but only 41% feel on track for their desired retirement. Despite 71% citing saving for retirement as their top financial goal, only 26% have clearly defined retirement goals. The survey highlights a disconnect between retirement aspirations and planning, with 62% stressed about saving for retirement.
Workplace retirement plans are crucial, with 73% of respondents intending to use them alongside Social Security to fund retirement. However, only 52% contribute 1-5% of their salary to these plans. The study emphasizes the importance of comprehensive financial planning, noting that 78% of those working with financial professionals feel more confident about retirement.
Un nuovo sondaggio di Corebridge Financial rivela che l'80% dei dipendenti del settore pubblico è soddisfatto della propria professione, ma solo il 41% si sente indirizzato verso il pensionamento desiderato. Nonostante il 71% citi il risparmio per la pensione come il loro obiettivo finanziario principale, solo il 26% ha obiettivi pensionistici chiaramente definiti. Il sondaggio evidenzia un disallineamento tra le aspirazioni di pensionamento e la pianificazione, con il 62% che si sente stressato per il risparmio per la pensione.
I piani pensionistici aziendali sono cruciali, con il 73% dei rispondenti che intendono utilizzarli insieme alla Previdenza Sociale per finanziare la pensione. Tuttavia, solo il 52% contribuisce con l'1-5% del proprio stipendio a questi piani. Lo studio enfatizza l'importanza di una pianificazione finanziaria completa, notando che il 78% di coloro che lavorano con professionisti finanziari si sente più sicuro riguardo alla pensione.
Una nueva encuesta de Corebridge Financial revela que el 80% de los empleados del sector público está satisfecho con su profesión, pero solo el 41% se siente en camino hacia la jubilación deseada. A pesar de que el 71% menciona ahorrar para la jubilación como su principal objetivo financiero, solo el 26% tiene objetivos de jubilación claramente definidos. La encuesta destaca un desconexión entre las aspiraciones de jubilación y la planificación, con el 62% estresado por ahorrar para la jubilación.
Los planes de jubilación en el lugar de trabajo son cruciales, con el 73% de los encuestados que planean utilizarlos junto con la Seguridad Social para financiar la jubilación. Sin embargo, solo el 52% contribuye con el 1-5% de su salario a estos planes. El estudio enfatiza la importancia de una planificación financiera integral, notando que el 78% de quienes trabajan con profesionales financieros se siente más seguro sobre la jubilación.
코어브리지 파이낸셜의 새로운 설문 조사에 따르면 공공 부문 직원의 80%가 자신의 직업에 만족하고 있지만, 단지 41%만이 원하는 은퇴를 향해 나아가고 있다고 느낍니다. 71%이 은퇴를 위한 저축을 가장 중요한 재무 목표로 언급했음에도 불구하고 26%만이 명확한 은퇴 목표를 가지고 있습니다. 이 설문은 은퇴 희망과 계획 사이의 단절을 강조하며, 62%가 은퇴 저축에 대한 스트레스를 느끼고 있습니다.
직장에서의 은퇴 계획은 매우 중요하며, 73%의 응답자가 이를 사회 보장과 함께 사용해 은퇴를 자금 조달할 계획입니다. 그러나 단지 52%만이 급여의 1-5%를 이러한 계획에 기여하고 있습니다. 이 연구는 포괄적인 재정 계획의 중요성을 강조하며, 재정 전문가와 함께 일하는 사람의 78%가 은퇴에 대해 더 자신감을 느낀다고 언급하고 있습니다.
Une nouvelle enquête de Corebridge Financial révèle que 80 % des employés du secteur public sont heureux dans leur profession, mais seulement 41 % se sentent sur la bonne voie pour la retraite souhaitée. Malgré que 71 % mentionnent économiser pour la retraite comme leur principal objectif financier, seuls 26 % ont des objectifs de retraite clairement définis. L'enquête met en avant un écart entre les aspirations de retraite et la planification, avec 62 % se sentant stressés par l'épargne retraite.
Les plans de retraite en entreprise sont cruciaux, avec 73 % des répondants qui prévoient de les utiliser en complément de la Sécurité Sociale pour financer leur retraite. Cependant, seuls 52 % contribuent de 1 à 5 % de leur salaire à ces plans. L'étude souligne l'importance d'une planification financière complète, notant que 78 % de ceux qui travaillent avec des professionnels de la finance se sentent plus confiants pour leur retraite.
Eine neue Umfrage von Corebridge Financial zeigt, dass 80% der Angehörigen des öffentlichen Sektors mit ihrem Beruf zufrieden sind, aber nur 41% sich auf dem richtigen Weg zur gewünschten Rente fühlen. Obwohl 71% das Sparen für die Altersvorsorge als ihr wichtigstes finanzielles Ziel angeben, haben nur 26% klar definierte Altersvorsorgeziele. Die Umfrage hebt eine Trennung zwischen Rentenaspirationen und Planung hervor, wobei 62% wegen des Sparens für die Rente gestresst sind.
Altersvorsorgepläne am Arbeitsplatz sind entscheidend, da 73% der Befragten planen, sie zusammen mit der Sozialversicherung zur Finanzierung ihrer Rente zu nutzen. Nur 52% tragen jedoch 1-5% ihres Gehalts zu diesen Plänen bei. Die Studie betont die Bedeutung einer umfassenden Finanzplanung und stellt fest, dass 78% derjenigen, die mit Finanzprofis zusammenarbeiten, sich bei der Altersvorsorge sicherer fühlen.
- 80% of public sector employees report being happy in their chosen professions
- 73% of respondents plan to use retirement savings plans and Social Security to fund retirement
- 65% consider defined contribution retirement plans as a very important workplace benefit
- 78% of respondents working with a financial professional are more confident in their ability to retire
- Only 41% of public sector employees feel they are on track to achieve their envisioned retirement
- 24% are unsure if they are saving enough for retirement
- Only 26% have clearly defined goals and expectations for retirement savings
- 62% cite saving for retirement as a leading financial stressor
- Only 52% of those contributing to workplace retirement plans save between 1-5% of their salary
Insights
As a financial analyst specializing in retirement planning, I find the survey results from Corebridge Financial quite revealing. The 80% job satisfaction rate among public sector employees is impressive, but the disconnect between retirement aspirations and preparedness is concerning.
The fact that only
The low percentage of workers with clearly defined retirement goals (
The reliance on workplace retirement plans and Social Security (
These findings present a clear opportunity for financial service providers to step in with targeted education and personalized planning services, potentially leading to increased product adoption and assets under management in the public sector market.
The Corebridge Financial survey sheds light on a critical issue in public sector retirement planning. While it's heartening to see high job satisfaction, the lack of retirement confidence is a red flag that demands attention.
The disparity between those who have access to defined benefit plans (
Moreover, the fact that only
The survey also reveals a potential contribution shortfall. With the plurality (
These findings underscore the importance of targeted financial wellness programs in the public sector. Employers and plan sponsors should consider implementing more robust education initiatives, personalized planning tools and potentially, automatic escalation features in their retirement plans to help bridge this preparedness gap.
From an HR perspective, this survey highlights both positive aspects and areas of concern in public sector employment. The high job satisfaction rate of
However, the widespread uncertainty about retirement readiness presents a challenge that HR departments need to address. With only
The fact that
Additionally, the ranking of retirement savings plans as a top workplace benefit, tied with health insurance and paid time off, underscores the importance of robust retirement offerings in attracting and retaining talent in the public sector.
To address these issues, HR strategies could include:
- Enhancing financial education programs
- Providing more personalized retirement planning resources
- Considering automatic enrollment and escalation features in retirement plans
- Regularly communicating the value of pension benefits to ensure employees fully understand and appreciate this aspect of their compensation package
By focusing on these areas, public sector organizations can help bridge the retirement confidence gap and potentially improve overall employee satisfaction and retention.
Corebridge Financial survey finds public sector workers' leading financial goal is “saving enough to retire when they want,” but only
“Those who dedicate their career to public service have demanding jobs that make a real impact on our society. And while most enjoy what they do, they also desire the freedom to retire on their own terms,” said Terri Fiedler, President of Retirement Services at Corebridge Financial. “Achieving those aspirations requires thoughtful planning to chart a course for action leading up to and through retirement.”
Turning Thoughts and Goals Into Action
Public sector workers’ top financial goal as identified by
This uncertainty brings challenges for many workers, with
“Those in public service share a common passion for helping others, but everyone has their own unique personal goals and financial needs,” continued Fiedler. “Plan sponsors, consultants and providers have a rewarding opportunity to partner closely and deliver retirement plans, resources and experiences to help those who help us, throughout their financial journey.”
Helping Public Sector Workers Take Action in the Workplace
Workplace retirement plans can play a critical role in helping public sector workers achieve the retirement they envision. Retirement savings plans (IRA, 401(k), 403(b) or 457) tied with Social Security as the top resource public sector employees intend to use to fund their retirement, cited by
Of those contributing to their workplace retirement plan, more than half (
Although
“For public sector workers, it’s important to understand how your various retirement assets can work together to avoid gaps in retirement funding — whether your portfolio consists of a workplace retirement plan, pension, Social Security benefits or other saving and investment vehicles,” continued Fiedler. “Connecting these dots as part of a broader financial plan is an area where financial professionals can help. Public sector employees may want to explore if they have access to the planning services of a financial professional as part of their workplace retirement plan.”
The impact of advice is clear:
The 2023 Corebridge Public Sector Workers poll was conducted online November 7-13 by Morning Consult among a national sample of 1,103 public sector workers, including those in healthcare, education (including K-12 and higher education), government and non-profits.
Additional insights can be found in this whitepaper.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725457795/en/
Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com
Jay Russo (Media): jay.russo@corebridgefinancial.com
Source: Corebridge Financial
FAQ
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