During Financial Literacy Month, MissionSquare Retirement Reaffirms Its Commitment to Strengthening the Financial Confidence and Economic Security of Public Service Employees
April 5, 2023
During Financial Literacy Month, MissionSquare Retirement reiterates its dedication to ensuring the economic security and financial confidence of the public service workforce. This commitment is increasingly important given that public service employees face higher hurdles when it comes to financial security thanks to inflation, economic volatility, and rising costs in retirement.
In fact, groundbreaking new research from MissionSquare Research Institute finds many public service employees face financial struggles, and 84% say current economic conditions and market volatility make them feel anxious about their personal financial security. The report also finds 14% of all households employed in the public sector indicated they could not pay all their bills, and close to one-fifth reported skipping healthcare because they could not afford it. Additionally, nearly one in three public employee households would have trouble coming up with $400 in an emergency. But the research also finds state and local employers are well-positioned to strengthen the financial security of the public workforce via key benefit offerings.
Throughout April, MissionSquare Retirement will provide webinars, tools, and support to retirement plan employers and participants to help bolster their financial education and confidence. The company’s financial education initiatives also include one-on-one consultations with CERTIFIED FINANCIAL PLANNER™ professionals and an “Am I on Track Interactive Tool” with personalized savings rates, investment allocations, and retirement income results.
Learn more about the company’s Financial Literacy Month programs and offerings.
Financial Literacy Month offers an opportunity for workers to re-focus on financial education, savings. and seek advice on their road to retirement. The research is clear that public service employees are wise to supplement their pensions with defined contribution savings accounts like 403(b) and 457(b) plans given rising retirement costs. In fact, retirement experts calculate that state and local employees with a typical pension plan need to save an additional four to six percent of their salary on top of their pension to ensure adequate retirement income. Most public service employees have access to these savings plans, but many are not fully utilizing supplemental saving accounts. Financial literacy programs can help change that trend.
About MissionSquare Retirement
MissionSquare Retirement is dedicated to guiding those who serve our communities toward a secure and confident financial future. Founded in 1972, MissionSquare Retirement is a financial services company with approximately $67.5 billion in assets under management and administration.* The company is focused on delivering retirement plans, investment options, and personalized guidance exclusively to the public service sector.
For more information, visit www.missionsq.org or follow the company on Facebook, LinkedIn, and Twitter.
*As of February 28, 2023. Includes 457, 401, 403(b), Retirement Health Savings (RHS) plans, Employer Investment Program (EIP) plans, affiliated IRAs, and investment-only assets. Includes assets under administration and management by MissionSquare with its subsidiaries.