81% of public sector workers worry about having enough money for retirement

A new report examines the value of employee benefits in the public sector, finding that overall, those benefits give public sector workers an edge in economic security, yet 81% worry about having enough money to last through their retirement.

The report, “Examining the Financial Wellbeing of the U.S. Public Service Workforce,” was issued by MissionSquare Research Institute, and presents a mixed picture of the public workforce and its economic security. On the one hand, public sector workers may report having trouble paying their bills and affording essentials such as health care. On the other, public-sector employees save more than private sector employees, and generally have a broader set of benefits than many private sector workers.

“Public employees often have job stability given that taxpayers rely on continuity in their essential public services—from public safety to education,” the report said. “This makes it easier to plan for the future, as workers can worry less about unexpected drops in incomes, with layoffs most common only in exceptional circumstances… Moreover, public employees often have strong employer-provided benefits, including defined benefit (DB) pensions, which encourage longer employment tenure.”