Approximately 45 percent of all employees in the nonprofit sector are not confident with their ability to prepare financially for retirement, according to a study released by the TIAA-CREF Institute and Independent Sector (IS). The findings underscore the need for the nonprofit and philanthropic sector to address their employees’ long-term financial security, create more opportunities for advancement within the sector and to look for national, cross-sector solutions, IS said in a statement.
“The Financial Security and Careers in the Nonprofit and Philanthropic Sector” survey polled 1,000 full-time employees (age 21 and older) in the nonprofit and philanthropic sector on their motivations and satisfaction in the workplace, including their plans, preparation and readiness for retirement, said IS. According to the survey, while about 59 percent of sector employees are very or extremely satisfied with their current employment, nearly one-half of employees have considered leaving the sector to receive greater compensation elsewhere.
To read the full report visit www.independentsector.org/financial_security.