Nonprofit Employees Satisfied With Jobs, but Worry About Retirement

Other key findings of the survey:

• Nearly 50% of employees said they had considered leaving the sector for better compensation elsewhere.
• 42% felt they were not accumulating sufficient financial resources to ensure their long-term financial security.
• 30% of employees had access to a defined benefit plan, and 69% had access to a defined contribution plan, with more than three-quarters of the latter making contributions.
• 45% of sector employees were not satisfied with their ability to prepare financially for retirement, likely because of household debt: 70% of early-career stage employees and 60% of mid-career employees considered their level of household debt to be a problem.
• One-third of sector employees reported that they had received retirement planning advice within the past three years.
• Two-thirds had not tried to determine how much money they would need to accumulate for a comfortable retirement.
• Even among savers who were confident that they were saving the right amount, one-third had not attempted such a calculation.

"The survey indicates that while nonprofit employees are satisfied overall with their jobs, they have concerns about their ability to retire comfortably," Paul Yakoboski, senior economist at the TIAA-CREF Institute, said in the statement.

"The results demonstrate the need for financial planning and advice to help these employees combine the best of both worlds: a fulfilling job and a secure financial future."