Wednesday, May 21, 2025
21.1 C
Lagos

Non-profit Employees Lack Confidence in Retirement Planning

According to a study released by the TIAA-CREF Institute and Independent Sector, about 45 percent of all employees in the non-profit sector are not confident with their ability to prepare financially for retirement. 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 look for national, cross-sector solutions.

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.

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

“Unfortunately, concerns about financial security can undermine the sector’s ability to attract and retain the most talented individuals to address the tough challenges we face,” said Diana Aviv, President and CEO of Independent Sector. “We hope this report will deepen our understanding of the issues and propel our community to consider how to secure the financial future of staff and those interested in working in the charitable sector. Financial security will make it possible for these leaders to remain in the sector over an entire career.”

“Non-profit organizations are a vital and growing part of every community,” said Stephanie Bell-Rose, head of the TIAA-CREF Institute. “We partnered with Independent Sector on this study to bring attention to the importance of lifetime financial security for nonprofit sector employees and, as a result, to the growing importance of assisting the nonprofit sector. We hope that this research will help us engage sector leaders in a conversation on addressing their employees’ financial concerns.”

spot_img
spot_img
spot_img

Hot this week

FG: Economic Reforms Driving Growth, Investor Confidence

The Minister of Budget and Economic Planning, Senator Abubakar...

Linkage Assurance Earns B+ Rating from AM Best

Linkage Assurance Plc, a prominent non-life insurance company in...

CBN Reassures Public on Banking Sector Stability

The attention of the Central Bank of Nigeria (CBN)...

Insurance Industry Unveils 3-Month Third Party Media Campaign

The insurance industry in Nigeria has unveiled a 3-month...

Nigeria Outlook: Inflation to Increase in the Near Term

Cordros Securities has predicted increase in the inflation rate...

Topics

‘Unity Bank Yanga Product Positioned to Empower Underbanked Women Entrepreneurs’ – Olufunwa Akinmade

Olufunwa Akinmade Divisional Head, Retail, SME Banking and E-Business Unity Bank...

Court Orders Seplat to Hold AGM

Lagos and London – 9 May 2023: Seplat Energy...

What’s Behind the Xenophobic Attacks in South Africa?

South African troops deployed as part of a new government effort to stop deadly anti-immigrant violence. Their first target: the Johannesburg suburb of Jeppestown, where xenophobic violence broke out. South African Police raided a Jeppestown hostel while troops secured the perimeter. Earlier, Defense Minister Nosiviwe Mapisa-Nqakula announced the plan to deploy an undisclosed number of troops to areas where police are spread too thin while trying to curb deadly attacks against immigrants.

Fidelity Bank Earmarks N159m for Customers in GAIM 6 Promo

L – R: Mr. Osita Ede, Divisional Head, Product...

Access Bank Unveils Independence Campaign, Daily Cash Prizes for 30 DiamondXtra Customers

In commemoration of Nigeria’s 59 years’ independence anniversary, Nigeria’s leading...

NCDMB Seeks Annual FID Week to Drive Increased Oil Production

As part of the strategies to increase Nigeria’s crude...

NMMA Calls for Entries for 2020 Media Awards

The Nigerian Media Merit Award (NMMA) has called for...

NDIC, Senate Committee Retreat on Financial System Stability

L –R: Chairman, Senate Committee on Banking, Insurance and...
spot_img

Related Articles

Popular Categories

spot_imgspot_img