Financial Security and Careers in The Nonprofit and Philanthropic Sector
In the aftermath of the 2008-09 recession, many individuals are worried about their short-term and long-run financial security. In the nonprofit and philanthropic sector (hereafter referred to as “the sector”), there is speculation that such concerns among its workers are undermining the sector’s ability to attract and retain the new talent required to be successful, while simultaneously preventing senior leaders and older employees from retiring.
Anecdotal evidence indicates that sector employees feel unable to prepare financially for personal goals, such as comfortable retirement or an “encore career.” But objective data is lacking to evaluate the scale of such sentiments and resulting impact. The sector faces additional pressures with demand for services rising at a time when public and private contributions have fallen.
The TIAA Institute and Independent Sector collaborated to examine the issue of lifelong financial security among the sector’s workforce and its impact on the leadership and effectiveness of nonprofit organizations.