Retirement Confidence Among K-12 Employees
Compared with U.S. workers in general, employees in the primary and secondary education sector tend to be more confident that they will have enough money to live comfortably throughout retirement. Greater confidence among K-12 employees results, at least in part, from higher participation rates in retirement plans at work. Individuals in the K-12 workforce are also more likely to be retirement savers. Nonetheless, 56% of all K-12 employees consider themselves behind schedule in planning and saving for retirement. Debt is a hindrance to financial preparations for retirement; 14% consider their level of debt to be a major problem and 43% a minor problem. K-12 employees with debt problems are less likely to be saving for retirement and more likely to be behind in their savings. Sixty-one percent of the K-12 workforce has received retirement planning advice within the past three years.