Roughly 45 percent of nonprofit workers say they lack confidence in their ability to prepare financially for retirement, according to a study released this week by the TIAA-CREF Institute and Independent Sector.
The study expands on a 2011 survey of 1,000 nonprofit officials that identified widespread anxiety about retirement.
Among the expanded report’s findings:
• Three-quarters of nonprofit workers are saving money for retirement, but only 18 percent are very or extremely confident they’re saving the right amount.
• Forty-three percent of workers believe there is plenty of opportunity for career advancement in the nonprofit field, but 32 percent don’t think that is the case.
• Two-thirds of nonprofit workers haven’t attempted to calculate how much money they’ll need to retire.