A majority of state and local government workers are worried about their ability to retire, but nearly three-quarters of them haven't increased the amount they are investing, according to an ING survey.
The survey shows that 61% are unsure or uncomfortable about their ability to set aside enough for retirement, while 72% have not increased the amount they are saving to address these concerns, according to a news release on the survey. Forty-three percent also said they are less confident about their savings since the market downturn.
Although 64% of those surveyed have access to defined contribution plans, half of that group said they have less than $50,000 in their account and 20% didn't know their balance. Also, 51% said they would like to contribute more to their accounts but have not done so for various reasons. The survey didn't elaborate on the reasons.
“This research underscores that employees in government positions are no different than their counterparts in the private sector when it comes to retirement planning — they continue to need effective tools, resources and education to better prepare,” Bill Jasien, head of government markets for ING U.S. Retirement Services, said in the release.
Mr. Jasien could not immediately be reached for further comment.
The poll of 1,000 government workers was conducted May 27-June 1 in conjunction with market research firm Synovate.