11% of Nonprofit Workers Say They’re Saving Enough for Retirement, Study Says

Title: 2018 Nonprofit Survey

Organization: TIAA

Summary: Only 11 percent of nonprofit employees and 18 percent of managers feel very confident they are saving enough for retirement. An overwhelming majority cited healthcare costs as a top concern when it comes to saving for retirement.

And about half say the salary and benefits are worse at nonprofits than for-profits.

Nonprofit wages topped $638 billion in 2016, making the sector the third largest employer in America behind manufacturing and professional services.

The study surveyed 1,004 nonprofit employees and 502 nonprofit managers ages 18 to 64 from a variety of nonprofit backgrounds.

Among the findings:

• 40 percent of employees and 47 percent of managers want more training and development.
• Nearly three-fourths of millennial managers think nonprofits do a better job than the private sector at creating an interesting job and job satisfaction.
• 75 percent of nonprofit employees work in the nonprofit sector to make a difference in people’s lives. Eighty percent of managers said the same thing.
• 91 percent of nonprofit employees said they definitely or maybe make a difference. Ninety-seven percent of managers said they definitely or maybe make a difference.
• Nonprofit workers define success as making a difference in their community or the lives of others, with 71 percent of employees and 77 percent of managers saying it’s how they measure career success. Just over a third of employees and managers said achieving career goals or being financially comfortable is how they define success.