According to the study, conducted in conjunction with research firm Synovate, ING found that government employees were unsure or uncomfortable (61%) about being able to save enough for retirement, and 43% have become less confident about their nest eggs since the market downturn began. However, most of them (72%) have not changed their investment rate.
The study also found that government employees are pretty conservative; 74% defined themselves as risk-averse in life, and 50%, more concerned with holding onto what they have rather than growing it, said they were financially conservative.
More than a third (35%) didn't know how their pension benefits would be determined; 20% of those who participated in a voluntary retirement plan at work didn't know what their balance was, and 50% had less than $50,000 put away in those voluntary plans.
Those with pension plans (71%) believed their pensions would make up 54% of their retirement income; 49% said they were concerned that the amount they received would change during retirement.