U.S. federal workers have edge in financial well-being over other workers

According to a Gallup analysis, U.S. federal government workers are thriving in their financial well-being more than the rest of the workforce. On average, 44% of federal government employees are thriving financially, compared with 34% of all other workers in the U.S.

Federal pay has been a topic of debate for years, with differing accounts of whether federal employees are paid more, no more or less than non-federal employees. However, financial well-being is not a direct report of salary, benefits or overall compensation. It is a composite of responses to the perceptions of standards of living, affordability of basic necessities and financial woes based on region of country, family size, cost of living, debt and various other factors that go into subjective assessments of financial situations.

Given this description, it is possible for a person to have a higher salary but experience lower financial well-being. But for those who experience higher levels of financial well-being, they feel as if they can spend time and energy addressing other facets of well-being in their day-to-day lives, including their purpose, social, community and physical well-being. These data show that federal employment is likely associated with higher levels of economic stability and reductions in the stress of providing for a comfortable lifestyle because federal workers report higher financial well-being.

While some have claimed that federal employees earn more than those working outside the federal government, the differences in financial well-being remain consistent when examining household income levels. A quarter of federal employees whose monthly household income is less than $2,000 are thriving in financial well-being, compared with 15% of workers outside the federal government, a difference of 10 percentage points. While thriving differences between federal and non-federal employees vary somewhat across income levels — such as those households who earn $5,000 to $7,499 a month — federal employees consistently have higher financial well-being.

Follow the link for the full report, charts and metholology. http://www.gallup.com/poll/181820/federal-employment-related-higher-financial.aspx?utm_source=alert&utm_medium=email&utm_content=morelink&utm_campaign=syndication

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