While survey data indicates clergy financial well-being has remained relatively stable over the past decade, data from the last six years shows a decline in both clergy financial acumen and confidence in achieving a comfortable retirement. Nearly three-quarters of clergy find their financial situation at least slightly stressful.
Outside the survey data Wespath has gathered, clergy have informally shared concerns about inadequate pay, increasing costs (especially housing) and the resulting financial challenges. This is even more concerning for clergy of color and younger clergy. Increasingly, clergy need to seek secondary employment to make ends meet.
Wespath and GBHEM together are gathering feedback on the financial state of clergy well-being—from pay to other aspects of how the church systems make it easier or harder for clergy to feel financially secure and save for a comfortable retirement. Your voice is essential and the link below is one opportunity to share your thoughts.
Clergy financial well-being is a complex issue, and GBHEM and Wespath will continue to explore opportunities to address the systemic factors influencing it. As a more immediate resource, Wespath offers Saving Grace, a Christian program that provides clergy with education and tools to better manage personal finances. Register for fall’s six-week virtual Saving Grace session.
Saving Grace is just one way that the UMC has worked to improve the financial well-being of clergy. With your feedback, we’d like to identify other ways that we can change the trajectory and improve confidence and comfort for those who lead our churches.
Resources
- Saving Grace—The six-week program and workbook helps clergy and congregations gain a better understanding of their relationship with money, inlcuding unique aspects of clergy tax and housing considerations and what they mean for setting up a compensation package with your congregation, planning for retirement, and financial leadership of your congregation.
- EY Financial Planning Services—EY's financial wellness program, EY Navigate™, is a holistic program that includes access to a dedicated professional planner, digital financial planning tools and educational workshops. It is available at no additional cost* to all active participants and surviving spouses with an account balance in Wespath-administered retirement plans. EY financial planners are well-versed in Wespath-administered plans and the financial issues important to clergy, such as taxes, student debt and the clergy housing allowance.
*Terminated and retired participants with an account balance of at least $10,000 are also eligible to use EY. - GBHEM Scholarships—GBHEM offers scholarships to undergraduate and graduate students. The window for application runs from mid-December to mid-March.
- Video: Exploring Clergy Financial Well-Being—Wespath’s Cynthia Dopke interviews Rev. Cary James, Jr., ordained Elder in the Baltimore-Washington Conference and content advisor for Saving Grace, about how financial well-being plays a critical role in the overall well-being of clergy.
State of Clergy Financial Well-Being
Mike Baughman of General Board of Higher Education & Ministry shares thoughts on the current state of clergy financial well-being.
Your Feedback is Important
We want to hear from you about how the UMC impacts clergy well-being and steps we might all take together to create a work environment more conducive to clergy well-being. Complete this short form to share how the church can be more supportive of clergy well-being.