MetLife finds almost a quarter of employers are interested in targeting financial information for employees to individuals’ life stages.
The carrier’s recent Employee Benefits Trend Study finds 23% of all employers, and 44% of companies with 25,000 or more employees, are interested in offering targeted benefits communications based on employees’ life stages or demographics.
More than 80% of employees believe their companies need to provide better benefits education to help them select the best benefits options, MetLife reports. Only 38% said they understand which benefits best meet their life-stage needs. Among singles, 31% said they understood the point, while 34% of those with young families said they understood.
Life stages are key trigger events, such as getting married, buying a home or having a child, that create a need to reevaluate insurance coverage and savings contributions. Ideally, open enrollment and benefits communication channels need to be customized to such life stages, MetLife suggests.
Its study finds 40% of all employees buy more financial and protection products such as life and dental insurance through the workplace than outside of work. Singles (41%) and those with young families (40%) were slightly more likely than baby boomers (38%) and pre-retirees (25%) to buy most of their financial products at work.
Just 29% of singles and 37% of employees with young families were confident of their ability to make the right financial decisions. Overall, 37% of employees said they would like their companies to provide access to a financial planner. And 43% would also like access to 401(k) planning advice.
Only 28% of employers think their benefits communications effectively educate employees about choices.
67% of employers believe their workers don’t understand the value or cost of the insurance benefits that they provide.