Ignorance surrounding employee benefits doesn’t limit itself to just one demographic. It’s widespread across millennials, baby boomers, Gen-Xers and low income employees, all of whom seem to be confused when it comes to workplace benefits.
That’s according to a recent report by MassMutual that finds while most of Americans do indeed understand their employee benefits, a whopping 38 percent know little or nothing about them. Even worse, 42 percent say they are clueless about whether or not they are on track to retire comfortably.
“Personal finances continue to bedevil many Americans, especially when it comes to understanding and making the most of their employee benefits,” said Elaine Sarsynski, Executive Vice President of MassMutual Retirement Services and Worksite Insurance. “MassMutual’s research finds that many people say they need help to better understand their personal finances, but only one in five people actually use an online financial tool for assistance.”