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Almost half of Americans know nothing about their benefits

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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.”

Those groups that find personal finance difficult:

  • Millennials (58 percent)
  • Parents (50 percent)
  • Generation X (47 percent)
  • Women (44 percent)
  • Those with annual incomes of $50,000 or less (44 percent)
  • Baby Boomers (28 percent) 

So how do wokers become more enlightened about their benefits packages?

According to the report, many workers would appreciate having access to online tools. Four out of five (80 percent) survey respondents say they do not currently use an online financial tool to manage their retirement, healthcare and other forms of insurance. However, 73 percent indicate they would be likely to use such a tool if it were available free, especially if it were provided by a “trusted and respected financial services company.”

“MassMutual’s research shows that a high percentage of workers would welcome help in managing their personal finances and figuring out their benefit choices, especially younger people,” Sarsynski said.