U.S. employers may be somewhat more worried about workers’ ability to handle retirement and caregiving needs than about their ability to handle medical expenses.
Massachusetts Mutual Life Insurance Company analysts have published data in a new batch of financial wellness survey data.
The sample included 863 retirement plan sponsors with $1 million to $75 million in assets.
About 29% of the plan sponsors who participated said their employees had no major financial issues not addressed by current benefits offerings, according to MassMutual.
About 79% of the sponsors said workers did have unaddressed needs. Just 4% described lack of insurance or benefits costs as big problems, and about 11% rated medical issues or costs as big problems.
But 15% cited child care and elder care as major unaddressed concerns.
About 16% said they were most worried about workers’ lack of saving or planning for retirement, or emergencies.
But two issues not easily handled with insurance dominated the sponsors worries about their employees.
About 17% cited workers’ debt as a major worry, and 28% rated the overall cost of living and concerns about workers’ financial stability is a top concern.
—Read Execs Head to White House HealthCare.gov Meeting on ThinkAdvisor.