While employee benefits communication has made some positive strides over the past several years, Unum’s fifth annual survey of working Americans suggests there’s still room for improvement. In a recent issue of Employee Benefit Adviser’s Industry Currents, Bruce Shutan wrote about the survey results and the struggle employees are having with their feelings of financial security.
According to the Unum survey, the percent of respondents that rate themselves as being financially secure has actually dropped since 2011. It also showed that those who have a stronger opinion of their employer and the benefits education they have received tend to be more confident about their finances.
Unum’s survey of 1,890 U.S. adults, conducted by Harris Interactive in December 2012, found that the expected retirement age of U.S. workers now averages 67.1. Respondents reported that they had pushed back their retirement an average of 2.6 years from what they had expected five years ago. Their need to bolster their financial position and manage expenses was the key reason behind the change in retirement intentions. These concerns are understandable; one in two employees do not believe they have enough savings to cover lost income if they are sidelined by illness or injury.
“What amazed us is that 40% of employees who were offered disability benefits said they had not received any educational materials describing the coverage,