While it’s promising that some employees are open to financial education, other studies show that some workers are less informed about their benefits than they realize. A Guardian study released in June showed that although 80% of employees believed they understood their benefits, only 49% actually did.
Employers should be concerned with that statistic for several reasons. First, employers won’t be able to enjoy the engagement and retention benefits that come with employee perks if employees don’t know about them or don’t know how to use them. And when employees understand what their full compensation package is worth, they’re more likely to be satisfied with their pay, recent research shows. In addition, personal financial problems are one of the greatest distractions for employees at work, according to the Center for Financial Services Innovation.
