Research findings from Guardian’s 4th annual Workplace Benefits Study indicate workers overestimate their knowledge of employee benefits. While 80% of working Americans believe they understand their workplace benefits very well, only 49% demonstrate they actually do. Learn where their knowledge falls short and the top things they say could help:
Working Americans’ average grade in an employee benefits IQ quiz is a C
In an employee benefits IQ quiz with 10 questions about group insurance products and terminology and insurance:
- The average grade was a 72 or C
- 1 in 5 working Americans received an F
Where did workers have the most trouble when it comes to understanding benefits?
- Insurance terminology
- Supplemental health coverage and how benefit payments can be used
- The percentage of salary that disability insurance usually replaces
Ways to address the workers’ benefits knowledge gap
With employee benefits the foundation of financial security for so many working Americans, this lack of understanding can contribute to employees not making optimal decisions for themselves and their families.
When asked what would help the most when learning about and enrolling in their company’s benefits offerings, workers’ top suggestions include:
- Clear language and simple explanations they can easily understand
- Online tools and interactive media to support learning and decision-making
- Personalized information and recommendations that’s relevant to where they are in their life
- Access to expert guidance to answer questions
Watch the video to learn more.