We're celebrating 10 Days of Membership! Today's Gift: $20 off your professional membership with promo 10DAYS20OFF
Training, policies and tools to help HR prevent and respond to harassment claims.
Is your employee handbook keeping up with the changing world of work? With SHRM's Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Develop your HR competencies and knowledge in-person in 12 U.S. cities or virtually.
#SHRM18 will expand your perspective – on your organization, on your career, and on the way you approach HR. Join us in Chicago June 17-20, 2018
One in three (34 percent) Americans say they have little or no understanding of their employer-provided retirement savings plan, while three in four (74 percent) say they have less than a complete understanding, according to research from The Hartford Financial Services Group, a retirement plan services provider. Employees indicated they had a better understanding of other benefits provided through their employer, such as medical coverage and life insurance.
"With millions of Americans entering or approaching retirement within the next five to 10 years, it's critical that we understand how to make the most of our retirement benefits," said Jamie Ohl, senior vice president of The Hartford's retirement plans group. The survey, she noted, found differences in understanding by gender and age:
When employees seek advice to understand their retirement savings benefits better, the survey showed, they most often turn for guidance to:
Age and gender also influenced to whom plan participants turned for advice. Women trusted immediate family members and spouses more than men did, while men were more likely than women to gravitate to the Internet as a source of information. Baby Boomers and Gen Xers ranked employers as their top influencer, while Gen Yers (ages 18-29)—the youngest group polled—were most likely to be influenced by their immediate family.
Ohl encouraged employers to take note of the influence that they carry when it comes to employees making decisions about retirement and to provide the right tools to help educate their employees, such as:
"When we asked people what would most help them understand their employer-provided benefits, the top two answers were providing simple materials (36 percent) and having access to one-on-one support (22 percent)," Ohl said.
The survey, conducted in April 2009, polled 1,019 U.S. adults age 18-64.
Stephen Miller is an online editor/manager for SHRM.
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Your session has expired. Please log in again before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
Five key facts about High-energy visible (HEV) a.k.a. “blue light”
Choose from dozens of free webcasts on the most timely HR topics.
SHRM’s HR Vendor Directory contains over 3,200 companies