Employees find 401(k)s and similar group retirement plans are found to be the most difficult benefits to understand, followed by health insurance and HSA/FSAs, according to a new financial wellness survey released by Four Seasons Financial Education (FSFE).
The 2016 Employee Financial Wellness Survey included feedback from 554 employees around the United States.
Thirty-nine percent of those surveyed reported that their retirement plan is difficult to understand. In second place is the group health insurance plan, cited by 26% of respondents. Third place was tied between HSAs and FSAs, at 20% each. Life insurance was found to be the least confusing benefit, with only 13% of respondents reporting confusion.
The good news? A full 35% of respondents confidently stated that they “fully understand all of their benefits.”
Additional survey results can be found here.