Benefits and Compensation

Group Retirement Plans Are Difficult for Employees to Understand

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.

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