Workers understand that financial literacy is important, butthey’re not at all confident about their own abilities along thoselines.

|

That’s according to a LIMRA study that found that, while 95percent of workers believe it’s important to be financiallyliterate, when it comes to their own understanding of financialproducts and services, just 35 percent say they are moderately orextremely knowledgeable.

|

They’re even less confident about their own ability to makeimportant financial decisions, with just 28 percent callingthemselves very confident.

|

Almost two out of every three employees have access toeducational programs about thebenefits their employers provide them, the studyfound, and 72 percent take advantage of those programs.

|

When it comes to retirement planning help, 60 percentsay they have access to that through their employers. They alsosaid they have access to programs on general budgeting(approximately 25 percent), debt management (also about 25 percent)or estate planning (also about 25 percent).

|

While a majority of workers who took advantage of such coursessaid they were satisfied with them, those who said they wentthrough a debt management program were more likely to say they wereextremely satisfied with the course (32 percent) than were thosewho took a retirement planning course. Only 17 percent of those whotook the latter course said they were extremely satisfied withit.

|

In fact, out of all the types of courses offered to employees,retirement planning ranked dead last; more employees were extremelysatisfied with the 11 other categories of financial educationprograms offered by employers than were satisfied with theretirement courses.

|

Workers also seem to be more interested in online financial education (49 percentsaid so) than in one-on-one meetings with financial advisors(approximately 33 percent), written materials (approximately 33percent) or seminars (also about 33 percent). They want education,but how they want to receive it varies considerably.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.