A new study finds that those who are on the right track for retirement are on the right track in other ways as well.
The study — "Special Report: M.O.O.D. (Measuring Optimism, Outlook and Direction) of America on Employee Benefits" — by Lincoln Financial, dug deeper into the lives of the 55%, or the “right trackers,” and uncovered some key behaviors and influencers in those individuals’ lives that contribute to their feelings of financial security. These factors include:
- 71% of those on the “right track” have created a financial plan, vs. 43% of those not on the right track;
- 98% say they are focused on the future, vs. 80% of those not on the right track;
- 78% of right trackers exercise regularly (at least once a week, and often more frequently), which compares to 58% of those not on the right track; and
- About two-thirds (63%) say they are optimistic because they feel good about themselves, vs. just 47% of those not on the right track.
Benefits Use
The Lincoln research also found that the use of workplace benefits has a strong positive impact on feelings of financial security; 57% of employees enrolled in more than three nonmedical benefits say they are on the right track to reaching financial wellness. In addition to being on the right track, those employees who are enrolled in more than three nonmedical benefits are most likely to say they feel very secure in their lives, very confident in covering unexpected expenses, and very satisfied with their jobs.
While the Lincoln study found that use of workplace benefits can boost financial wellness and security, employees often are not getting the information they need to make informed choices. Nearly half of employees (48%) say the information they receive regarding their benefits is confusing, and only about one-in-five (21%) say their employer is very proactive in helping employees understand their benefit options.
The research shows that employees are looking for education, variety, and personalization to improve their experience with workplace benefits:
- 91% say they are more likely to enroll in benefits they feel familiar with and educated about;
- 83% want employers to offer a variety of benefits, even if they have to pay more for them; and
- 80% would prefer to receive personalized recommendations for their workplace benefits.
