STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential
STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential
STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Teach Them Well<br />
Employers Plan to Do More to Help Employees Meet Their Financial Needs<br />
Beyond providing access to insurance and retirement benefits, most plan sponsors<br />
today offer limited advice or guidance in making benefits and other financial decisions.<br />
However, over the next five years, employers hope to do more to assist their employees<br />
in all categories studied, especially retirement planning, which has become a focus<br />
for many companies given the country’s demographic and savings trends.<br />
Unfortunately, employees’ need for non-medical insurance coverage is expected to<br />
remain underserved over the next five years. Only about one-fourth of employers expect<br />
to address their employees’ life, disability, and long-term care insurance needs by 2010.<br />
These findings suggest an opportunity for plan sponsors to build employee satisfaction<br />
and loyalty by providing the right benefits along with the appropriate educational<br />
support. More guidance can enable their workforce to make better benefits choices<br />
and become more financially secure.<br />
<strong>EMPLOYEE</strong> FINANCIAL NEEDS/CONCERNS ADDRESSED BY PLAN SPONSORS<br />
Doing in <strong>2006</strong> Plan to do by 2010<br />
Education on saving<br />
for retirement<br />
Education on managing<br />
retirement income<br />
Disability insurance needs<br />
Financial advice<br />
Life insurance needs<br />
Long-term care<br />
insurance needs<br />
College money/529 plan<br />
33%<br />
48%<br />
30%<br />
43%<br />
20%<br />
26%<br />
21%<br />
27%<br />
18%<br />
23%<br />
16%<br />
21%<br />
12%<br />
17%<br />
<strong>2006</strong>–2010<br />
Change<br />
+15<br />
+13<br />
+6<br />
+6<br />
+5<br />
+5<br />
+5<br />
12