Employees are failing to act on fears about their financial security despite a growing realization that they need to plan for the long-term in the wake of the global financial crisis, a new in-depth study on employee benefits from MetLife shows.
The report reveals a picture of chronic under-saving, lack of retirement planning and irregular ownership of essential financial products. Having enough money to cover either a sudden loss in income or simply to make ends meet ranked in the top three of employee financial concerns.
Employees fail to take full advantage of benefits with only 28% taking up private medical insurance despite 72% of employers making it available. While most employees own most of their products outside of their workplace, younger employees own a higher proportion through their company. Only 40% of workers assess their income protection needs, or worry about sudden loss of income.