Fewer U.S. employees are reporting their employers are offering benefits, according to a new survey by the Employee Benefit Research Institute and Greenwald & Associates.
Despite a tight labour market, the survey found declines in eight out of the 10 most popular benefits offerings. Health insurance remained the most frequently offered (78 per cent) benefit in 2018, followed by dental insurance (68 per cent) and retirement savings plans (67 per cent).
The survey also found more employees were stressed by the prospect of not saving enough for retirement than about any other financial concern that might be addressed through employee benefits. Baby boomers were more likely than millennials to report that saving enough for retirement causes them financial stress, while millennials were more likely than baby boomers to report that paying monthly bills and student loan repayment cause them financial stress.
Read: Half of U.S. employees unsatisfied with benefits offering: survey
However, employees were generally satisfied with their current benefits package. Just over half (51 per cent) of survey respondents indicated they’re very or extremely satisfied with their benefits, while 30 per cent are somewhat satisfied and nine per cent said they aren’t at all satisfied.
More than one-third (37 per cent) of employees said their employer or benefits company provides no education or advice on benefits. At the same time, depending on the benefit, between 64 and 76 per cent of employees reported it’s either somewhat easy or very easy to find information on what’s included.
As such, two-thirds (64 per cent) of employees said they’re extremely or very confident in their ability to make benefits decisions. This is up slightly from 2017 and represents a levelling off as this indicator had slipped each of the past two years, according to the survey.
Read: 28% of U.S. employers made changes to health benefits in 2018: survey