Dive Brief:
- New research from Massachusetts Mutual Life Insurance Company found that Latino workers claim to be knowledgeable about their employer-provided benefits. Yet, despite that claim, they are more likely to say that they find it difficult to select their benefits.
- Sixty one percent of Latino employees also reported they know a lot about their employer-sponsored benefits, according to the 2015 MassMutual Employee Benefits Security Study.
- A sizeable majority (80%) indicated they know how much they spend monthly on their benefits, but only about half responded that they know how much life insurance coverage their family needs, if they are on track to retire comfortably and how much they should be spending on their benefits.
Dive Insight:
"There is a disconnect for Latino workers when it comes to truly understanding their employee benefits," said Dr. Chris Mendoza, Latino Markets director, MassMutual. "This presents challenges when it comes to making the most of their employee benefits and attaining financial security for themselves and their families. Education about financial topics can help Hispanic families make better informed decisions."
Nearly four out of five (76%) Latino employees said they do not currently use an online financial tool to manage their retirement, healthcare and other forms of insurance. However, 81% indicated they would likely use such a tool if it were available cost-free, especially if it were provided by a "trusted and respected financial services company."
