Voluntary benefits provide workers the tools to build financial resiliency
CHATTANOOGA, Tenn., April 6, 2023 /PRNewswire/ -- The pandemic tore holes in monetary safety nets, and many are still mending their finances. According to a new survey by Unum Group, more employees are financially fragile than employers may realize.
The recent survey found:
- 46% of U.S. workers have less than $1,000 in their checking/savings account at any given time.
- Almost half (48%) of U.S. workers would only be able to maintain their finances for two months if they couldn't work due to an injury, accident, or serious medical condition – up 8% from 2020 and most prominent among Millennial and Gen Z.
In a time of high inflation, many employees around the globe are struggling to keep themselves and their families financially secure.
Employees expect employers to help
Unum's research found 39% of U.S. workers don't feel their employer offers a robust benefits package.
Unum business in the UK also found the effects of financial pressures on employees have negatively impacted productivity for nearly 30% of the workforce.
In these uncertain times, there is a desire for more than a steady paycheck — employees need and expect help with their financial security and wellness.
"It's important to take a fresh look at employee benefit offerings to make sure employees feel supported, especially related to voluntary benefits that promote greater financial stability," said Liz Ahmed, executive vice president of People and Communications at Unum Group.
Ahmed also added that offering voluntary benefits can provide competitive advantage to companies to set them apart from their peers.
Voluntary benefits can make a difference
Voluntary benefits, such as accident, hospital, and critical illness insurance, can protect employees with minimal savings and help pay for out-of-pocket expenses. These benefits can also help employers offer more quantity and choice, while still tailoring employee benefits to fit the age, lifestyle, income, and other circumstances of their employees.
Diverse supplemental insurance options can ensure employees and their families have access to additional financial peace of mind.
Methodology: Unum Group, survey of 1,000 full-time U.S. workers, November 2022.
About Unum Group
Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2022, Unum reported revenues of $12.0 billion and paid $7.9 billion in benefits. The Fortune 500 company is one of the 2023 World's Most Ethical Companies, recognized by Ethisphere®.
Visit the Unum newsroom for more information, and connect with us on LinkedIn, Facebook, Twitter, and Instagram.
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SOURCE Unum Group
