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Employees Depend on Workplace Benefits

Originally published on Benefits Canada - Staff | October 15, 2014

For middle-class workers in the United States, the workplace is a critical source of financial security.

The 2014 Guardian Workplace Benefits Study finds that 74% of workers rely on benefits they receive at work for their financial security, according to a study.

Eight in 10 say their insurance and retirement benefits are critical when determining whether to stay with an employer. And 82% indicate benefits are crucial when deciding whether to take a new job.

“The importance of benefits when choosing a job is not surprising, given that, for an overwhelming majority of middle-income employees, the workplace is the sole source of their retirement and insurance products,” notes the report.

Among middle-income workers who own these products, more than eight in 10 obtained their health insurance, disability insurance and retirement savings plan through their employer. And seven in 10 obtained their life insurance through their employer.

In contrast, only four in 10 have life insurance outside of the workplace. For other coverages, the numbers drop dramatically. Only 17% have retirement savings products outside of work, 7% have disability protection, and 5% have health insurance that’s not through their employer.

About two-thirds agree that their benefits meet their needs, are affordable to them and contribute positively to their personal health and wellness.

Reliance on employee benefits as a foundation for their household’s financial security is likely a contributing factor to the nine in 10 workers who say “maintaining job security” is very important.

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