MADISON, Wis. (1/18/13)--Employees ranked credit unions as the most trusted source to help them grow and protect their money, in a national survey.
Eighty-one percent of employees said credit unions were a trustworthy source to help them safeguard their funds, according to the "Sharpening the Focus on Benefits Strategy," the first in a series of research briefs stemming from Prudential's "The Seventh Annual Study of Employee Benefits: Today & Beyond. Comparatively, 79% of employees saw their employers as a trustworthy source for growing and protecting their money.
Fourteen percent of both employers and employees cited severe negative economic effects, a decrease from 2010 results of 27% for employers and 22% for employees. Employers who said their financial position will be better or improving in one year dropped to 54% this year from 70% in 2010; employees report a drop to 38% from 44%.
Employers reported a 17% increase over 2010 results in making benefits strategies a main focus. With shifting ownership and cost of benefits to employees, employers' top strategies included:
- Expanding wellness, preventive, and work/life balance initiatives;
- Improving the effectiveness of benefits communications;
- Cost-sharing with employees;
- Giving more financial responsibility to employees; and
- Increasing employee benefits education and financial advice.
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