Dive Brief:

• New research from MassMutual finds that while most Americans understand the importance of their personal finances and employee benefits, 40% admit they know little or nothing about them.
• On the surface, most people seemingly have their financial house in order, saying they prioritize understanding their personal finances (77%), having enough medical insurance (74%) and being on track to retire comfortably (65%), according to the 2015 MassMutual Employee Benefits Security Study.
• Yet 38% say they know little or nothing about their employer-provided benefits such as healthcare, life insurance, 401(k) retirement plans and other benefits. Two in five respondents (42%) say they are clueless about whether or not they are on track to retire comfortably, the study found.

Dive Insight:

"Personal finances continue to bedevil many Americans, especially when it comes to understanding and making the most of their employee benefits," said Elaine Sarsynski, executive vice president of MassMutual Retirement Services and Worksite Insurance. "MassMutual's research finds that many people say they need help to better understand their personal finances, but only one in five people actually use an online financial tool for assistance."

Many workers would appreciate having access to online tools, with 80% of survey respondents saying they do not currently use an online financial tool to manage their retirement, healthcare and other forms of insurance. However, 73% indicate they would be likely to use such a tool if it were available free, especially if it were provided by a "trusted and respected financial services company."

Millennials (82%), parents (80%) and Gen Xers (78%) are especially interested in using an online financial tool, according to the study. Overall, 32% of respondents would be more likely to enroll in their employee benefits if they could use an online tool to help them figure out their needs.