Employees Want Strong Benefits but Lack Retirement Understanding
Workers surveyed said they seek clearer and more personalized retirement guidance from employers, according to Franklin Templeton.
The priorities of employers and their employees regarding workplace benefits have aligned, with a shared focus on higher pay, stronger retirement benefits and long-term financial security, according to recent findings from Franklin Templeton’s sixth annual Voice of the American Workplace Survey. However, employees also reported a lack of clear communication from their companies about benefits.
Most employees (88%) want benefits explained to them in plain language, instead of “HR jargon,” according to the report. Employers also see the need for clarity, with 73% of employers saying employees repeatedly ask the same questions.
While 92% of employee respondents said that access to benefits that evolve with their needs would give them a sense of long-term security, most workers remained hesitant to share personal data with providers relative to their investment options. Eighty-five percent reported being unlikely to provide additional personal information to asset managers to help the managers design better retirement investments for them.
Despite their unwillingness to give additional data to providers, more than nine in ten surveyed employees (91%) wanted more personalized retirement investment options, up 6% from 2025, and 78% of surveyed employers recognize that personalized retirement options are beneficial for employees. But employers also said that providing these options can be challenging, according to the report.
“Employees want benefits that are relevant, personalized and easy to understand,” said Mike Dullaghan, director of retirement sales execution at Franklin Templeton, in a statement. “Communication is critical to helping them make confident financial decisions.”
Most surveyed workers (79%) were relying on their employer for their retirement savings plan and 83% reported having a 401(k) plan.
Most employers in the survey also recognized that retirement readiness requires active employee participation. Ninety-four percent of employers agreed with the sentiment that employees should take a more active approach to understanding their retirement options and 93% saw retirement planning as a collaborative effort with their employees.
When asked how employees had engaged with benefits over the past year 49% of responding employers said they had workers who were maxing their 401(k) contributions and 46% said their employees were taking advantage of personal or financial wellness benefits.
“What this research shows is not a lack of effort, but a lack of clarity,” said Steve McKay, head of U.S. retirement, insurance and college savings at Franklin Templeton, in a statement. “Employers are investing more than ever but employees need simpler, more actionable guidance to turn those benefits into real financial confidence.”
The report was based on two surveys conducted by The Harris Poll on behalf of Franklin Templeton. The Voice of the American Employer Survey was conducted from November 7 through November 20, 2025, among 1,004 U.S.-based employers. The Voice of the American Worker Survey was conducted November 7 through November 19, 2025, among 2,000 employed U.S. adults.