Employee stock purchase plans are a workplace benefit that areeasy to use and can help workers pay for planned and unplannedexpenses.

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However, as many as two-thirds of eligible employees do notparticipate in their ESPP, according to a survey released Monday byFidelity Investments.

An ESPP gives rank-and-file workers an opportunity to apply partof their paycheck toward the purchase of company stock, often at adiscounted price.

Fidelity wanted to know how employees spend the proceeds ofcompany stock acquired through their ESPP. Didthey use the proceeds for luxury items or for more practicalpurposes?

CMI conducted the survey conducted for Fidelity in March andApril of 1,369 stock plan participants in the U.S. and 745 overseasparticipants.

Following are the main ways employee-participants reported usingthe money from the sale of stock acquired through their company’sESPP:

1. 34% paid bills and addressed debt

2. 19% reinvested the proceeds from an ESPP sale: 10% invested instocks or mutual funds, and 9% reinvested the proceeds in aretirement savings account

3. 17% used ESPP proceeds for home needs: 10% for home improvementsand 7% to buy a new or second home

4. 11% put the money in an emergency fund

Fidelity noted that workers may be overlooking one use for theproceeds. Only 5% of those surveyed said they used the money forcollege expenses or student loans.

“Employee stock purchase plans can help workers with theirimmediate needs and have a positive impact on their overallfinancial wellness,” Fidelity’s vice president for stock planservices, Emily Cervino, said in a statement.

“Along with giving employees access to company stock at adiscount, an ESPP can serve as a great motivator by giving themownership in the company.”

The research showed that ESPPs can help workers protect theirretirement savings by making it less likely that they will borrowagainst their 401(k).

Employees in an ESPP were three times more likely to sell ESPPshares for emergency cash rather than take a loan from their401(k), and 52% said they were “highly unlikely” to tap theirretirement plan if they needed cash.