Americans are more likely to work for an employer offering voluntary benefits
MINNEAPOLIS, February 10, 2022 – Voya Financial today announced the results of a new consumer survey revealing that almost three quarters of employed people eligible for benefits (70%) agree that they are more likely to work for an employer who offers benefits voluntary paid by employees – including those like critical illness, hospital allowance, disability income or accident insurance. However, when it came time to act during their last open enrollment period, Voya’s survey also found that less than half of benefit-eligible employees (49%) actually took advantage of these benefits. voluntary coverage offered by their employer.
“The COVID-19 pandemic has made American workers realize that their needs for health and wealth are inextricably linked. As a result, more and more people are reconsidering the value they place on their benefits when it comes to employment decisions, especially in today’s competitive job market,” said Rob Grubka, CEO of Health Solutions, Voya Financial. “The challenge is that while many workers mean well, the reality is that voluntary benefits can be confusing. Often, it takes time for employees to properly educate themselves or get the help they need to feel comfortable choosing benefits they’ve probably never purchased before.
Interestingly, this disconnect between intention and action was highest among Millennials. While 78% of working millennials who are eligible for benefits agreed they were more likely to work for a company that offered critical illness insurance, hospitalization compensation, disability compensation or accident insurance, less than half of millennials (49%) actually signed up for these types of voluntary benefit coverages offered by their employer during their last open enrollment period.1
“When you consider that Millennials are between the ages of 26 and 41, which are the early years to start families and advance their careers, time is often in short supply for most of these employees juggling competing priorities between work and personal life,” Grubka added. “As a result, it’s no surprise that this generation ranks first for not taking advantage of these voluntary benefits coverages given their stage of life – even as the pandemic has shone a light on their value in helping individuals to build a secure financial future.”
Voya’s survey also found that nearly one-third of benefit-eligible US workers (31%) admitted that they did not fully understand the benefits they had selected during their last employment period. registration open. With inflation at record highs, the results also show nearly three-quarters of Americans (74%) agree their money isn’t going as far as it used to.
“It’s clear that, given the uncertainty of the current environment and the complexity of workplace benefits, American workers are looking for help in maximizing every hard-earned dollar. As a result, they are increasingly turning to a trusted source for support and advice – their employer,” said Andrew Frend, Senior Vice President of Strategy and Product, Voya Health Solutions. “A previous consumer survey from Voya showed that more than 7 in 10 U.S. employees eligible for benefits (73%) are interested in support and guidance tools that help them understand how much money to set aside. for retirement, emergency savings and health care costs.2 For employers and benefit providers, this represents a tremendous opportunity to work together to equip their workforce with digital resources and tools they can use to better understand and act with more confidence when they make decisions to improve their health and financial well-being.
Voya recently launched several digital innovations to help Americans holistically plan for their financial wellness needs, with more features planned throughout 2022. These resources include: Voya’s myHealthMoney digital assistant; Emergency savings fund solutions; budget calculator; Experience in Spanish; and the digital educational platform Voya Learn, which offers live and on-demand sessions on a variety of topics, including emergency savings, investment concepts and market volatility, income planning, retirement, debt management and more.