Nearly three-quarters of benefit-eligible Americans are more likely to work for an employer offering voluntary benefits, new Voya survey finds

The survey also reveals a disconnect between intention and action – as less than half of employees eligible for benefits actually signed up for voluntary benefits offered by their company when enrollment opened last year.

MINNEAPOLIS–(BUSINESS WIRE)–
Voya Financial, Inc. (NYSE: VOYA), today announced results from a new consumer survey revealing that nearly three-quarters of benefits-eligible employees (70%) agree they are more likely to work for an employer who offers voluntary benefits paid for 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.1

“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 GrubkaCEO of Health Solutions, Financial Voya. “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.”

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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.1

“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 reliable source of support and guidance – their employer,” said Andrew Frend, SVP of Strategy and Products, 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 Travel Learn digital educational platform, which offers live and on-demand sessions on a variety of topics, including emergency savings, investment concepts and market volatility, retirement income planning , debt management and more.

As an industry leader focused on delivering health, wealth and investment solutions to and through the workplace, Financial Voya is committed to fulfilling its mission to make possible a secure financial future for all Americans – one person, one family, one institution at a time.

1) Based on the results of a Financial Voya investigation conducted January 4-5, 2022on the Ipsos eNation online omnibus platform with 1,005 adults, including 443 working Americans and 293 eligible for benefits, aged 18 and over in the we

2) Based on the results of a Financial Voya investigation conducted December 17-18, 2020on the Ipsos eNation online omnibus platform with 1,005 adults, including 492 working Americans and 294 eligible for benefits aged 18 and over in the we

On Financial Voya®

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company that provides products, solutions and technologies that help Americans be well-planned, well-invested and well-protected. Serving the needs of 14.3 million retail, business and institutional customers, Voya is a Fortune 500 company with $4.2 billion in turnover in 2021 and $739 billion of total assets under management and administration as of December 31, 2021. Certified “Great Place to Work” by the Great place to work® Institute, Voya is driven and also committed to conducting its business in a socially, environmentally, economically and ethically responsible manner. Voya has been recognized as: one of the world’s most ethical companies® speak Ethisphere Institute; the first financial services company named to Barron’s 100 Most Sustainable Companies for three consecutive years; member of the Bloomberg Gender-Equality Index; and a “Best Workplace for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. To follow Financial Voya on Facebook, LinkedIn and Twitter @voya.

Insurance products are issued by ReliaStar Life Insurance Company (Minneapolis, Minnesota) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the New York Statealone ReliaStar Life Insurance Company of New York is admitted and its products issued. Both are members of the Voya® business family. Product availability and specific provisions may vary by state

About Ipsos

Ipsos is the third largest market research company in the world, present in 90 markets and employing more than 18,000 people. Our passionate and curious research professionals, analysts and scientists have built unique multi-specialty capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees . We serve over 5,000 customers worldwide with 75 business solutions. Founded in France in 1975, Ipsos has been listed on Euronext Paris since July 1, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com.

Ipsos is a separate entity and not an affiliate of Financial Voya®.

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Media Contact:
Bill Sutton
Financial Voya

Cell: (315) 373-9685

[email protected]

Source: Voya Financial, Inc.

Maria D. Ervin