Dive Brief:
- The majority (77%) of employees surveyed by Voya Financial said they plan to spend more time re-assessing their benefit elections during open enrollment this year — up from 69% last year.
- Likewise, 63% of Americans surveyed told the firm they “strongly agree” or “agree” that their financial stability has a direct impact on their mental health — up from 57% over the past two years.
- Voya researchers noted that workers may benefit from more education about retirement in particular, with only about half of workers feeling “very” or “somewhat” prepared for retirement.
Dive Insight:
These findings regarding employee sentiment are crucial, given the fact that less than half of employees know how to enroll in their employer-sponsored benefits, per an October report from New York Life Group Benefit Solutions.
Noting that open enrollment is just a starting point, a New York Life Group exec said in a statement that when employers focus on “closing the knowledge gap” year-round, they can create an overall “culture of wellbeing.”
Similarly, beyond acknowledging the link between mental and financial well-being, Voya noted the role HR can play in supporting workers during October — and throughout the entire year.
By helping workers connect with decision-making guidance in these areas, Voya Financial President John Brett noted, “employers can help their workforce make smarter choices that support both their financial wellness and retirement readiness.”