Dive Brief:
- Only 43% of workers surveyed say they know how to enroll in benefits through their employers, according to the results of surveys by New York Life Group Benefit Solutions on employees’ benefits preferences, released Tuesday.
- At the same time, slightly more than a third of employees said they feel extremely knowledgeable about which benefits they need. Similar percentages of workers (32% each) said they’re extremely knowledgeable about what each benefit offers and said they have an understanding of individual benefit costs.
- “Open enrollment is just the starting point,” Orla Nixon, head of claim operations at New York Life Group Benefit Solutions, said in a statement. “When employers prioritize closing the knowledge gap and creating a benefits experience that fits their employees’ unique needs throughout the year, they’re fostering a culture of wellbeing that prepares people for the moments that matter most.”
Dive Insight:
Largely, the benefits employees said they were most interested in remained unchanged year over year, which included: employer match on a 401(k) or retirement savings plan; supplemental health insurance; flexible work arrangements; and mental health resources. New among top benefits in this year’s survey was a desire for “add on” life and disability insurance, the results showed, replacing long-term care insurance.
Meanwhile, a desire for financial education support climbed from 22% to 28% of those surveyed for the New York Life Group Benefit Solutions report.
Employers may be picking up on this need, according to an August PNC report on workplace financial wellness. PNC found there was a slight uptick in the percentage of employees who had access to a financial planning benefit; in 2025, 30% did, up from 28% the year before.
Benefits education may be increasingly necessary, reports show.
A September report by The Standard, a provider of financial protection products, for example, found that 66% of women said they’re knowledgeable about their benefits, compared to 74% of men. For insurance specifically, 65% of women said they felt confident about their understanding, while 74% of men said the same.
That points to an opportunity for companies, The Standard’s report said, to tailor benefits education programs for women to empower them to make more informed choices.