The Benefits Portfolio

Voluntary Benefit Insights

A snapshot of the 2022 Open Enrollment Period

Voya’s October 2022 Voluntary Benefits Insight poll reveals some interesting shifts in the mindset of employees over the past year, with two thirds of American workers expressing new interest, up significantly from a year ago. Visit www.voya.com.

Over the course of the COVID-19 pandemic, Voya has been gathering consumer insights about how Americans are feeling about their personal finances and other workplace benefits and savings topics.

Voya’s latest survey asked individuals a number of specific questions around voluntary benefits given many Americans are focused on selecting their workplace benefits during this fall’s open enrollment period.

Key Findings:

Voya’s new consumer survey reveals that nearly two-thirds of American workers (63%) indicated that they are likely to participate in voluntary benefits offered by their employer — like critical illness, hospital indemnity, disability income and accident insurance[1] — which is up from 45% in Nov. 2021.[2]

This trend of increased interest in voluntary benefits is also significantly higher among those employees with children at home (76%)[1], which is up from 52% in Nov. 2021.[2]

From a generational standpoint, 64% of millennials indicated that they are likely to participate in voluntary benefits offered by their employer[1], which is up from 48% in Nov. 2021.2 o Voya’s survey also found an increased interest in voluntary benefits from Gen Xers at 50%[1], up from 40% in Nov. 2021.[2]

– Baby Boomers’ interest in voluntary benefits remained consistent at 22%[1], only slightly down from 23% in Nov. 2021.[2]

– Gen Z was the only generation to show a decrease in their interest in voluntary benefits over the past year at 49%1, which was down from 56% in Nov. 21.[2]

In terms of retaining top talent, Voya’s survey also found that nearly half of employed Americans (49%) indicated they are likely stay with their current employer if they offered access to voluntary benefits.[1]

Interesting Shifts In The Employee Mindset

  • Voya’s new consumer survey reveals that nearly two-thirds of American workers (63%) indicated that they are likely to participate in voluntary benefits offered by their employer— like critical illness, hospital indemnity, disability income and accident insurance — which is up from 45% in Nov. 2021.
  • Interestingly, this trend of growing interest in voluntary benefits was also significantly higher among those employees with children at home (76%), which is up from 52% in Nov. 2021.
  • From a generational standpoint, 64% of millennials also indicated that they are likely to participate in voluntary benefits offered by their employer, which is up from 48% in Nov. 2021. This is the highest increase of any other generation.
  • In terms of retaining top talent, Voya’s survey also found that nearly half of employed Americans (49%) indicated they are likely stay with their current employer if they offered access to voluntary benefits.
  • Given all the uncertainty in today’s current environment, these latest findings support Voya’s survey from this past summer that found the majority of employed individuals (70%) agree they plan to spend more time reviewing their benefit selections during open enrollment to help make the most of their benefit dollars due to inflation.

 

 

 

Citations
[1] Based on the results of a Voya Financial survey conducted October 10-11, 2022, on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S., featuring 461 Americans working full-time or part-time. From a generational standpoint, the survey features 302 Baby Boomers, 243 Gen X, 322 Millennials, and 72 Gen Z participants.
[2] Based on the results of a Voya Financial survey conducted Nov. 23–24, 2021, on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S, featuring 500 Americans working full-time or part-time.

 

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