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.”
