New Voya research finds three-quarters of working Americans prioritize health benefits over higher salaries
As costs of health care rise, survey also reveals 51% of Americans believe health care costs have a direct impact on ability to save for retirement
“The consistent trend of rising health care costs, coupled with the fact that these needs are anticipated to increase as one ages, is having a tangible effect on individuals,” said
Health care costs can impact ability to save for retirement
Voya’s research also found more than half (51%) of employed Americans say health care costs have a severe or major impact on their ability to save for retirement. The good news, however, is that many employers today recognize this challenge and continue to provide their workforce with solutions that can support one’s health and wealth needs.
What’s more, employees equally recognize the value of solutions through the workforce as Voya’s research also found over half of working Americans would be more likely to stay with their current employer if provided access to health spending and savings accounts (51%), voluntary benefit offerings (51%) and mental health benefits and resources (54%).
“While it’s encouraging to see employees’ interest in these solutions as we approach open enrollment, now is the time for employers to help their workforce understand the true value these employer-offered resources can provide — which can make a difference in retirement readiness,” said
Utilize digital guidance support
As managing one’s holistic savings picture remains top of mind, interestingly, Voya’s research has also shown that three-quarters (75%) of working Americans strongly or somewhat agree they are interested in receiving support to maximize their workplace benefits dollars across their retirement savings, health savings accounts (HSAs), health care insurance and voluntary benefits at work.
One area of growing support is in the form of innovative digital guidance tools — which continue to emerge as a valuable resource, with goals that include simplifying processes, saving time and fostering informed decision-making. Encouragingly, individuals are interested in this type of guidance as Voya’s research also found half of employed Americans are more likely to stay with their current employer if offered access to digital tools and advice to help them make retirement plan and workplace-benefit-related decisions.
“Personalized digital guidance experiences, designed to help employees make more-informed decisions with a synchronized view of their whole financial life, are becoming increasingly important to be able to support the evolving needs of individuals and their households,” added Kuretich. “This is crucial not only during open enrollment but also year-round to educate employees on their benefits, ensuring they are fully equipped to leverage their workplace benefits and savings effectively.”
Voya continues to support both employers and employees to help gain more holistic views into their workplace benefits and savings through its myVoyage personalized financial-guidance and connected workplace-benefits digital platform. As a result, Voya’s customers who use myVoyage are 50% more likely to choose a less-expensive health plan option and 50% more likely to elect to save funds in an HSA, when eligible, while increasing their retirement savings rates.1 The myVoyage solution continues to evolve with ongoing enhancements happening throughout 2024.
As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.
All data, unless noted otherwise, based on the results of a Voya Financial Consumer Insights & Research survey conducted
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About
The Personalized Enrollment Guidance tool provides information and options for you to consider in making healthcare, health savings, emergency savings, and retirement savings choices. Those choices are solely up to you to make. Personalized Enrollment Guidance is not intended to serve as financial advice. None of SAVVI, Voya, nor
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