Most employees will seek help to optimize benefit dollars, survey finds
“With inflation at record levels not experienced in decades, the financial stress caused by increasing prices is taking a toll on American workers,” says Rob Grubka, CEO of Health Solutions for Voya Financial.
High inflation likely will present both challenges and opportunities for brokers during open enrollment this fall. Although workers may be cautious about spending, 7 in 10 are interested in receiving help to optimize their expenditures, a Voya survey finds.
“With inflation at record levels not experienced in decades, the financial stress caused by increasing prices is taking a toll on American workers,” says Rob Grubka, CEO of Health Solutions for Voya Financial. “Voya’s new survey reveals that nearly three-quarters of American agree that inflation has made them more stressed about their personal financial situation, which is up from 66% in March of this year.”
The challenge for many individuals in the current economy is understanding how to balance their short-term needs with long-term financial goals. When asked what concerned them the most, 88% say it was the various impacts of inflation such as the rising cost of food and groceries (38 %), gas (35%) and housing (15%). The increasing cost of health care ranked fourth on this list of top concerns (9%), followed by the cost of streaming and TV services (3%).
“In our experience, typically when you ask workers what concerns them most when it comes to their health and wealth needs, the rising cost of health care would top the list,” says Andrew Frend, senior vice president of strategy and product for Voya Health Solutions. “While still important, Voya’s latest survey highlights the impact of daily pressures and competing financial priorities that many are trying to navigate in today’s high-inflation environment. We recognize that making informed decisions about your workplace benefits and savings needs can leave many employees feeling unsure as to whether they’re making the right choices. Now, add record inflation to the equation, and it’s clear that Americans need help.”
Read more: Inflation could make open enrollment difficult for brokers
The majority of respondents agreed that they plan to spend more time reviewing their benefit selections during open enrollment. However, to help employees make more-informed benefit decisions for their personal circumstances, most likely will need some help. Seventy percent are interested in receiving support to help optimize their benefits dollars across retirement savings, health care insurance, health savings accounts and voluntary benefits such as critical illness, hospital indemnity, disability income or accident insurance.
“If we look at lessons learned from the onset of the COVID-19 pandemic, it’s not surprising that American workers are once again turning to a trusted source for guidance and support — their employers,” Grubka says. “And with the fall open enrollment season approaching for millions of Americans, it’s encouraging to see that workers intend to carve out more time to focus on reviewing all the workplace benefits offered by their employers to help optimize every hard-earned dollar.”