As costs rise, employees are considering tightening their benefits budgets. Consumers are willing to spend a median $120 monthly on benefits, not including retirement savings, this year. That is down $50 from the previous 2 years, according to new data from LIMRA's 2024 BEAT Study: Benefits and Employee Attitude Tracker.
"The amount employees are willing to pay has declined over the past few years, no doubt due to inflation and tighter wallet share," said Kimberly Landry, associate research director for workplace benefits research at LIMRA. "This might lead to employees looking to reduce or drop certain benefits to save money. If rising costs continue, employees may also look to reduce their retirement contributions."
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