With open enrollment around the corner it's time for many working Americans to start making benefits selections for the upcoming year. A new study by Equitable, a leading financial services organization, found that more than half of Americans eligible for workplace benefits through their employer regret their choices made during last year's open enrollment period. 

While open enrollment typically offers employees a two-week window during which they can make benefits selections, the study found that the average amount of time Americans spent making these choices last year ranged from only 30-60 minutes. In comparison, the average American spends nearly two hours on social media every day. 

When U.S. employees were asked why they regret their benefits selections, 25% said they did not adjust their benefits to match their lifestyle changes, 20% said they forgot to make their selections by the deadline and 19% said they did not understand the options available or the benefits they selected, according to the study.