Credit: Vitalii Vodolazskyi/Adobe Stock
If employers and benefits advisors at times feel as if they are speaking a foreign language to workers, they may not be wrong. Nearly one-third of working Americans find knowing how much to save for retirement almost as confusing as teen slang, a new study from Voya Financial found.
Many Americans believe the economy (61%) and inflation (60%) will have a severe or major impact on their ability to save for retirement. Nearly half “strongly agree” or “agree” that their retirement plan savings are the only significant emergency savings they have, an increase from 43% in January 2023.
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“While many employers continue to evolve their workplace benefits and savings offerings, when it comes to optimizing savings, our data show a clear need for support, and employers can play a critical role in helping their workforce,” said Kerry Sette, vice president and head of consumer insights and research for Voya Financial. “And, when thinking about the current cost of living, workers are keen to maximize the value of their workplace benefits and savings solutions.”
Seeking support is critical. Eighty-three percent of full- and part-time workers consider receiving guidance for how to optimize their retirement savings and workplace benefits to be “extremely important” or “important.” This is not surprising, because fewer workers also agreed that they kept their benefits coverages the same as last year (64%, compared with 72% in January 2024). Additionally, after the most recent open enrollment period, three-quarters of benefits-eligible workers expressed interest in support and guidance tools to help them understand how much to set aside for retirement, emergency savings and health care expenses.
Six in 10 benefits-eligible workers “strongly agree” or “agree” that they took advantage of the voluntary benefits options offered by their employer during their most recent workplace open enrollment. Additionally, 55% “strongly agree” or “agree” they spent more time reviewing their voluntary benefits options than they did during their last enrollment period. Six in 10 benefits-eligible workers “strongly agree” or “agree” they are more confident in their financial security because of the voluntary benefits in which they enrolled.
“It’s important for employees to understand how their workplace benefits and savings solutions can work together to support their future financial goals, but many individuals may not realize the potential support their broader workplace benefits can provide for their retirement savings,” Sette said. “Many employers today offer a comprehensive suite of workplace benefits and savings solutions -- such as retirement planning assistance, HSAs and financial wellness programs -- providing valuable resources and tools to help employees manage their finances more effectively.”
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Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
