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
Voya Financial, Inc. (NYSE:VOYA) announced today findings from a consumer research survey highlighting new workplace benefits and savings perspectives heading into the 2024 open enrollment season. Among the findings, Voya's research indicates a shift in employee priorities as nearly three-quarters (72%) of employed Americans strongly or somewhat agree they would take a job with a slightly lower salary for better health care and medical coverage, including lower premiums and out-of-pocket costs. This sentiment is felt even higher among millennials (80%) compared to Generation Z (60%), Generation X (69%) and baby boomers (72%).
"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 Nate Black, VP, Health Solutions Product at Voya Financial. "Our research also revealed more than half of employed Americans strongly or somewhat agree they would take a lower salary for employer contributions to health savings and spending accounts (59%), and better access to voluntary benefit offerings such as critical illness, hospital indemnity, disability income and accident insurance (54%). As a result, this data highlights that priorities are shifting regarding individuals' broader health care needs, particularly when it comes to support from their employer. With open enrollment nearing, employers have a critical role to play helping their workforce leverage and maximize the full spectrum of their workplace benefits and savings offerings."
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 Christin Kuretich, VP, Supplemental Products at Voya Financial. "Many individuals may not realize that voluntary benefits, for example, can also help lessen the financial impact of a covered event such as an illness or accident and can potentially reduce the need to tap into a retirement account for any out-of-pocket medical or other expenses. With that in mind, these benefits can be tailored to meet individual needs."
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 Aug. 8-9, 2024, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 440 Americans working full time or part time.
1. Voya Financial internal data as of Dec. 31, 2023.
About Voya Financial®
Voya Financial, Inc. (NYSE:VOYA), is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya's aspirational vision: "Clearing your path to financial confidence and a more fulfilling life." Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya's workplace benefits and savings offerings by engaging directly with over 12 million employees in the U.S. Certified as a "Great Place to Work" by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World's Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a "Best Place to Work for Disability Inclusion" on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, Instagram, and LinkedIn.
Voya Financial and its affiliated companies (collectively, "Voya") are making available to you the Personalized Enrollment Guidance tool offered by SAVVI Financial LLC ("SAVVI"). Voya has a financial ownership interest in and business relationships with SAVVI that create an incentive for Voya to promote SAVVI's products and services and for SAVVI to promote Voya's products and services. Please access and read SAVVI's Firm Brochure, which is available at this link: https://www.savvifi.com/legal/form-adv. It contains general information about SAVVI's business, including conflicts of interest.
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 WEX Health acts in a fiduciary capacity in providing Personalized Enrollment Guidance or other services to you; any such fiduciary capacity is explicitly disclaimed.
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