The average American spends roughly two hours scrolling through social media a day, but only about 30 minutes or less reviewing workplace benefits during the open enrollment period.
Those are new findings from Voya’s latest consumer research and insights survey, which fielded responses from 710 full-time and part-time adults. The research found that 67% of workers who are eligible for benefits spend a half hour or less reviewing information related to their workplace benefits, while 42% spend 20 minutes or less.
“While social media has many advantages for staying connected to family, friends and other interests, it’s important to remember that one’s workplace benefits also deserve their fair share of attention,” said Nate Black, vice president of Health Product Development at Voya Financial, in a statement.
Because open enrollment occurs only once a year, and as participants may have an array of features to consider (outside the traditional medical and dental plan), Black emphasizes the importance of carefully considering benefits.
“…Workplace benefits include other meaningful offerings that employers are providing to help their employees address everything from things like the out-of-pocket costs that come with a hospital stay, a disability that impacts your ability to work and, increasingly, mental health needs — all of which can provide critical support for the health and financial livelihood of an individual and their family,” Black added.
Education and support crucial
Generation Z reported even lower engagement in reviewing their benefits across all generations, with 79% of Gen Z benefits-eligible employees spending 30 minutes or less reviewing their workplace benefit information during open enrollment. For comparison, 68% of Millennials said they spend a half hour or less on their benefits, while 65% of Generation Xers and 63% of Baby Boomers noted the same.
Voya’s research also revealed that 27% of employees are waiting to select their health and wellness options within one week of their enrollment deadline, and 52% of employees select their benefits more than two weeks out from their enrollment deadline. This number was more prominent among Gen Z workers (60%), compared to Millennials (49%), Gen Xers (53%) and Boomers (56%).
Voya’s research notes that while Gen Zers might spend little time reviewing their benefits information, overall interest in participation is high and greater than their colleagues.
“Employers need to also consider having the right tools in place to ensure employees know how to make their enrollment selections, especially when it comes to maximizing every dollar from their paycheck” stated Black. “Innovative technology and decision-support tools that can help employees understand their holistic savings picture can provide the support many employees need when it comes to acting with confidence in how they allocate their next dollar.”
SEE MORE:
- Black and Latino Employees Experience Lower Levels of Financial Confidence: Voya
- Voya Establishes Advisory Services Solution for Retirement Plan Participants
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
